8-KOther Events

Seagate Technology Holdings plc 8-K Report (Apr 16, 2003)

Filed April 16, 2003For Securities:STX

Summary

Seagate Technology Holdings plc (STX) filed a Current Report on Form 8-K on April 16, 2003, primarily to furnish its earnings release and earnings call script for the fiscal third quarter of 2003, which ended on March 28, 2003. The filing highlights the company's financial performance for the quarter, with a particular focus on Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) as a metric for assessing debt servicing capabilities. Investors should note that this report is furnished under Regulation FD and is not considered 'filed' for purposes of Section 18 of the Exchange Act.

Key Highlights

  • 1Seagate Technology furnished its fiscal third quarter 2003 earnings release and earnings call script on April 15, 2003.
  • 2The filing's primary purpose is to provide information regarding the company's results for the quarter ended March 28, 2003.
  • 3EBITDA is presented as a key metric for evaluating the company's ability to service and incur debt.
  • 4For the three months ended March 28, 2003, Net Income was $174 million and EBITDA was $300 million.
  • 5For the nine months ended March 28, 2003, Net Income was $481 million and EBITDA was $846 million.
  • 6The company explicitly states that EBITDA should not be used in isolation or as a substitute for GAAP measures like Net Income or cash flows.
  • 7The filing includes the signature of William L. Hudson, Executive Vice President, General Counsel and Corporate Secretary.

Frequently Asked Questions

The main purpose of this 8-K filing is to publicly disclose Seagate Technology's financial results for its fiscal third quarter ended March 28, 2003, through its earnings release and the script of its earnings call, in compliance with Regulation FD.

EBITDA stands for Earnings Before Interest, Taxes, Depreciation, and Amortization. Seagate is highlighting it because its management believes it provides useful information regarding the company's ability to service and incur debt. However, the company cautions that it is not a GAAP measure and should not be used as a substitute for net income or cash flow.

For the three months ended March 28, 2003, Seagate reported Net Income of $174 million and EBITDA of $300 million.

The information, including the earnings release and script, is furnished under Item 9 (Regulation FD Disclosure) and is not deemed 'filed' for the purposes of Section 18 of the Securities Exchange Act of 1934.