NEW DELHI — July 25, 2013: Seagate Technology plc (NASDAQ: STX) (the “Company”) today reported financial results for the quarter and fiscal year ended June 28, 2013. During the fourth quarter, the Company reported revenue of approximately $3.4 billion, gross margin of 27.4%, net income of $348 million and diluted earnings per share of $0.94. On a non-GAAP basis, which excludes the net impact of certain items, Seagate reported gross margin of 28.0%, net income of $447 million and diluted earnings per share of $1.20.
During the fourth quarter, the Company generated approximately $394 million in operating cash flow, paid cash dividends of $137 million and repurchased 1 million of ordinary shares for approximately $42 million. The Company issued long-term debt of approximately $1 billion, and repurchased approximately $700 million total par value of its 2016 Notes and 2018 Notes.
For the fiscal year ended June 28, 2013, on a GAAP basis the Company reported revenue of $14.4 billion, gross margin of 27.5%, net income of $1.8 billion and diluted earnings per share of $4.81. On a non-GAAP basis, the Company reported gross margin of 28.0% and diluted earnings per share of $5.31. In fiscal year 2013, the Company returned 71% of its operating cash flow, or 96% of free cash flow, to shareholders in dividends and share redemptions. Cash, cash equivalents, restricted cash, and short-term investments totaled approximately $2.3 billion at the end of the fiscal year.
“Seagate’s financial results reflect strong execution in a time of change, uncertainty and opportunity,” said Steve Luczo, Seagate’s chairman, president and chief executive officer. “Looking ahead, we believe the market trends of data growth driven by cloud, mobile and open source advancement will present new and significant opportunities for Seagate. We will continue to balance near-term financial performance and long term strategic development while maximizing shareholder value.”
For a detailed reconciliation of GAAP to non-GAAP results, see financial tables.
Quarterly Cash Dividend
The Board of Directors has approved a quarterly cash dividend of $0.38 per share, which will be payable on August 21, 2013 to shareholders of record as of the close of business on August 7, 2013. The payment of any future quarterly dividends will be at the discretion of the Board and will be dependent upon Seagate’s financial position, results of operations, available cash, cash flow, capital requirements and other factors deemed relevant by the Board.
July 2013 Stock Repurchase Program
The Board of Directors has authorized the Company to repurchase up to $2.5 billion of its outstanding ordinary shares (the “July 2013 Authorization”). Seagate, as a result of the July 2013 Authorization and other current repurchase authorizations, currently has a total authorized unutilized capacity for repurchases of approximately $3.3 billion under these authorizations.
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Ideal for system builders , secure and wireless connection , senior vice president and general manager of Seagate’s solid state drive business. “By adding more SSDs to our family of hard disk and solid state hybrid drives , Setting a new standard in mission critical performance , short , shorter application load times , small to midsize businesses (SMB) , Steve Luczo president CEO and chairman of Seagate , Steve Luczo Seagate’s chairman president and chief executive officer , Storage Performance Council benchmarks confirm Seagate SSHD technology as performance leader: Based on preliminary performance testing using standard system benchmarking tools , such as high-performance computing and data analytics , testing and support. It also safeguards data against unexpected power loss and protects data from undetected , The 1200 SSD leverages Seagate’s existing enterprise expertise and manufacturing excellence to deliver high levels of data integrity , the 600 Pro SSD combines fast performance and lower power delivering best-in-class performance efficiency and IOPS/watt value , the 600 Pro SSD features the industry’s highest IOPS/watt to improve system performance while reducing power and cooling costs for transaction-hungry datacenters and cloud enterprise applications. Uti , the drive provides significantly improved $/IOPS , the drive reduces energy by automatically adjusting the power consumption to workload I/O levels— using less power for lighter workloads. The drive is also equipped with the intelligence to deliver hi , the drive uses algorithms that optimize performance for frequently accessed data by prioritizing which storage operations , The end result is much improved and more cost effective performance for servers running mission critical applications such as big data analytics , the Enterprise Turbo SSHD combines the capacity of a hard drive with solid-state flash enabling high-speed performance for mission critical data , The Enterprise Turbo SSHD enables lower cost server and storage configurations , the Enterprise Turbo SSHD provides up to a 3X increase in random performance over existing 15K-RPM drives , the first enterprise SSHD has been introduced as an option for the IBM Series x servers , the new 600 SSD will provide customers with the ultimate performance they crave , the Seagate 1200 SSD delivers the ultimate in speed , The Seagate 1200 SSD is available with up to 800GB capacity and comes in either a 1.8-inch or 2.5 inch form factor , The Seagate 600 Pro SSD is available with up to 480GB capacity and comes in 2.5-inch form factor. It is equipped with a 6Gb/s SATA interface for fast data transfer rates and easy connection to existin , the Seagate 600 Pro SSD is ideal for cloud system builders , the Seagate 600 SSD delivers faster boot up speeds , the Seagate 600 SSD is available in multiple z-heights including an industry-first , The Seagate X8 Accelerator , the Seagate® Enterprise Turbo™ SSHD. The industry’s first enterprise solid state hybrid drive (SSHD) , The ultimate laptop upgrade , the world leader in storage solutions , the X8 Accelerator boosts server performance with ultra-fast speed that is up to 2X faster than the closest competitor and closer to DRAM performance than storage , third-generation of SSHD products , today announced it is shipping the world’s fastest hard drive , top DVR manufacturers for the satellite market in North America , Turbo improves tiered storage performance combining accelerated speed with hard disk drive (HDD) high-capacity , U.S. mobile phone users , Ultra-Fast Enterprise Hybrid Drive Technology provides up to a 3X increase , Ultra-Fast Enterprise Hybrid Drive Technology provides up to a 3X increase in random performance over existing solutions , unintentional corruption , vice president at Tiger Direct. “Seagate’s products are in high demand among our customers and we’re excited to add their new SSD to our assortment. As consumer demand for greater speed and shorter bo , vice president of global product management at Newegg. “Seagate’s new line of SSDs , video , virtual desktop infrastructure , we deliver a no compromise drive that provides high-speed performance while enabling customers to leverage all of Turbo’s capacity. The result , we look forward to integrating this enterprise SSD technology into our Rorke product line providing our discerning customers with the ultimate in performance and value , we now have the broadest portfolio of storage products in the industry , will be a great addition to our existing assortment. We’re excited to introduce the new SSDs to our customers and look forward to continuing our strategic partnership with Seagate , Windows 8 and SSHD technology , wirelessly uploading , With the Enterprise Turbo SSHD , with up to 1.1 million IOPS , write-intensive mixed workloads , www.Seagate.com
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