Seagate Technology Announces Selected Preliminary Fiscal Second Quarter 2013 Financial Results

  Seagate Technology Announces Selected Preliminary Fiscal Second Quarter 2013
  Financial Results

Business Wire

CUPERTINO, Calif. -- January 8, 2013

Seagate Technology plc (NASDAQ:STX) today announced selected preliminary
financial results for its fiscal second quarter of 2013, which ended on
December 28, 2012.

Seagate expects to report fiscal second quarter 2013 revenue of at least $3.6
billion and gross margin of more than 27%, reflecting unit shipments of
approximately 58 million and maintaining market share. These preliminary
results compare to the Company’s previous expectations for revenue of
approximately $3.5 billion and gross margin at the lower end of the Company’s
long-term non-GAAP gross margin range of 27% to 32%.

During the quarter the company paid $1.1 billion in share redemptions and
dividend payments that included a one-time acceleration of the December 2012
quarter dividend payment. The Company redeemed approximately 30 million
ordinary shares and exited December 2012 with 358 million ordinary shares
outstanding. Cash, cash equivalents, restricted cash and short term
investments totaled approximately $2.0 billion on December 28, 2012.

Full Fiscal Second Quarter 2013 Financial Results

Seagate will report full fiscal second quarter 2013 financial results on
Monday, January 28, 2013 after the close of the market. A conference call for
the investment community will take place at 2:00 p.m. Pacific Time. The
conference call can be accessed online at www.seagate.com/investors.

A replay will be available beginning January 28, 2013 at 4:00 p.m. Pacific
Time. The replay can be accessed through Seagate’s website at
www.seagate.com/investors.

About Seagate

Seagate is a world leader in hard disk drives and storage solutions. Learn
more at www.seagate.com.

Cautionary Note Regarding Forward-Looking Statements

This press release contains forward-looking statements within the meaning of
Section 27A of the Securities Act of 1933 and Section 21E of the Securities
Exchange Act of 1934, each as amended, including, in particular, statements
about our plans, strategies and prospects and estimates of industry growth for
the fiscal quarter ending December 28, 2012 and beyond. These statements
identify prospective information and include words such as “expects,” “plans,”
“anticipates,” “believes,” “estimates,” “predicts,” “projects” and similar
expressions. These forward-looking statements are based on information
available to Seagate as of the date of this press release and are based on
management’s current views and assumptions. These forward-looking statements
are conditioned upon and also involve a number of known and unknown risks,
uncertainties, and other factors that could cause actual results, performance
or events to differ materially from those anticipated by these forward-looking
statements. Such risks, uncertainties, and other factors may be beyond
Seagate’s control and may pose a risk to our operating and financial
condition. Such risks and uncertainties include, but are not limited to; the
uncertainty in global economic conditions as consumers and businesses may
defer purchases in response to tighter credit and financial news, the impact
of the variable demand and the adverse pricing environment for disk drives,
particularly in view of current business and economic conditions; dependence
on Seagate’s ability to successfully qualify, manufacture and sell its disk
drive products in increasing volumes on a cost-effective basis and with
acceptable quality, particularly the new disk drive products with lower cost
structures; the impact of competitive product announcements; and possible
excess industry supply with respect to particular disk drive products;
Seagate’s ability to achieve projected cost savings in connection with
restructuring plans. Information concerning risks, uncertainties and other
factors that could cause results to differ materially from those projected in
the forward-looking statements is contained in Seagate’s Annual Report on Form
10-K filed with the U.S. Securities and Exchange Commission on August 8, 2012,
which statements are incorporated into this press release by reference. These
forward-looking statements should not be relied upon as representing Seagate’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.

Contact:

SEAGATE
Brian Ziel, 408-658-1540
brian.ziel@seagate.com