Western Digital Announces Fourth Quarter, Fiscal Year End Results

Enterprise Storage Forum content and product recommendations are editorially independent. We may make money when you click on links to our partners. Learn More.

Western Digital Corp. today reported fourth quarter revenues of $456.0 million and a net loss of $9.0 million, or $.05 per share, before nonrecurring items. The results include an operating profit of approximately $2.8 million and unit shipments of 5.3 million by the Company’s hard drive business. Including nonrecurring charges of $52.2 million, the total net loss for the fourth quarter was $61.2 million, or $.34 per share.

According to the company, the nonrecurring charges recorded in the fourth quarter result from adjustments to the carrying values of equity investments in and notes receivable from Komag Inc., and accrual of Komag contingent guarantees, all of which originally arose when Western Digital sold its disk media business to Komag in April 1999. The decision to take these charges was prompted by Komag’s previous announcement that it did not pay its senior debt or the interest on its convertible bonds due June 30 and July 15, 2001, respectively.

In the year-ago period, Western Digital reported revenues of $473.9 million and a net loss before nonrecurring items of $26.3 million, or $.19 per share. Including nonrecurring benefits for tax and other accrual adjustments of $30.5 million, the Company reported net income of $4.2 million, or $.03 per share.

Get the Free Newsletter!

Subscribe to Cloud Insider for top news, trends, and analysis.

Latest Articles

15 Software Defined Storage Best Practices

Software Defined Storage (SDS) enables the use of commodity storage hardware. Learn 15 best practices for SDS implementation.

What is Fibre Channel over Ethernet (FCoE)?

Fibre Channel Over Ethernet (FCoE) is the encapsulation and transmission of Fibre Channel (FC) frames over enhanced Ethernet networks, combining the advantages of Ethernet...

9 Types of Computer Memory Defined (With Use Cases)

Computer memory is a term for all of the types of data storage technology that a computer may use. Learn more about the X types of computer memory.