FOR IMMEDIATE RELEASE

FREMONT, CA � October 30, 2001 -- Read-Rite Corporation (Nasdaq: RDRT) today announced that its board of directors has authorized a stock repurchase program.  Shares will be repurchased in the open market, through block purchases or otherwise, at times and at prices considered appropriate by the company. Timing of purchases and the exact number of shares to be purchased will depend on several factors, including market conditions.

�This repurchase program reflects the Board�s confidence in our country, our industry and in Read-Rite,� said Alan S. Lowe, president and chief executive officer.  �Our performance over the past year, coupled with our strong and healthy balance sheet, allow us to implement this program which we believe to be in the best interests of our shareholders.�

 Read-Rite Corporation 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. The company's website is located at http://www.readrite.com. Read-Rite is also the majority shareholder of Scion Photonics, Inc., an integrated solution provider to the fiber optics industry whose offerings include advanced DWDM products, fiber optic assembly equipment and application specific photonic components. Scion's website is located at http://www.scionphotonics.com.

This release may contain forward-looking statements, which are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements are based on management's current expectations and are subject to uncertainty and changes in circumstances.  Actual results may vary materially from the expectations contained in such forward-looking statements. Factors that could cause actual results to differ include the risk factors described in the company's reports filed with the SEC, including, but not limited to, its Annual Report on Form 10-K for fiscal 2000, its Quarterly Reports on Form 10-Q for the first quarter of fiscal 2001 ended December 31, 2000, second quarter of fiscal 2001 ended April 1, 2001 and third quarter of fiscal 2001 ended July 1, 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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