Maxtor Corporation Reports First Quarter 2004 Results

(Auszug aus der Pressemitteilung)

MILPITAS, Calif., April 21 – Maxtor Corporation

(NYSE: MXO) today announced its financial results for the first quarter ended
March 27, 2004. Revenue for the quarter was $1.020 billion. The Company
reported net income on a GAAP basis of $9.2 million, or $0.04 per diluted
share. Included in GAAP net income was a charge of $20.8 million for the
amortization of intangible assets and $0.1 million in stock-based compensation
expense. On a non-GAAP basis, excluding these charges, Maxtor reported net
income of $30.1 million, or $0.12 per diluted share. In the first quarter of
2003, revenue was $938.9 million. Net income on a GAAP basis was
$27.4 million, or $0.11 per diluted share. The GAAP net income included a
charge for the amortization of intangible assets and stock-based compensation
expense, totaling $20.8 million. On a non-GAAP basis, excluding these
charges, net income in the first quarter of 2003 was $48.2 million, or
$0.20 per diluted share.

“We were pleased with our first quarter results, achieved during a
difficult quarter characterized by an industry oversupply of desktop drives in
the distribution channel and aggressive pricing in the enterprise market,”
said Paul Tufano, president and chief executive officer.

During the quarter, Maxtor shipped 13.6 million hard drives. The gross
profit margin was 15.2%. Operating expenses, excluding amortization of
intangible assets and stock-based compensation expense, totaled $117 million.

IDE drive shipments in the first quarter totaled 12.8 million, including
1,549,000 to consumer electronics OEM customers. SCSI drive shipments were
828,000 compared with 854,000 in the fourth quarter of 2003. “We were
especially happy with the continued momentum in our consumer electronics and
near-line and mid-line storage markets,” Mr. Tufano commented.

Maxtor