8-KEarnings & ResultsExhibits & Filings

WESTERN DIGITAL CORP 8-K Report, Financial Results (Jul 21, 2011)

Filed July 21, 2011For Securities:WDC

Summary

Western Digital Corporation (WDC) filed an 8-K on July 21, 2011, to announce its financial results for the fourth fiscal quarter and full fiscal year ended July 1, 2011. The filing includes a press release (Exhibit 99.1) and an Investor Information Summary (Exhibit 99.2) that detail both GAAP and non-GAAP financial performance. Investors should note that the non-GAAP figures exclude expenses related to the planned acquisition of Hitachi Global Storage Technologies and unrelated litigation accruals, as management believes these items are not indicative of ongoing operations and provide a better basis for comparison to prior periods. The primary purpose of this 8-K is to provide investors with the company's latest financial performance data and to clarify the adjusted earnings figures due to significant one-time expenses. The inclusion of non-GAAP measures highlights management's focus on presenting a view of profitability that may be more representative of the company's core business activities, especially in light of the pending Hitachi acquisition, which represents a material strategic development for Western Digital.

Key Highlights

  • 1Announcement of Q4 FY2011 and Full Year FY2011 financial results as of July 1, 2011.
  • 2Disclosure of both GAAP and non-GAAP financial metrics for the reported periods.
  • 3Non-GAAP results exclude expenses associated with the planned acquisition of Hitachi Global Storage Technologies.
  • 4Non-GAAP results also exclude unrelated litigation accruals.
  • 5Management utilizes non-GAAP measures to provide investors with an alternative view of operating performance.
  • 6Press Release (Exhibit 99.1) and Investor Information Summary (Exhibit 99.2) are attached and incorporated by reference.

Frequently Asked Questions

This 8-K filing covers Western Digital's financial results for the fourth fiscal quarter and the full fiscal year, both ending on July 1, 2011.

The filing reports both Generally Accepted Accounting Principles (GAAP) and non-GAAP financial figures, including net income and earnings per share.

Non-GAAP results are presented because management believes they provide a clearer view of ongoing operational performance by excluding significant, non-recurring expenses related to the planned acquisition of Hitachi Global Storage Technologies and unrelated litigation accruals, allowing for better comparison to prior periods.

Under General Instruction B.2 of Form 8-K, the information in Item 2.02 and its attached exhibits (Exhibit 99.1 and 99.2) are not deemed 'filed' for purposes of Section 18 of the Securities Exchange Act of 1934 or subject to the liabilities of that section, unless expressly incorporated by reference into other filings.