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Seagate Q3 profits up

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Hard drive manufacturer Seagate continued to distance itself from last year's financial turmoil with its latest quarterly results, posted yesterday. The company posted a profit of $82 million for Q3 1999, ended 2 April, after taking a $60 million hit for the closure of its plant in Livingston, Scotland. This time last year, Seagate reported it had lost $129 million, largely thanks to major restructuring charges. Last quarter, Seagate made $104 million, so but for the $60 million restructuring charge, the company is clearly becoming healthier. Revenues for the 1999 third quarter were up 7.7 per cent on the same period last year, reaching $1.81 billion from $1.68 billion. Seagate president Steve Luczo said he was generally pleased with the results -- "I think we're pretty far down the road to recovery," he said -- but warned that upcoming changes in the company's US accounting procedures would hit its reported revenue next quarter. The changes will prevent Seagate from recognising revenue until product has been sold by its North American distributors. ®

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