Summary
Western Digital Corporation (WDC) filed an 8-K on January 23, 2012, to report its financial results for the second fiscal quarter ended December 30, 2011. The filing highlights that the company is reporting both GAAP and non-GAAP earnings per share. Notably, the non-GAAP figures exclude significant charges and expenses related to the devastating Thailand flooding and the anticipated acquisition of Hitachi Global Storage Technologies (HGST). Management considers these non-GAAP measures important for investors to assess ongoing operational performance and for comparative analysis against historical results, as these extraordinary events are not considered indicative of regular business operations.
Key Highlights
- 1Western Digital announced its financial results for the second fiscal quarter ended December 30, 2011.
- 2The company is providing both GAAP and non-GAAP financial metrics, including net income and earnings per share.
- 3Non-GAAP results exclude the impact of charges and expenses stemming from the Thailand flooding.
- 4Non-GAAP results also exclude costs associated with the planned acquisition of Hitachi Global Storage Technologies (HGST).
- 5Management believes non-GAAP measures offer investors a clearer view of ongoing operational performance.
- 6The filing incorporates by reference the press release (Exhibit 99.1) and an investor information summary (Exhibit 99.2) for the quarter.
Frequently Asked Questions
The main purpose of this 8-K filing is to announce Western Digital's financial results for the second fiscal quarter ended December 30, 2011, and to provide supplemental financial information.
Western Digital is providing non-GAAP financial results because management believes these measures, which exclude costs related to the Thailand flooding and the HGST acquisition, offer investors a better understanding of the company's core operational performance and allow for more meaningful comparisons to prior periods.
The significant events excluded from the non-GAAP figures are the financial impacts from the Thailand flooding and the expenses associated with Western Digital's planned acquisition of Hitachi Global Storage Technologies.
The detailed financial information is available in the press release issued by Western Digital on January 23, 2012 (Exhibit 99.1) and the Investor Information Summary for the second quarter of fiscal year 2012 (Exhibit 99.2), both of which are attached to this 8-K filing.