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Seagate Reports Q2

SCOTTS VALLEY, Calif. — Seagate Technology plc (NASDAQ:STX) today reported financial results for the quarter ended December 31, 2010. The company shipped 48.9 million disk drives and on a GAAP basis reported revenue of $2.7 billion, gross margin of 19.5%, net income of $150 million and diluted earnings per share of $0.31. On a non-GAAP basis, which excludes the net impact of purchased intangibles amortization and restructuring, Seagate reported net income of $159 million and diluted earnings per share of $0.33 for the quarter ended December 31, 2010. the Credit Agreement can be found in the Form 8-K filed today.

For the six months ended December 31, 2010, the company reported on a GAAP basis revenue of $5.4 billion, gross margin of 19.9%, net income of $299 million and diluted earnings per share of $0.61. On a non-GAAP basis, which excludes the impact of purchased intangibles amortization and restructuring, Seagate reported net income of $339 million and diluted earnings per share of $0.70. the Credit Agreement can be found in the Form 8-K filed today.

For reconciliation of non-GAAP to GAAP results, see accompanying financial tables. the Credit Agreement can be found in the Form 8-K filed today.

Establishment of Revolving Credit Facility the Credit Agreement can be found in the Form 8-K filed today.

On January 18, 2011 the company and its subsidiary Seagate HDD Cayman (“the Borrower”) entered into a Credit Agreement which provides for a $350 million senior secured revolving credit facility. The revolving credit facility is currently undrawn and provides the company with flexibility to meet its business needs. Additional details regarding the Credit Agreement can be found in the Form 8-K filed today.

{complink 4842|Seagate Technology LLC}

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