Current Report Filing (8-k)
October 22 2014 - 5:13PM
Edgar (US Regulatory)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
The Securities Exchange Act of 1934
Date of Report (date of earliest event reported): October 22, 2014
SEAGATE TECHNOLOGY PUBLIC LIMITED COMPANY
(Exact name of registrant as specified in its charter)
Ireland |
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001-31560 |
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98-0648577 |
(State or other jurisdiction of incorporation) |
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(Commission File Number) |
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(IRS Employer Identification No.) |
38/39 Fitzwilliam Square Dublin 2, Ireland |
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N/A |
(Address of principal executive offices) |
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(Zip Code) |
Registrants telephone number, including area code: (353) (1) 234-3136
N/A
(Former name or former address, if changed since last report.)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 7.01 Regulation FD disclosure.
On October 22, 2014, Seagate Technology plc (or the Company) announced that its Board of Directors has approved a 26 percent increase in the Companys targeted regular cash dividend. The targeted annual dividend will increase from $1.72 to $2.16 per share and will continue to be paid quarterly. The first payment at the new quarterly rate of $0.54 per share is scheduled to be paid on November 25, 2014 to stockholders of record as of the close of business on November 11, 2014. The declaration and payment of any future quarterly dividends will continue to be at the discretion of the Board of Directors and will be dependent upon the Companys financial position, results of operations, available cash, cash flow, capital requirements and other factors deemed relevant by the Board of Directors. A press release announcing this dividend is attached to this Current Report on Form 8-K as Exhibit 99.1.
The information in this Current Report on Form 8-K is furnished but shall not be deemed to be filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liability of such section.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
99.1 Press release, dated October 22, 2014, of Seagate Technology plc entitled Seagate Technology Raises Targeted Annual Dividend 26% to $2.16.
Cautionary Note Regarding Forward-Looking Statements
This Current Report contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, each as amended, including, in particular, statements about our plans with respect to future dividend payments. These statements identify prospective information and include words such as expects, plans, anticipates, believes, estimates, predicts, projects, targets and similar expressions. These forward-looking statements are based on information available to the Company as of the date of this Current Report and are based on managements current views and assumptions. These forward-looking statements are conditioned upon and also involve a number of known and unknown risks, uncertainties, and other factors that could cause actual results, performance or events to differ materially from those anticipated by these forward-looking statements. Such risks, uncertainties, and other factors may be beyond the Companys control and may pose a risk to the Companys operating and financial condition and ability to pay future dividends. Such risks and uncertainties include, but are not limited to: the uncertainty in global economic conditions, as consumers and businesses may defer purchases in response to tighter credit and financial news; the impact of the variable demand and adverse pricing environment for disk drives, particularly in view of current business and economic conditions; dependence on the Companys ability to successfully qualify, manufacture and sell its disk drive products in increasing volumes on a cost-effective basis and with acceptable quality, particularly the new disk drive products with lower cost structures; the impact of competitive product announcements; possible excess industry supply with respect to particular disk drive products; fluctuations in interest rates, and the Companys ability to achieve projected cost savings in connection with restructuring plans. Information concerning risks, uncertainties and other factors that could cause results to differ materially from the expectations described in this Current Report is contained in the Companys Annual Report on Form 10-K filed with the U.S. Securities and Exchange Commission on August 8, 2014 the Risk Factors section of which is incorporated into this Current Report by reference, and other documents filed with or furnished to the Securities and Exchange Commission. These forward-looking statements should not be relied upon as representing the Companys views as of any subsequent date and the Company undertakes no obligation to update forward-looking statements to reflect events or circumstances after the date they were made.
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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.
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SEAGATE TECHNOLOGY PUBLIC LIMITED COMPANY |
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By: |
/s/ PATRICK J. OMALLEY |
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Name: |
Patrick J. OMalley |
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Title: |
Executive Vice President and Chief Financial Officer |
Date: October 22, 2014 |
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Exhibit 99.1
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Media Relations Contact: |
Clive Over (408) 658-1617 |
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clive.over@seagate.com |
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Investor Relations Contact: |
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(408) 658-1222 |
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stx@seagate.com |
SEAGATE TECHNOLOGY RAISES TARGETED ANNUAL DIVIDEND 26% TO $2.16
CUPERTINO, CA October 22, 2014 Seagate Technology plc (NASDAQ: STX) today announced that its Board of Directors has approved a 26 percent increase in the Companys targeted regular cash dividend. The targeted annual dividend will increase from $1.72 to $2.16 per share and will continue to be paid quarterly. The first payment at the new quarterly rate of $0.54 per share is scheduled to be paid on November 25, 2014 to stockholders of record as of the close of business on November 11, 2014. The declaration and payment of any future quarterly dividends will continue to be at the discretion of the Board of Directors and will be dependent upon Seagates financial position, results of operations, available cash, cash flow, capital requirements and other factors deemed relevant by the Board.
Todays increase in our dividend targets reflects the continued strength of our business and operations, and our confidence in Seagates ability to continue to generate sustainable operating cash flow and maintain a strong balance sheet, said Steve Luczo, Seagate chairman and chief executive officer. This is consistent with our capital allocation priorities we have previously articulated, including returning cash to shareholders and investing in enhancing our storage technology portfolio. In addition, Seagate recently received approximately $800 million dollars in connection with the arbitration award confirmed by the Minnesota Supreme Court, and the Board of Directors decided that a portion of these proceeds should be returned to our shareholders in the near-term, enabling us to increase the dividend by a larger percentage than in the past.
About Seagate
Seagate is a worldwide leader in storage solutions. Learn more at www.seagate.com.
Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, each as amended, including, in particular, statements about our plans with respect to future dividend payments. These statements identify prospective information and include words such as expects, plans, anticipates, believes, estimates, predicts, projects, targets and similar expressions. These forward-looking statements are based on information available to the Company as of the date of this press release and are based on managements current views and assumptions.
These forward-looking statements are conditioned upon and also involve a number of known and unknown risks, uncertainties, and other factors that could cause actual results, performance or events to differ materially from those anticipated by these forward-looking statements. Such risks, uncertainties, and other factors may be beyond the Companys control and may pose a risk to the Companys operating and financial condition and ability to pay future dividends. Such risks and uncertainties include, but are not limited to: the uncertainty in global economic conditions, as consumers and businesses may defer purchases in response to tighter credit and financial news; the impact of the variable demand and adverse pricing environment for disk drives, particularly in view of current business and economic conditions; dependence on the Companys ability to successfully qualify, manufacture and sell its disk drive products in increasing volumes on a cost-effective basis and with acceptable quality, particularly the new disk drive products with lower cost structures; the impact of competitive product announcements; possible excess industry supply with respect to particular disk drive products; fluctuations in interest rates, and the Companys ability to achieve projected cost savings in connection with restructuring plans. Information concerning risks, uncertainties and other factors that could cause results to differ materially from the expectations described in this press release is contained in the Companys Quarterly Report on Form 10-K filed with the U.S. Securities and Exchange Commission on August 8, 2014 the Risk Factors section of which is incorporated into this press release by reference, and other documents filed with or furnished to the Securities and Exchange Commission. These forward-looking statements should not be relied upon as representing the Companys views as of any subsequent date and the Company undertakes no obligation to update forward-looking statements to reflect events or circumstances after the date they were made.
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