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Seagate earnings on rise

Daily Times-Call

In its report for the second quarter of fiscal year 2003, Seagate reported net revenue of $198 million on consolidated revenue of $1.73 billion, a 6.4 percent revenue increase. Diluted net income per share was 43 cents.

“In general we are extremely pleased with the financial results from the quarter,” Charles Pope, the company’s chief financial officer, said during a conference call with investors.

In the same quarter during the previous year, the company had reported net income of $124 million on consolidated revenue of $1.629 billion.

Diluted net income per share was 31 cents.

Seagate also reported a record number of disc drives shipped in the most recent quarter: 18.3 million, which is a 10 percent increase from the previous quarter and a 26 percent increase over the same quarter in the previous fiscal year.

During the conference call, Stephen Luczo, the company’s chairman and chief executive officer, expressed some optimism for the months ahead.

“Relative to the last two to three years where the environment has been unpredictable, we believe there is now more stability in the industry and, perhaps, a slight firming of the demand for technology products,” Luczo said.

In early December, Seagate, which is headquartered in the Cayman Islands but has offices in Scotts Valley, Calif., held an initial public offering of 72.5 million shares at $12 a share.

It is now traded on the New York Stock Exchange under the ticker symbol “STX.”