IRVINE, Calif., Feb. 14, 2013 /PRNewswire/ -- Western
Digital® Corp. (NASDAQ: WDC) today announced that the
Board of Directors declared a cash dividend for the quarter ending
March 29, 2013, of $0.25 per share of common stock (the "Cash
Dividend"). The cash dividend will be paid on April 15, 2013, to the company's stockholders of
record as of March 29, 2013.
On September 13, 2012, the company
indicated that beginning in its current fiscal year 2013, it is
targeting a return to shareholders of approximately 50 percent of
its free cash flow through a mix of cash dividends and share
repurchases.
The amount of future dividends under the company's dividend
policy, and the declaration and payment thereof, will be based upon
all relevant factors, including the company's financial position,
results of operations, cash flows, capital requirements and
restrictions under the company's existing credit agreement, and
shall be in compliance with applicable law. The Board retains the
power to modify, suspend or cancel the company's dividend policy in
any manner and at any time as it may deem necessary or appropriate
in the future.
About Western Digital
Western Digital Corp. (NASDAQ: WDC), Irvine, Calif., is a global provider of
products and services that empower people to create, manage,
experience and preserve digital content. Its subsidiaries design
and manufacture storage devices, networking equipment and home
entertainment products under the WD®, HGST and
G-Technology brands. Visit the Investor section of the company's
website (www.westerndigital.com) to access a variety of financial
and investor information.
This press release contains forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995. These forward-looking statements include statements
concerning the company's capital allocation strategy, including its
share repurchase and dividend payment plans. These forward-looking
statements are based on management's current expectations and are
subject to risks and uncertainties that could cause actual results
to differ materially from those expressed or implied in the
forward-looking statements, including the impact of continued
uncertainty and volatility in global economic conditions; supply
and demand conditions in the hard drive industry; uncertainties
concerning the availability and cost of commodity materials and
specialized product components; actions by competitors; unexpected
advances in competing technologies; uncertainties related to the
development and introduction of products based on new technologies
and expansion into new data storage markets; business conditions
and growth in the various hard drive markets; pricing trends and
fluctuations in average selling prices; and other risks and
uncertainties listed in the company's filings with the Securities
and Exchange Commission (the "SEC"), including the company's recent
Form 10-Q filed with the SEC on Feb. 1,
2013, 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.
Western Digital, WD and the WD logo are registered trademarks in
the U.S. and other countries. Other marks may be mentioned herein
that belong to other companies.
(Logo:
http://photos.prnewswire.com/prnh/20000711/WDCLOGO)
SOURCE Western Digital Corp.