Summary
Seagate Technology Holdings plc (STX) filed an 8-K on April 20, 2004, to report its financial results for the quarter ended April 2, 2004. The filing primarily highlights the recording of a significant $125 million income tax benefit related to a tax indemnification from a past transaction in November 2000. This benefit substantially impacted the company's net income and earnings per share for the quarter.
Key Highlights
- 1Seagate Technology Holdings plc reported financial results for the quarter ended April 2, 2004.
- 2A press release detailing these results was filed as Exhibit 99.1 to the 8-K.
- 3The company recognized a $125 million income tax benefit in the current quarter.
- 4This tax benefit is associated with a tax indemnification from the 2000 purchase of Seagate Delaware by New SAC.
- 5The company presented both GAAP and non-GAAP financial measures.
- 6Non-GAAP measures for net income and earnings per share excluded the $125 million income tax benefit.
- 7Seagate believes non-GAAP measures provide a useful alternative for assessing operating performance by excluding certain one-time, non-cash items.