FOR IMMEDIATE RELEASE

READ-RITE ANNOUNCES SALE OF SCION TO JDS UNIPHASE

MILPITAS, CA � April 252, 2002 -- Read-Rite Corporation (Nasdaq: RDRT) today announced the sale of Scion Photonics, Inc., (�Scion�) its majority-owned subsidiary, to JDS Uniphase Corporation (�JDSU�).  Scion, an integrated solution provider to the fiber optics industry was established by Read-Rite in September 2000 and received additional funding from Integral Capital Partners and Tyco Ventures in October 2000.  JDSU was an investor in Scion�s second round of financing earlier this year and acquired the balance of Scion�s stock in a cash transaction valued at approximately $43 million.

               �The Scion team has done a tremendous job over the past 19 months in establishing itself as the recognized leader in planar lightwave circuit (�PLC�) technology, including Scion�s volume-ready 8-inch PLC fab.  JDSU, perhaps the premier optical components company in the world, clearly recognizes Scion�s value with this acquisition,� stated Alan S. Lowe, president and chief executive officer of Read-Rite.  �In light of the current conditions in the telecommunications industry, we felt, along with Scion�s other investors, that the best way to capitalize on Scion�s capabilities and to insure their success going forward was the sale to one of the key long-term players in the industry,� he added.

               As a result of the transaction, Read-Rite expects to record a gain in the third fiscal quarter ending June 30, 2002 in the range of approximately $8 � 9 million.

               Read-Rite Corporation (www.readrite.com) is one of the world's leading independent manufacturers of magnetic recording heads, head gimbal assemblies (HGAs) and head stack assemblies (HSAs) for disk drives and tape drives. The company is headquartered in Fremont, California and has operations in California, Thailand, the Philippines, Japan, Singapore and South Korea.

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 This news release contains statements which include forward-looking information within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Act of 1934, as amended, and is subject to the �safe harbor� created by those sections.  The Company�s actual results for future periods could differ materially from those projected in such forward-looking information.   Factors that could cause actual results to differ include, but are not limited to:  the Company may be unsuccessful in transitioning its processes to volume production and other factors described in the Company�s reports filed with the Securities and Exchange Commission, including but not limited to its Annual Report on Form 10-K for Fiscal 2001 and the Quarterly Report of Form 10-Q for the first quarter of Fiscal Year 2002 ended December 30, 2001.  Read-Rite undertakes no obligation to update forward-looking statements to reflect events or circumstances occurring after the date of such statements.

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