EX-99.1 3 f98259exv99w1.txt EXHIBIT 99.1 Exhibit 99.1 MAXTOR CORPORATION CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands) (Unaudited)
March 27, December 27, 2004 2003 ---------- ---------- ASSETS Current assets: Cash and cash equivalents $ 443,661 $ 530,816 Restricted cash 45,666 37,154 Marketable securities 46,236 44,543 Restricted marketable securities 41,930 42,337 Accounts receivable, net 517,698 578,907 Inventories 228,139 218,011 Prepaid expenses and other 34,254 38,301 ---------- ---------- Total current assets 1,357,584 1,490,069 Property, plant and equipment, net 354,773 342,679 Goodwill and other intangible assets, net 854,734 875,570 Other assets 13,231 13,908 ---------- ---------- Total assets $2,580,322 $2,722,226 ========== ========== LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Short-term borrowings, including current portion of long-term debt $ 22,045 $ 77,037 Accounts payable 694,977 730,056 Accrued and other liabilities 367,981 454,388 Liabilities of discontinued operations 807 1,487 ---------- ---------- Total current liabilities 1,085,810 1,262,968 Deferred taxes 196,455 196,455 Long-term debt 377,840 355,809 Other liabilities 181,580 186,485 ---------- ---------- Total liabilities 1,841,685 2,001,717 Total stockholders' equity 738,637 720,509 ---------- ---------- Total liabilities and stockholders' equity $2,580,322 $2,722,226 ========== ==========
MAXTOR CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands, except share and per share amounts) (Unaudited)
Three months ended --------------------------------- March 27, March 29, 2004 2003 ------------- ------------- Net revenues $ 1,019,688 $ 938,889 Cost of revenues 864,625 767,042 ------------- ------------- Gross profit 155,063 171,847 Operating expenses: Research and development 84,770 86,661 Selling, general and administrative 32,514 31,932 Amortization of intangible assets 20,836 20,562 ------------- ------------- Total operating expenses 138,120 139,155 ------------- ------------- Income from operations 16,943 32,692 Interest expense (8,832) (5,422) Interest income 1,288 1,208 Other gain 38 207 ------------- ------------- Income before income taxes 9,437 28,685 Provision for income taxes 274 1,277 ------------- ------------- Net income $ 9,163 $ 27,408 ============= ============= Net income per share - basic $ 0.04 $ 0.11 Net income per share - diluted $ 0.04 $ 0.11 Shares used in per share calculation -basic 246,590,255 243,634,139 -diluted 256,960,154 246,866,117