Maxtor report strong third quarter results

Maxtor Corporation have announced their financial results for the third quarter ended September 27, 2003.
Revenue for the quarter was $1.066 billion. The company reported net income on a GAAP basis of $29.9 million, or $0.12 per diluted share. Included in GAAP net income was a charge of $20.5 million for the amortisation of intangible assets and $0.2 million in stock compensation expense.
On a non-GAAP basis, excluding these charges, Maxtor reported net income of $50.6 million, or $0.20 per diluted share. In the third quarter of 2002, revenue was $819.7 million. The company reported a net loss on a GAAP basis of $163.6 million, or $(0.68) per share.
This loss was comprised of $105.5 million from continuing operations and $58.1 million from discontinued operations associated with the closure of the network attached storage (NAS) business. The loss from continuing operations included $21.2 million for the amortisation of intangible assets and a charge for stock compensation primarily related to the acquisition of Quantum’s Hard Disk Drive Group in April 2001, and a $9.5 million restructuring charge associated with facilities closure.
On a non-GAAP basis, excluding these charges, the loss from continuing operations was $74.8 million, or $(0.31) per share.
“We are very pleased with the Company’s third quarter financial performance,” said Paul Tufano, president and chief executive officer. “During the quarter, we shipped a record 14.9 million hard disk drives. We exceeded the Company’s guidance for revenue and non-GAAP net income and we continued to make progress in key market segments.”
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