READ-RITE CORPORATION SUPPLIES ADVANCED HEAD TECHNOLOGY FOR
WESTERN DIGITAL’S WD CAVIAR 100 GB HIGH - PERFORMANCE DRIVE
FREMONT, CA - July 25, 2001 - Read-Rite Corporation today announced that it is a major supplier of heads incorporated in Western Digital’s WD Caviar 100 GB high-performance desktop hard drive, which is expected to begin shipping this month. This three-platter model is the highest capacity 7,200 RPM hard drive currently on the market.
For the nine months ending July 1, 2001, the company reported pro forma net income and earnings per diluted share of $31.2 million and $0.27, respectively, on revenues of $558.4 million. Year-to-date revenue is 36% higher than the corresponding period last year. Including one-time charges and gains, and the impact of the company’s portion of the Scion Photonics results, the company
reported net income and diluted earnings per share of $28.4 million and
$0.24, respectively.
“We are extremely proud to be part of this sophisticated product technology. We again have demonstrated our execution ability in advanced desktop programs in our partnership with Western Digital, and we hope to continue to contribute to Western Digital’s success in the future”, said Mark Re, senior vice president of research and development.�
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, but are not limited to: cancellations or rescheduling
of orders by the company’s customers, and the other 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
and second quarter of fiscal 2001 ended April 1, 2001. Read-Rite undertakes
no obligation to update forward-looking statements to reflect events or
circumstances occurring after the date of such statements.
