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Seagate Announces First Fiscal Quarter 2002

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Seagate and its affiliated companies (the "Company") this week reported its first quarter fiscal 2002 results.

According to the company, consolidated revenue of $1.402 billion, net income of $32 million and EBITDA of $145 million for its quarter ended September 28, 2001. For the immediately preceding quarter ended June 29, 2001, pro forma net income was $18 million and pro forma EBITDA was $102 million. The pro forma results excluded restructuring charges and a write-down of one of the Company's investments in equity securities.

Seagate said the year-ago quarter ended September 29, 2000, pro forma net income of the Company's predecessor, Seagate Technology, Inc., was $62 million and pro forma EBITDA was $235 million. The pro forma results excluded gains on sales of certain investments in equity securities, all items related to the Company's previous investment in VERITAS Software Corporation and restructuring charges.

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