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02.03.2005 - Maxtor Corporation Reports Fourth Quarter 2004 Results



View HardDrive related news. MILPITAS, Calif., February 3, 2005 -- Maxtor Corporation (NYSE: MXO) today announced its financial results for the fourth quarter and fiscal year ended December 25, 2004. Revenue for the quarter was $1.031 billion. The Company reported a net loss on a GAAP basis in the fourth quarter of 2004 of $70.2 million, or $(0.28) per share. Included in the GAAP net loss were $5.1 million for the amortization of intangibles, $7.3 million in executive and other severance related expenses, $7.8 million in impairment charges related to real estate holdings, and $25.0 million due to a product cancellation and impairments related to intangibles from the acquisition of Quantum's hard drive division in 2001. These charges were offset by a favorable adjustment related to the previously announced settlement with Quantum of $8.5 million. The net total of these charges unfavorably impacted net income by $36.7 million. In the fourth quarter of 2003, revenue totaled $1.171 billion. Net income on a GAAP basis in the fourth quarter of 2003 was $39.2 million, or $0.15 per diluted share. The GAAP net income included a charge for the amortization of intangible assets and stock-based compensation expense totaling $23.8 million. Also included was income from discontinued operations of $2.2 million.

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NID: 5389 / Submitted by: TACKtech Team
Categories: Press Release
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