WD announces Q3 revenue of $1.6 billion and net income of $50 million, or $0.22 per share

Continued Profitability and Cash Generation Achieved While Resizing Business in Challenging Environment

(PresseBox) ( Lake Forest, Calif., )
Western Digital Corp. (NYSE: WDC) today reported revenue of $1.6 billion, on shipments of approximately 31.6 million units and net income of $50 million, or $0.22 per share, for its fiscal third quarter ended Mar. 27, 2009. The company's results include charges of $14 million for in-process research and development related to the SiliconSystems, Inc. acquisition and $4 million associated with the restructuring plan announced Dec. 17, 2008. Excluding these charges, non-GAAP net income was $68 million or $0.30 per share. In the year-ago quarter, the company reported revenue of $2.1 billion, unit shipments of 34.5 million and net income of $280 million, or $1.23 per share.

The company generated $355 million in cash from operations during the March quarter, ending with total cash and cash equivalents of $1.6 billion.

"We are pleased with our financial performance in the March quarter, reflecting continued profitability and cash generation," said John Coyne, president and chief executive officer of WD. "We managed our market segment participation, product mix and costs to optimize our returns in a challenging environment. We have taken a series of actions to resize and restructure the business to remain profitable and cash flow positive at a $1.5 billion quarterly revenue level and the effects of these actions are already showing up in our results."

Coyne also noted that WD sustained its investments in technology and new products in the March quarter, with growing shipments of the industry's first 2 terabyte hard drive and of several new products in its branded products portfolio.

The company also broadened its product and market breadth with the recent acquisition of SiliconSystems, a leading maker of solid-state drives, which now comprises WD's solid-state storage business unit. "SiliconSystems' intellectual property and technical expertise will accelerate WD's solid-state drive development programs, providing greater choice for our customers to satisfy all their storage requirements," said Coyne. "Integration into WD is well under way and proceeding according to plan."

The investment community conference call to discuss these results will be broadcast live over the Internet today at 2 p.m. PDT/5 p.m. EDT. The call will be accessible live and on an archived basis via the link below:

Audio Webcast: www.westerndigital.com/investor
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