June 2009 -- For its fiscal 2009 third quarter, Western Digital reported revenue of $1.6 billion and net income of $50 million, or $0.22 per share. That compared with year-ago quarter results of $2.1 billion in revenue and net income of $280 million, or $1.23 per share. The manufacturer of hard drives and solid-state storage shipped 31.6 million units in the current quarter, compared to 34.5 million units in the year-ago quarter.
The company reported it generated $355 million in cash from operations during the quarter, ending with total cash and cash equivalents of $1.6 billion.
Saying the company was pleased with its financial performance, John Coyne, Western Digital's president and CEO, noted: "We have taken a series of actions to resize and restructure the business to remain profitable and cash flow positive at a $1.5 billion quarterly revenue level, and the effects of these actions are already showing up in our results."
Coyne said the company had sustained its investments in technology and new products during the quarter, with growing shipments of a new 2-terabyte hard drive and of several new products in its branded products portfolio.
Noting the acquisition of SiliconSystems, a manufacturer of solid-state drives, Coyne said: "SiliconSystems' intellectual property and technical expertise will accelerate WD's solid-state drive development programs, providing greater choice for our customers to satisfy all their storage requirements. Integration into WD is well under way and proceeding according to plan."
