-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen
TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
E91ly84COnHscqoW/Sh+yyckBO8H/CHznxPoFRS7eJkh7X3Mg5LGpt5hWPAvfflh
a4+8sJgyEZYI3vBt1iuPEQ==
SECURITIES AND EXCHANGE COMMISSION
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
Date of Report (Date of earliest event reported): February 5,
2004
WESTERN DIGITAL CORPORATION
(Exact Name of Registrant as Specified in Charter)
Delaware
1-08703
33-0956711
20511 Lake Forest Drive, Lake Forest, California
92630
Registrant's telephone number, including area code:
(949) 672-7000
Not Applicable
TABLE OF CONTENTS
Item 9. Regulation FD Disclosure
In a meeting today with institutional
investors and analysts, officials of the Company expect to provide business and
financial information about the Company and the hard drive industry. Excerpts
from the anticipated presentation to investors and analysts today are attached hereto
as Exhibit 99.1. Additional excerpts from the presentation are available on the
Company's web site, at http://www.westerndigital.com/invest/Presentations.
This Form 8-K may contain
forward-looking statements, including statements regarding the Company's
anticipated capital requirements and research and development investment for head operations; research and development
strategy; targeted quarterly head production capability by June 2004; the
development of recording head technology; our outlook given on January 22, 2004
concerning revenue, gross margin, operating income, net income and earnings per
share for the March quarter; and the anticipated financial model for the
Company's long-term business model. These forward-looking statements are based
on current expectations, and actual results could differ materially as a result
of several factors, including: difficulties in ramping to volume production, and
maintaining high yields from, a new, complex manufacturing operation; price and
availability of heads from merchant suppliers; uncertainties related to the
development and introduction of products based on new technologies; pricing and
inventory trends and other competitive factors; changes in product and customer
mix; business conditions and growth in the notebook and desktop PC and personal
entertainment industries; availability of product components, such as media; and
other factors listed in our recent Form 10-Q
filed with the SEC. The Company
undertakes no obligation to update its forward-looking statements to reflect
subsequent events or circumstances.
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
WESTERN DIGITAL CORPORATION
By:
/s/ Raymond M. Bukaty
Raymond M. Bukaty
Dated: February 5, 2004
Exhibit
Description
99.1
Excerpts from Investor Presentation on February 5, 2004.
Exhibit 99.1
A Commitment to Make the Right Investments
WASHINGTON, D.C.
20549
SECURITIES EXCHANGE ACT OF
1934
(State or Other
Jurisdiction
of
Incorporation)
(Commission
File Number)
(IRS Employer
Identification No.)
(Address of Principal
Executive Offices)
(Zip Code)
(Former Name or Former Address, if Changed Since Last
Report)
Senior Vice President, General
Counsel and
Secretary
Commitment to make R&D investments geared toward achieving competitive next-generation technologies
Head Integration Summary
The WD Advantage - Focus and Discipline
Wafer Fab improvements
Slider/HGA/HSA Improvements in Thailand
WD Head Technology Status
Overall Technology Readiness | x | ||||
Performance |
Ø |
Ø |
Ahead of Competition | ||
Manufacturability | Ø |
x |
On par | ||
Time-to-Market | x |
¨ |
Behind Competition | ||
Integration into Drive | x |
Perpendicular Recording Head Development
Perpendicular Recording Head Development
Performance |
Ø |
|
|||
Manufacturability |
x |
Ø |
Ahead of Competition | ||
Time-to-Market |
x |
x |
On par | ||
Integration into Drive |
¨ |
¨ |
Behind Competition |
FY'04Q3 Guidance Provided on January 22, 2004
WD's New Business Model
Old Model | New Model | |
Gross margins |
14% - 18% | 18% - 22% |
Operating margins |
4% - 8% | 7% - 11% |
Inventory turns |
20 - 22 | 18 - 20 |
Cash conversion cycle |
-7 days to -10 days | -4 days to -7 days |