Current Report



UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 


FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

Date of report (date of earliest event reported): April 9, 2007

SEAGATE TECHNOLOGY

(Exact Name of Registrant as Specified in its Charter)

 

Cayman Islands

(State or Other Jurisdiction

of Incorporation)

  

001-31560

(Commission

File Number)

  

98-0355609

(IRS Employer

Identification Number)

P.O. Box 309GT, Ugland House, South Church Street,

George Town, Grand Cayman, Cayman Islands

   NA
(Address of Principal Executive Office)    (Zip Code)

Registrant’s telephone number, including area code: (345) 949-8066

NA

(Former Name or Former Address, if Changed Since Last Report)

 


Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

 

  ¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

  ¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

  ¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

  ¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 



Item 2.02. Results of Operations and Financial Condition

On April 9, 2007, Seagate Technology (the “Company”) issued a press release to update its outlook for the fiscal quarter ended March 30, 2007. A copy of the press release is furnished as Exhibit 99.1 to this Current Report and is incorporated herein by reference.

The information in this Current Report, including the exhibit hereto, shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section or Sections 11 and 12(a)(2) of the Securities Act of 1933, as amended. The information contained herein and in the accompanying exhibit shall not be incorporated by reference into any registration statement or other document filed with the Securities and Exchange Commission by the Company, whether made before or after the date hereof, regardless of any general incorporation language in such filing, except as shall be expressly set forth by specific reference in such filing.

Item 9.01. Financial Statements and Exhibits

(d) Exhibits

 

Exhibit
Number
  

Exhibit Title or Description

99.1    Press release issued by Seagate Technology, dated April 9, 2007

 


SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

    SEAGATE TECHNOLOGY
Date: April 9, 2007     By:   / S / WILLIAM L. HUDSON
        Name:   William L. Hudson
        Title:   Executive Vice President, General Counsel and Secretary

Exhibit 99.1

LOGO

Press Release   

Media Relations Contact:

Brian Ziel (831.439.5429)

brian.ziel@seagate.com

 

Investor Relations Contact:

Rod Cooper (831.439.2371)

rod.j.cooper@seagate.com

SEAGATE TECHNOLOGY UPDATES FISCAL THIRD QUARTER 2007 OUTLOOK

SCOTTS VALLEY, CA – April 9, 2007 – Seagate Technology (NYSE: STX) today provided an update on its expected results for the fiscal third quarter ended March 30, 2007. Revenue for the fiscal third quarter is now expected to be approximately $2.8 billion, compared to prior guidance of $2.9-3.0 billion, and GAAP and non-GAAP gross margins did not achieve the company’s expectations.

Primary factors impacting revenue and profitability, which became evident toward the end of March, were a lower than expected industry demand for 3.5-inch ATA disc drives and a more aggressive than planned pricing environment for high capacity 3.5-inch ATA disc drives.

The company believes that its market share, both in total and within each market currently served, is virtually unchanged from the previous quarter. Further, Seagate’s inventories on-hand in the distribution channel are under five weeks. Overall, the company’s results continue to be healthy and are reflective of its leadership position in an industry where consumers and applications are using, creating and sharing digital content at an accelerating pace.

Fiscal Third Quarter Financial Results

Seagate Technology will report its fiscal third quarter 2007 financial results on Tuesday, April 17, 2007, after the close of the market. A subsequent conference call for the investment community will take place at 2:30 p.m. Pacific Time.

The conference call can be accessed online at www.seagate.com or by telephone as follows:

USA: (877) 223-6202

International: (706) 679-3742

Conference ID: 3512136


Seagate Technology Updates Fiscal Third Quarter 2007 Outlook - Page 2

 

Replay

A replay will be available beginning April 17 at 6:30 p.m. Pacific Time through April 24 at 8:59 p.m. Pacific Time. The replay can be accessed through Seagate’s website at http://www.seagate.com/www/en-us/about/investor_relations or by telephone as follows:

USA: (800) 642-1687

International: (706) 645-9291

Conference ID: 3512136

About Seagate

Seagate is the worldwide leader in the design, manufacture and marketing of hard disc drives, providing products for a wide-range of applications, including Enterprise, Desktop, Mobile Computing, Consumer Electronics and Branded Solutions. Seagate’s business model leverages technology leadership and world-class manufacturing to deliver industry-leading innovation and quality to its global customers, and to be the low cost producer in all markets in which it participates. The company is committed to providing award-winning products, customer support and reliability to meet the world’s growing demand for information storage. Seagate can be found around the globe and at www.seagate.com .

Safe Harbor

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements relate to the company’s expected revenue and gross margin for its fiscal third quarter. These forward-looking statements are based on information available to Seagate as of the date of this press release. These forward-looking statements should not be relied upon as representing the company’s views as of any subsequent date and Seagate undertakes no obligation to update forward-looking statements to reflect events or circumstances after the date they were made.

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