Western Digital (WDC)

Item 7.01 Regulation FD Disclosure.

At an investment conference on September 4, 2008 and in meetings this week with investors, executives of Western Digital Corporation (the "Company") are expected to discuss the following:

• Thus far in the September quarter overall demand is consistent with seasonal patterns established over the last several years.

• Regionally, demand in Asia Pacific, the Middle East and Latin America is offsetting some industry demand softness in the U.S. and Western Europe.

• Consumer desktop demand is at the low end of expectations while notebook, commercial desktop, DVR and Enterprise SATA drive demand is tracking to expectations.

• The Company’s branded products business is reflecting continued strong demand at the retail level for the Company’s industry-leading external storage products.

• Industry and Company inventories are in line with seasonal demand patterns.

• As anticipated in the Company’s guidance on July 24, 2008 pricing thus far in the quarter has been competitive.

• Historically the month of September represents a significant share of the industry’s total business in the quarter. Actual industry demand and the Company’s performance in September will therefore determine the final outcome of the quarter.

This Form 8-K contains forward-looking statements, including statements concerning: hard drive industry demand in the September quarter; hard drive industry demand in various geographical regions and various hard drive markets; demand for and industry leadership of the Company’s external storage products; hard drive industry and Company inventory levels; pricing in the September quarter; and the significance of the month of September on the quarter’s results. These forward-looking statements are based on current management expectations and are subject to important factors that could cause actual results to differ materially from those expressed in the forward-looking statements, including: supply and demand conditions in the hard drive industry; actions by competitors; unexpected advances in competing technologies; uncertainties related to development and introduction of products based on new technologies and expansion into new hard drive markets; business conditions and growth in the various hard drive markets; pricing trends and fluctuations in average selling prices; changes in the availability and cost of commodity materials and specialized product components that the Company does not make internally; and other risks and uncertainties listed in WD’s recent Form 10-K filed with the SEC on August 20, 2008, to which your attention is directed. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof, and the Company undertakes no obligation to update these forward-looking statements to reflect subsequent events or circumstances.

SIGNATURES

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.

Item 7.01 Regulation FD Disclosure.

On September 10, 2007, Western Digital Corporation provided an improved business outlook for its first fiscal quarter ending September 28, 2007. A copy of the press release making this announcement is attached hereto as Exhibit 99.1 and is incorporated herein by reference. In the Company’s press release and in its conference call scheduled for 2 p.m. PST/5 p.m. EST today, the Company will report its business outlook for the first fiscal quarter ending September 28, 2007 on both a GAAP and a non-GAAP basis. The non-GAAP measures presented will exclude the impact of the acquisition of Komag, Incorporated from September 5, 2007 (the date of its acquisition by Western Digital Corporation) through the end of September. A reconciliation of the non-GAAP to GAAP information is included in the press release. The Company believes the exclusion of Komag’s operations permits a more meaningful comparison of the updated guidance to the guidance the Company provided on July 26, 2007.

Non-GAAP financial measures should not be considered in isolation from, or as a substitute for, financial information presented in compliance with GAAP. As used herein, "GAAP" refers to accounting principles generally accepted in the United States.

In accordance with General Instruction B.2 of Form 8-K, the information in this Current Report on Form 8-K, including Exhibit 99.1, shall not be deemed to be "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of that section, and shall not be incorporated by reference into any registration statement or other document filed under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.

Item 7.01 Regulation FD Disclosure.

At meetings with investors and analysts this week, executives of Western Digital Corporation (the "Company") will provide updates regarding current conditions in the hard drive industry, its plans for future wafer fabrication capacity additions, and shipments of its newest PMR-based 2.5 inch products. Specifically, the Company expects to communicate the following:

• As expected, demand and pricing in the hard drive markets thus far in the June quarter are seasonally soft.

• Historically, June quarter shipment patterns are more back-end loaded than other quarters. As a result, business in the remainder of the quarter will determine the Company’s June quarter financial performance.

• Weeks of inventory in the distribution channel for the industry and for the Company are within the long-stated manageable range of 4 to 6 weeks.

• The Company has finalized plans for expanding its head wafer fabrication capacity. Specifically, the Company currently expects to spend approximately $200 million in its fiscal year 2008 and approximately $100 million in each of the subsequent two fiscal years, for a total of approximately $400 million for this purpose over the three-year period. The expansion involves additions to the Company’s existing head manufacturing facilities. These investments are incremental to the Company’s normal capital expenditures levels. Previously, the Company had indicated that the wafer fabrication expansion could require a new facility and the expenditure could total as much as $800 million.

• In a separate press release today, the Company announced it is now shipping the new 250 GB WD Scorpio™ 2.5-inch Serial ATA hard drive for notebook PCs, one of the industry’s fastest growing markets. The drives utilize the Company’s own perpendicular magnetic recording (PMR) technology to achieve the industry’s highest capacity in a small form factor drive and have WD proprietary features that make the drive quiet, use less power and run at cool operating temperatures. The WD Scorpio 250 GB hard drive is a result of the significant investments the Company has made in proprietary head technologies as well as significant system level feature innovation.

This Form 8-K contains forward-looking statements, including statements concerning demand, pricing and inventory conditions in the hard drive industry and for the Company for the June quarter, the Company's expectations that business in the remainder of the quarter will determine the Company's June quarter financial performance, and the Company's capital expenditure plans over the next three fiscal years for expansion of its head wafer fabrication capacity. These forward-looking statements are based on current management expectations and are subject to important factors that could cause actual results to differ materially from those expressed in the forward-looking statements, including: pricing trends and fluctuations in average selling prices (ASPs); actions by competitors; changes in the availability and cost of specialized product components; supply and demand conditions in the hard drive industry; changes in product and customer mix; uncertainties related to the development and introduction of products based on new technologies and successful expansion into new hard drive markets; difficulties in reducing yield losses from complex manufacturing processes and new technologies; business conditions and growth in the notebook, consumer electronics, enterprise, branded products and desktop markets; and other risks and uncertainties listed in the Company's recent Form 10-Q filed with the SEC on May 8, 2007, to which your attention is directed. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof, and the Company undertakes no obligation to update these forward-looking statements to reflect subsequent events or circumstances.

SIGNATURES

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.

Item 7.01 Regulation FD Disclosure.

At investment community events on February 28, 2007 and March 1, 2007, executives of Western Digital Corporation (the "Company") will provide investors with an update regarding current conditions in the hard drive industry. Specifically, the Company expects to communicate the following:

• As expected, overall demand in the hard drive market in the March quarter is reflecting typical seasonality compared with the stronger December quarter.

• Demand in the faster growth hard drive markets and the Company's positioning in those markets are helping to partially offset the March quarter seasonal patterns. Those markets include branded products, consumer electronics, notebook and segments of the enterprise market.

• Price declines are within expectations for the quarter.

• Weeks of inventory in the distribution channel for the industry and for the Company are within the long-stated manageable range of 4 to 6 weeks.

• The month of March will, as is typical, be a key factor in determining the quarter for the industry and for the Company.

This Form 8-K contains forward-looking statements, including statements concerning conditions in the hard drive industry, the Company's expectations regarding pricing, inventory levels, and demand for hard drives and the effects of seasonality in the March quarter. These forward-looking statements are based on current management expectations and are subject to important factors that could cause actual results to differ materially from those expressed in the forward-looking statements, including: pricing trends and fluctuations in average selling prices (ASPs); actions by competitors; changes in the availability and cost of specialized product components, including media; supply and demand conditions in the hard drive industry; changes in product and customer mix; uncertainties related to the development and introduction of products based on new technologies and successful expansion into new hard drive markets; difficulties in reducing yield losses from complex manufacturing processes and new technologies; business conditions and growth in the notebook, consumer electronics, enterprise, branded products and desktop markets; and other risks and uncertainties listed in the Company's recent Form 10-Q filed with the SEC on February 7, 2007, to which your attention is directed. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof, and the Company undertakes no obligation to update these forward-looking statements to reflect subsequent events or circumstances.

SIGNATURES

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.

Item 7.01 Regulation FD Disclosure.

In meetings with investors and analysts and at an investment conference this week, Company executives will provide investors with updates regarding current conditions in the hard drive industry. Specifically, the Company expects to communicate the following:

• Demand in the desktop and notebook hard drive markets in the June quarter is seasonally soft.

• Demand in the PVR/DVR market is helping to partially mitigate the quarter’s seasonality.

• Pricing in the quarter is also exhibiting anticipated seasonal trends, albeit at the higher end of historical declines.

• Weeks of inventory in the distribution channel for the industry and for the Company are being well managed, within the long-stated acceptable range of 4 to 6 weeks.

• Historically, June quarter shipment patterns are more back-end loaded than other quarters. As a result, business in the remainder of the quarter will determine the Company’s June quarter financial performance.

• The Company’s new technology programs continue to progress on plan.

• Supply of media is anticipated to remain tight—glass more so than aluminum-- through at least the balance of this calendar year.

• The Company believes the long term fundamentals and drivers for growth for the hard drive industry and for WD, continue to be in excellent shape.

This Form 8-K contains forward-looking statements, including statements concerning the Company’s expectations regarding demand in the desktop and notebook hard drive markets, pricing, inventory and the effects of seasonality in the fourth quarter of fiscal 2006, the progress of the Company’s new technology programs, the Company's expectations regarding the supply of media and its beliefs regarding the industry's and the Company's long term fundamentals and drivers for growth. These forward-looking statements are based on current management expectations and are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in the forward-looking statements, including: pricing trends and fluctuations in average selling prices (ASPs); actions by competitors; supply and demand conditions in the hard drive industry; changes in availability and cost of specialized product components, including media; changes in product and customer mix; uncertainties related to the development and introduction of products based on new technologies and the successful expansion into new hard disk drive markets, including the 2.5-inch and sub 2.5-inch markets; difficulties in reducing yield losses from complex manufacturing processes; business conditions and growth in the desktop, 2.5-inch notebook, consumer electronics, handheld, SATA and enterprise markets; and other risks and uncertainties listed in the Company’s most recent Form 10-Q filed with the SEC. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof, and the company undertakes no obligation to update these forward-looking statements to reflect subsequent events or circumstances.

SIGNATURES

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.

Item 7.01 Regulation FD Disclosure.

On May 15, 2006, Western Digital Corporation announced the promotion of John Coyne to President and Chief Operating Officer effective June 1, 2006. Arif Shakeel will remain the Company's Chief Executive Officer. A copy of the press release making this announcement is attached hereto as Exhibit 99.1 and is incorporated herein by reference.

Item 7.01 Regulation FD Disclosure.

At an investment conference on Monday, February 27, 2006, Company executives will provide investors with an update regarding current conditions in the hard drive industry. Specifically, the Company expects to communicate the following:

• As expected, demand in the desktop hard drive market in the March quarter is reflecting the typical seasonal downtick from the stronger December quarter.

• The Company’s non-desktop business and associated new product momentum continues, helping to partially offset the March quarter seasonal patterns.

• Price declines are within expectations for the quarter.

• OEM demand and sell-through in the distribution channel are tracking to expectations thus far in the March quarter. The demand outlook for calendar 2006 remains strong in the key markets served by the Company, which include the desktop, mobile, DVR, branded products, and enterprise SATA markets.

• Weeks of inventory in the distribution channel for the industry and for the Company are within the long-stated manageable range of 4 to 6 weeks.

• The Company’s programs for products incorporating 160 gigabyte per platter and perpendicular magnetic recording technologies continue to progress on plan.

This Form 8-K contains forward-looking statements, including statements concerning conditions in the hard drive industry, the Company's expectations regarding pricing, inventory levels, demand for hard drives, the progress of the Company's next generation technology programs and the effects of seasonality in the March quarter. These forward-looking statements are based on current management expectations and are subject to important factors that could cause actual results to differ materially from those expressed in the forward-looking statements, including: pricing trends and fluctuations in average selling prices (ASPs); actions by competitors; changes in the availability and cost of specialized product components; supply and demand conditions in the hard drive industry; changes in product and customer mix; uncertainties related to the development and introduction of products based on new technologies and successful expansion into new hard drive markets; difficulties in reducing yield losses from complex manufacturing processes; business conditions and growth in the desktop, notebook, consumer electronics, handheld applications and enterprise SATA markets; and other risks and uncertainties listed in the Company's recent Form 10-Q filed with the SEC on February 8, 2006, to which your attention is directed. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof, and the Company undertakes no obligation to update these forward-looking statements to reflect subsequent events or circumstances.

SIGNATURES

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.

Item 7.01 Regulation FD Disclosure.

At meetings with investors in connection with a conference beginning on Tuesday, November 29, 2005, Company executives will provide investors with updates regarding conditions in the hard drive industry and on the Company’s guidance for its second fiscal quarter ending December 30, 2005. Specifically, the Company expects to communicate the following:

• Demand is seasonally strong for desktop, notebook, ESATA, retail, and PVR/DVR hard drives and as is typical, unit shipment levels have been relatively linear.

• Pricing in all segments of its business has been better than expected and the Company has continued to make improvements in manufacturing cost efficiencies, leading to better than expected gross margin performance.

• Even with improved results, the Company still anticipates a substantial reduction of its total inventories by quarter’s end from levels at the outset of the quarter. Currently, weeks of inventory in the distribution channel are within the manageable range of four to six weeks for the Company and for the industry.


As a result, the Company is updating its financial guidance for the December quarter to:

• Revenues: Approximately $1.04 billion to $1.075 billion

• Gross margins: Slightly better than 18 percent

• Operating expenses: Remain at original guidance of about $109 million on a non-GAAP basis and at about $114 million on a GAAP basis including stock option expense. The latter expense is expected to total $5 million, net of the related income tax benefit of $.1 million.

• Non-GAAP earnings per share of 36 cents to 39 cents; GAAP EPS with stock option expense of 34 cents to 37 cents. Both the non-GAAP and GAAP EPS estimates are calculated using the Company's estimate for GAAP diluted shares outstanding.

• As is typical, pricing and demand dynamics for the month of December will determine the Company’s financial performance for the December quarter.

This Form 8-K contains forward-looking statements, including statements regarding conditions in the hard drive industry, WD's expectations regarding inventory levels at the end of its second fiscal quarter, and WD's current outlook for revenue, gross margin, operating expenses and earnings per share for the second fiscal quarter ending December 30, 2005. These forward-looking statements are based on current management expectations and are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in the forward-looking statements, including: pricing trends and fluctuations in average selling prices (ASPs); actions by competitors; changes in the availability and cost of specialized product components; supply and demand conditions in the hard drive industry; changes in product and customer mix; uncertainties related to the development and introduction of products based on new technologies and successful expansion into new hard drive markets, including the 1-inch and other small form factor markets; difficulties in reducing yield losses from complex manufacturing processes; business conditions and growth in the desktop, notebook, consumer electronics, handheld applications, SATA and enterprise markets; and other risks and uncertainties listed in WD’s recent Form 10-Q filed with the SEC, to which your attention is directed. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof, and WD undertakes no obligation to update these forward-looking statements to reflect subsequent events or circumstances.

SIGNATURES

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.

Item 7.01 Regulation FD Disclosure.

At meetings with investors in connection with a conference beginning on Tuesday, November 29, 2005, Company executives will provide investors with updates regarding conditions in the hard drive industry and on the Company’s guidance for its second fiscal quarter ending December 30, 2005. Specifically, the Company expects to communicate the following:

• Demand is seasonally strong for desktop, notebook, ESATA, retail, and PVR/DVR hard drives and as is typical, unit shipment levels have been relatively linear.

• Pricing in all segments of its business has been better than expected and the Company has continued to make improvements in manufacturing cost efficiencies, leading to better than expected gross margin performance.

• Even with improved results, the Company still anticipates a substantial reduction of its total inventories by quarter’s end from levels at the outset of the quarter. Currently, weeks of inventory in the distribution channel are within the manageable range of four to six weeks for the Company and for the industry.


As a result, the Company is updating its financial guidance for the December quarter to:

• Revenues: Approximately $1.04 billion to $1.075 billion

• Gross margins: Slightly better than 18 percent

• Operating expenses: Remain at original guidance of about $109 million on a non-GAAP basis and at about $114 million on a GAAP basis including stock option expense. The latter expense is expected to total $5 million, net of the related income tax benefit of $.1 million.

• Non-GAAP earnings per share of 36 cents to 39 cents; GAAP EPS with stock option expense of 34 cents to 37 cents. Both the non-GAAP and GAAP EPS estimates are calculated using the Company's estimate for GAAP diluted shares outstanding.

• As is typical, pricing and demand dynamics for the month of December will determine the Company’s financial performance for the December quarter.

This Form 8-K contains forward-looking statements, including statements regarding conditions in the hard drive industry, WD's expectations regarding inventory levels at the end of its second fiscal quarter, and WD's current outlook for revenue, gross margin, operating expenses and earnings per share for the second fiscal quarter ending December 30, 2005. These forward-looking statements are based on current management expectations and are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in the forward-looking statements, including: pricing trends and fluctuations in average selling prices (ASPs); actions by competitors; changes in the availability and cost of specialized product components; supply and demand conditions in the hard drive industry; changes in product and customer mix; uncertainties related to the development and introduction of products based on new technologies and successful expansion into new hard drive markets, including the 1-inch and other small form factor markets; difficulties in reducing yield losses from complex manufacturing processes; business conditions and growth in the desktop, notebook, consumer electronics, handheld applications, SATA and enterprise markets; and other risks and uncertainties listed in WD’s recent Form 10-Q filed with the SEC, to which your attention is directed. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof, and WD undertakes no obligation to update these forward-looking statements to reflect subsequent events or circumstances.

SIGNATURES

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.

Item 7.01 Regulation FD Disclosure.

On November 21, 2005, Western Digital Corporation announced the appointment of John Coyne as Chief Operations Officer. A copy of the press release making this announcement is attached hereto as Exhibit 99.1 and is incorporated herein by reference.

Also on November 21, 2005, Western Digital Corporation announced that its Board of Directors has authorized the repurchase of an additional $150 million of its common stock. A copy of the press release making this announcement is attached hereto as Exhibit 99.2 and is incorporated herein by reference.

Item 7.01 Regulation FD Disclosure.

At the Citigroup Global Technology Conference on Thursday, September 8, 2005 and in meetings with investors on Thursday, September 8, 2005, and Friday, September 9, 2005, WD executives will provide investors with updates regarding current conditions in the hard drive industry. Specifically, WD expects to communicate the following:

• Quarterly demand thus far has reflected typical seasonal trends: relatively soft July and August as planned, with stronger recent distribution sell-through and OEM demand.

• Pricing has been within WD's expectations and benign by historic standards.

• Weeks of inventory in the channel for the industry and WD have tracked within the manageable 4 to 6 week range throughout the quarter. Total WD inventory is currently flat from the end of June going into September, typically a very strong month.

• As anticipated, demand and pricing for the remainder of September will determine the quarter’s outcome.

This Form 8-K contains forward-looking statements, including statements concerning WD's expectations regarding typical demand conditions in the month of September and its belief that demand and pricing for the remainder of September will determine the quarter's outcome. These forward-looking statements are based on management's expectations and are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in the forward-looking statements, including: pricing trends and fluctuations in average selling prices (ASPs); actions by competitors; supply and demand conditions in the hard drive industry; changes in product and customer mix; uncertainties related to the development and introduction of products based on new technologies and successful expansion into new hard disk drive markets, including the market for 1-inch hard drives; difficulties in reducing yield losses from complex manufacturing processes; business conditions and growth in the desktop, notebook, consumer electronics, handheld applications, SATA and enterprise markets; changes in availability and cost of specialized product components; and other risks and uncertainties listed in WD's recent Form 10-Q filed with the SEC. WD undertakes no obligation to update these forward-looking statements to reflect subsequent events or circumstances, and readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof.

SIGNATURES

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.

Item 7.01 Regulation FD Disclosure.

On July 4, 2005 Western Digital Corporation and Western Digital Technologies, Inc. (collectively "Western Digital") entered into a Settlement and License Agreement (the "Agreement") with Papst Licensing GmbH & Co. KG, a German corporation ("Papst"). In connection with the settlement, WD will make a one-time payment of $24 million to Papst on or before July 31, 2005. In exchange, Papst has agreed to dismiss with prejudice its lawsuit pending against Western Digital, grant to Western Digital a fully-paid license to certain patents owned by Papst, and release Western Digital of all past, present, and future claims alleging infringement by Western Digital of those Papst patents. The Agreement resolves all outstanding litigation between the two companies without any admission of infringement by Western Digital.

For Western Digital, the settlement will result in a net charge to operations of $19 million, which will be reflected in Western Digital's financial statements for the quarter ended July 1, 2005. As of April 1, 2005, Western Digital had cash and short-term investments of $574 million, and had generated $421 million in cash from operations for the twelve months then ended.

SIGNATURES

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.

Item 7.01. Regulation FD Disclosure.

On March 30, 2005, Western Digital Corporation provided an improved business outlook for its third fiscal quarter ending April 1, 2005. A copy of the press release making this announcement is attached hereto as Exhibit 99.1.

SIGNATURES

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.

Exhibit Index

Item 7.01. Regulation FD Disclosure.

At an investment conference on Wednesday, February 23, 2005, Company executives will provide investors with updates regarding current conditions in the hard drive industry and about its new product programs. Specifically, the Company expects to communicate the following:

• As expected, demand in the desktop hard drive market in the March quarter is consistent with typically softer seasonal trends, which include less linear shipment patterns than the December 2004 quarter.

• As previously indicated, the Company’s growing presence in both the PVR/DVR and notebook PC markets is helping to partially mitigate the quarter’s desktop seasonality.

• Pricing, OEM demand and sell-through in the distribution channel are all tracking to expectations thus far in the March quarter and reflect typical seasonality.

• Weeks of inventory in the distribution channel for the industry and for the Company are within the long-stated manageable range of 4 to 6 weeks.

• The Company’s new product programs aimed at new markets for WD -- the 2.5-inch WD Scorpio(TM) hard drives for notebook PCs and its 1-inch hard drive for consumer applications -- continue to progress well and generate high customer interest.

This Form 8-K contains forward-looking statements, including statements concerning: conditions in the hard drive industry, including the Company's expectations for hard drive demand in traditional and emerging markets and its expectations regarding pricing, OEM demand and sell-through in the distribution channel for the March quarter; the progress of the Company's expansion into the 2.5-inch and sub 2.5-inch hard drive markets; and the Company's expectations regarding channel inventory and the effects of seasonality in the March quarter. These forward-looking statements are based on current management expectations and are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in the forward-looking statements, including: pricing trends and fluctuations in average selling prices (ASPs); actions by competitors; supply and demand conditions in the hard drive industry; changes in product and customer mix; uncertainties related to the development and introduction of products based on new technologies and successful expansion into new hard disk drive markets, including the 2.5-inch and sub 2.5-inch markets; difficulties in reducing yield losses from complex manufacturing processes; business conditions and growth in the desktop, 2.5-inch notebook, consumer electronics, handheld applications, SATA and enterprise markets; changes in availability and cost of specialized product components; and other risks and uncertainties listed in the Company's recent Form 10-Q filed with the SEC. The Company undertakes no obligation to update these forward-looking statements to reflect subsequent events or circumstances, and readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof.

SIGNATURES

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.