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Komag Reports Second Quarter of 2003 Earnings
TUESDAY, JULY 22, 2003 4:05 PM
- PR Newswire
SAN JOSE, Calif., Jul 22, 2003 /PRNewswire-FirstCall via Comtex/ -- Komag, Incorporated (KOMG) , the largest independent producer of thin-film media for disk drives, today announced earnings of $4.6 million, or $0.19 per share on a fully diluted basis, for the second quarter of 2003.
(Logo: www.newscom.com/cgi-bin/prnh/19990816/KOMGLOGO )
The Company reported revenue of $105.3 million in the second quarter of 2003, compared to $105.5 million in the first quarter of 2003. Finished disk shipments were 16.3 million in the second quarter of 2003 compared to 16.7 million disks in the first quarter of 2003. Other disk revenue was $13.7 million in the second quarter of 2003 compared to $12.4 million in the first quarter of 2003.
Operating income was $8.4 million in the second quarter of 2003 compared to $8.3 million in the first quarter of 2003. Net income was $4.6 million, or $0.19 per share in the second quarter of 2003 compared to $5.1 million or $0.21 per share in the first quarter of 2003. Earnings per share in the second quarter and first quarter of 2003 were based on 24.3 million and 23.9 million fully diluted shares outstanding, respectively.
The Company was cash flow positive and ended the second quarter of 2003 with $44.4 million of cash, an increase of $8 million from the first quarter of 2003. EBITDA was $20.0 million in the second quarter of 2003 compared to $20.6 million in the first quarter of 2003 (see attached reconciliation of cash flows from operations to EBITDA). Gross margin was 21.7% in the second quarter of 2003 compared to 21.6% in the first quarter of 2003.
Second Quarter Review
Total revenue was relatively flat compared to the first quarter of 2003 as the impact of slightly lower finished disk shipments was offset by higher sales of other disk products. Finished disk shipments decreased 2% from the first quarter of 2003, which is less than the traditional seasonal reduction in the second quarter and in line with the Company's previous guidance.
Sales to Western Digital, Maxtor, IBM, and Hitachi Global Storage Technologies accounted for 39%, 38%, 12%, and 11% of total revenue in the second quarter of 2003, respectively. Sales of 60 and 80 GB per platter desktop disks together represented 50% of Komag's second quarter 2003 shipment volume compared to 45% of Komag's first quarter of 2003 unit shipment volume. Sales of 40 GB per platter disks represented the remaining desktop unit shipment volume in the second quarter of 2003, as in the first quarter of 2003. In addition, the Company shipped in volume, 36 GB per platter 84 mm disks and 17 GB per platter 65 mm disks for high-end server drives. Disk shipments for these high-end server (enterprise) drives represented 9% of total disk shipments in the second quarter of 2003 up from 4% in the first quarter of 2003.
T.H. Tan, Komag's chief executive officer announced, "We are pleased with the strength of our operating performance in the second quarter as well as the entire first half of 2003. We continue to ship higher volumes of our advanced 80 GB per platter disks and we have increased our shipments of advanced high-end server disks. We are transitioning to synthetic anti-ferromagnetic (SAF) media for certain 80 GB per platter applications and beyond. We continue on schedule with qualifications of next generation desktop and high-end server applications. In addition, we are continuing work on perpendicular designs."
Business Outlook
Based on current customer demand, the Company believes that total revenue for the third quarter of 2003 could be relatively flat compared to the second quarter of 2003. Finished units shipments and revenue may increase modestly, offset by a decrease in other disk revenue.
About Komag
Founded in 1983, Komag is the world's largest independent supplier of thin-film disks, the primary high-capacity storage medium for digital data. Komag leverages the combination of its world-class U.S. research and development center and Malaysian manufacturing operations to produce disks that meet the high-volume, stringent quality, low cost and demanding technology needs of its customers. By enabling rapidly improving storage density at ever-lower cost per gigabyte, Komag seeks to create extraordinary value for consumers of computers, enterprise storage systems and electronic appliances such as digital video recorders, game boxes and consumer electronic storage systems.
For more information about Komag, visit Komag's Internet home page at www.komag.com . The Investor section of the website provides a variety of financial and investor information, including an investor presentation. To request an investor packet, call Komag's Investor Relations at 408-576-2901.
Forward-Looking Statements
This press release contains certain "forward-looking" statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and are subject to the safe harbors created thereby. These statements represent the Company's current judgment and include, but are not limited to the belief that total revenue for third quarter of 2003 could be relatively flat compared to the second quarter, that finished unit shipments and revenue could increase modestly, offset by a decrease in other disk revenue, the Company's ability to transition to synthetic anti-ferromagnetic media for certain 80 GB per platter applications and make other developments, and to qualify next generation desktop, as well as, high-end server applications. 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, variability in demand for and average selling price of disks, the impact of demand variation on factory utilization, the Company's ability to achieve its operating yield, cost and profitability targets, the Company's ability to satisfy customer qualification requirements and meet shipping demands, the Company's ability to produce new generation disks in volume and the other factors described in the Company's reports filed with the Securities and Exchange Commission, including, but not limited to, its most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. Komag undertakes no obligation to update forward-looking statements to reflect events or circumstances occurring after the date of such statements.
Komag Reports Second Quarter of 2003 Earnings
TUESDAY, JULY 22, 2003 4:05 PM
- PR Newswire
SAN JOSE, Calif., Jul 22, 2003 /PRNewswire-FirstCall via Comtex/ -- Komag, Incorporated (KOMG) , the largest independent producer of thin-film media for disk drives, today announced earnings of $4.6 million, or $0.19 per share on a fully diluted basis, for the second quarter of 2003.
(Logo: www.newscom.com/cgi-bin/prnh/19990816/KOMGLOGO )
The Company reported revenue of $105.3 million in the second quarter of 2003, compared to $105.5 million in the first quarter of 2003. Finished disk shipments were 16.3 million in the second quarter of 2003 compared to 16.7 million disks in the first quarter of 2003. Other disk revenue was $13.7 million in the second quarter of 2003 compared to $12.4 million in the first quarter of 2003.
Operating income was $8.4 million in the second quarter of 2003 compared to $8.3 million in the first quarter of 2003. Net income was $4.6 million, or $0.19 per share in the second quarter of 2003 compared to $5.1 million or $0.21 per share in the first quarter of 2003. Earnings per share in the second quarter and first quarter of 2003 were based on 24.3 million and 23.9 million fully diluted shares outstanding, respectively.
The Company was cash flow positive and ended the second quarter of 2003 with $44.4 million of cash, an increase of $8 million from the first quarter of 2003. EBITDA was $20.0 million in the second quarter of 2003 compared to $20.6 million in the first quarter of 2003 (see attached reconciliation of cash flows from operations to EBITDA). Gross margin was 21.7% in the second quarter of 2003 compared to 21.6% in the first quarter of 2003.
Second Quarter Review
Total revenue was relatively flat compared to the first quarter of 2003 as the impact of slightly lower finished disk shipments was offset by higher sales of other disk products. Finished disk shipments decreased 2% from the first quarter of 2003, which is less than the traditional seasonal reduction in the second quarter and in line with the Company's previous guidance.
Sales to Western Digital, Maxtor, IBM, and Hitachi Global Storage Technologies accounted for 39%, 38%, 12%, and 11% of total revenue in the second quarter of 2003, respectively. Sales of 60 and 80 GB per platter desktop disks together represented 50% of Komag's second quarter 2003 shipment volume compared to 45% of Komag's first quarter of 2003 unit shipment volume. Sales of 40 GB per platter disks represented the remaining desktop unit shipment volume in the second quarter of 2003, as in the first quarter of 2003. In addition, the Company shipped in volume, 36 GB per platter 84 mm disks and 17 GB per platter 65 mm disks for high-end server drives. Disk shipments for these high-end server (enterprise) drives represented 9% of total disk shipments in the second quarter of 2003 up from 4% in the first quarter of 2003.
T.H. Tan, Komag's chief executive officer announced, "We are pleased with the strength of our operating performance in the second quarter as well as the entire first half of 2003. We continue to ship higher volumes of our advanced 80 GB per platter disks and we have increased our shipments of advanced high-end server disks. We are transitioning to synthetic anti-ferromagnetic (SAF) media for certain 80 GB per platter applications and beyond. We continue on schedule with qualifications of next generation desktop and high-end server applications. In addition, we are continuing work on perpendicular designs."
Business Outlook
Based on current customer demand, the Company believes that total revenue for the third quarter of 2003 could be relatively flat compared to the second quarter of 2003. Finished units shipments and revenue may increase modestly, offset by a decrease in other disk revenue.
About Komag
Founded in 1983, Komag is the world's largest independent supplier of thin-film disks, the primary high-capacity storage medium for digital data. Komag leverages the combination of its world-class U.S. research and development center and Malaysian manufacturing operations to produce disks that meet the high-volume, stringent quality, low cost and demanding technology needs of its customers. By enabling rapidly improving storage density at ever-lower cost per gigabyte, Komag seeks to create extraordinary value for consumers of computers, enterprise storage systems and electronic appliances such as digital video recorders, game boxes and consumer electronic storage systems.
For more information about Komag, visit Komag's Internet home page at www.komag.com . The Investor section of the website provides a variety of financial and investor information, including an investor presentation. To request an investor packet, call Komag's Investor Relations at 408-576-2901.
Forward-Looking Statements
This press release contains certain "forward-looking" statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and are subject to the safe harbors created thereby. These statements represent the Company's current judgment and include, but are not limited to the belief that total revenue for third quarter of 2003 could be relatively flat compared to the second quarter, that finished unit shipments and revenue could increase modestly, offset by a decrease in other disk revenue, the Company's ability to transition to synthetic anti-ferromagnetic media for certain 80 GB per platter applications and make other developments, and to qualify next generation desktop, as well as, high-end server applications. 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, variability in demand for and average selling price of disks, the impact of demand variation on factory utilization, the Company's ability to achieve its operating yield, cost and profitability targets, the Company's ability to satisfy customer qualification requirements and meet shipping demands, the Company's ability to produce new generation disks in volume and the other factors described in the Company's reports filed with the Securities and Exchange Commission, including, but not limited to, its most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. Komag undertakes no obligation to update forward-looking statements to reflect events or circumstances occurring after the date of such statements.
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