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July 29, 2013

Western Digital Announces Fiscal Year Revenue of US$15.4 Billion and Non-GAAP Net Income of US$2.1 Billion

Western Digital Corp. today reported revenue of US$15.4 billion and net income of US$1.7 billion, or US$6.75 per share for fiscal year 2013, compared to fiscal 2012 revenue of US$12.5 billion and net income of US$1.6 billion, or US$6.58 per share. 
On a non-GAAP basis, fiscal 2013 net income was US$2.1 billion or US$8.53 per share, compared to fiscal 2012 net income of US$2.1 billion or US$8.61 per share.


For its fourth fiscal quarter ended June 28, 2013, the company reported revenue of US$3.7 billion, hard-drive shipments of 59.9 million and net income of US$416 million, or US$1.71 per share. Onnon-GAAP basis, net income was US$477 million or US$1.96 per share. In the year-ago quarter, the company reported revenue of US$4.8 billion, net income of US$745 million, or US$2.87 per share, and shipped 71.0 million hard drives. Non-GAAP net income in the year-ago quarter was US$872 million, or US$3.35 per share.
  
Western Digital® Corp. (NASDAQ: WDC) today reported revenue of US$15.4 billion and net income of US$1.7 billion, or US$6.75 per share for fiscal year 2013, compared to fiscal 2012 revenue of US$12.5 billion and net income of US$1.6 billion, or US$6.58 per share. On a non-GAAP basis, fiscal 2013 net income was US$2.1 billion or US$8.53 per share, compared to fiscal 2012 net income of US$2.1 billion or US$8.61 per share.


“I am pleased with our performance in fiscal year 2013 and the June quarter, reflecting our expanding participation in the storage market, including the cloud and personal storage as we address the ongoing growth in digital data,” said Steve Milligan, president and chief executive officer of Western Digital. “Our financial results were strong with significant free cash flow generation, we continued to forecast the market accurately and we had outstanding execution by our HGST and WD subsidiaries.”

As reported in our Form 8-K filed on July 22, 2013, the Court of Appeals of the State of Minnesota reversed the decision of the District Court of Hennepin County, Minnesota, which had vacated a US$630.4 million final arbitration award against the company and ordered a rehearing of certain claims in the arbitration between Western Digital and Seagate Technology, LLC. The financial information reported in this press release does not include any additional accrual for the arbitration award. 

Western Digital is reviewing the decision of the Minnesota Court of Appeals and will make a determination of whether or not to record an accrual in its results for the quarter ended June 28, 2013, after it completes its review.



Financial Statements 

Fourth Quarter Fiscal 2013 Quarterly Fact Sheet 
Non-GAAP net income for fiscal 2013 consists of GAAP net income of US$1.7 billion plus US$193 million for amortization of intangibles related to the acquisition of HGST, US$138 million for employee termination benefits and other charges and a net US$106 million for tax-related matters and other unrelated charges. Non-GAAP earnings per share of US$8.53 for fiscal 2013 is calculated by using the same 246 million diluted shares as is used for GAAP earnings per share. Non-GAAP net income for fiscal 2012 consists of GAAP net income of US$1.6 billion plus US$214 million of charges and expenses related to the flooding net of recoveries, US$91 million for costs recognized upon the sale of acquired inventory that was written-up to fair value, US$80 million related to restructuring, US$63 million for amortization of intangibles related to the acquisition of HGST, US$62 million of acquisition-related expenses, US$7 million of litigation accruals, less US$20 million of tax effects related to the aforementioned items. Non-GAAP earnings per share of US$8.61 for fiscal 2012 is calculated by using the same 245 million diluted shares as is used for GAAP earnings per share.
 
Non-GAAP net income for the fourth quarter fiscal 2013 consists of GAAP net income of US$416 million plus US$46 million for amortization of intangibles related to the acquisition of HGST and US$15 million for employee termination benefits and other unrelated charges. Non-GAAP earnings per share of US$1.96 for the fourth quarter is calculated by using the same 243 million diluted shares as is used for GAAP earnings per share.

Non-GAAP net income for the fourth quarter fiscal 2012 consists of GAAP net income of US$745 million plus US$51 million for amortization of intangibles related to the acquisition of HGST, US$80 million related to restructuring less a US$4 million tax effect related to the restructuring. Non-GAAP earnings per share of US$3.35 for the fourth quarter is calculated by using the same 260 million diluted shares as is used for GAAP earnings per share.

Free cash flow for fiscal 2013 consists of cash flows from operations of US$3.1 billion less US$952 million of capital expenditures.






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