STORMEDIA INC
8-K, 1996-07-18
MAGNETIC & OPTICAL RECORDING MEDIA
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                       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): JUNE 21, 1996

                         COMMISSION FILE NUMBER 0-25796

                             STORMEDIA INCORPORATED
             (Exact name of registrant as specified in its charter)

                 DELAWARE                                  77-0373062
       (State or other jurisdiction                     (I.R.S. Employer
           of incorporation or                           Identification
              organization)                                  Number)

               390 REED STREET, SANTA CLARA, CALIFORNIA 95050-3118
                    (Address of principal executive offices)
                                   (Zip Code)
                                 (408) 327-8400
              (Registrant's telephone number, including area code)


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ITEM 5. OTHER EVENTS

         The information which is set forth in the Registrant's News Releases
dated June 21, 1996 and June 24, 1996, respectively, is incorporated herein by
reference.

ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS

        (c)      Exhibits

                 99.1 Text of Press Release dated June 21, 1996.

                 99.2 Text of Press Release dated June 24, 1996.

                                       -2-
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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.

Date:  July  17, 1996                     STORMEDIA INCORPORATED

                                          /s/ Judith M. O'brien
                                          -------------------------------------
                                          Judith M. O'Brien
                                          Secretary

                                       -3-
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                                INDEX TO EXHIBITS

<TABLE>
<CAPTION>
                                                                  Sequentially
                                                                     Numbered
Exhibit                       Description                              Page
- -------                       -----------                              ----

<S>                    <C>                                               <C>
99.1                   Text of Press Release dated                       5
                       June 21, 1996

99.2                   Text of Press Release dated                       6
                       June 24, 1996
</TABLE>

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                                                                    EXHIBIT 99.1

                               [STORMEDIA LOGO]



For Immediate Release                   For Further Information Contact:
                                        Henry Lo (408) 327-8281 (Treasurer)
                                        STORMEDIA INCORPORATED


        SANTA CLARA, California -- (PR NEWSWIRE) -- June 21, 1996 -- StorMedia
Incorporated (NASDAQ/NMS: STMD) today announced that Maxtor Corporation, a
wholly-owned subsidiary of Hyundai Electronics of America, has advised the
company that Maxtor is experiencing significant business problems and are
reducing their volumes. Maxtor is assessing its need for media, and StorMedia
is working with Maxtor within the framework of the purchase contract between
the two companies and intends to enforce its rights thereunder.

        StorMedia Incorporated is a leading independent supplier of thin film
disks for hard disk drives used in portable and desktop computers. The company
designs, develops, manufactures and sells disks in 2-1/2 and 3-1/2 inch sizes.
Within each size, the company provides a range of coercivities (magnetics), fly
heights and disk thicknesses to meet specific customer requirements. The
company sells its disks primarily to Seagate Technology, Inc. and Maxtor 
Corporation.


                                      ###


<PAGE>   1
                                                                    EXHIBIT 99.2


                               [STORMEDIA LOGO]



For Immediate Release                   For Further Information Contact:
                                        Henry Lo (408) 327-8281 (Treasurer)
                                        STORMEDIA INCORPORATED


           STORMEDIA FORECASTS O2 EARNINGS BELOW ANALYSTS' ESTIMATES

        SANTA CLARA, California -- (PR NEWSWIRE) -- June 24, 1996 -- StorMedia
Incorporated (NASDAQ/NMS: STMD) today announced that it expects sales and
earnings for its second quarter ending June 28, 1996, to fall below analysts'
expectations due primarily to reduced sales volumes and delayed delivery
schedules with Maxtor Corporation.

        The company expects sales for the second quarter ending June 28, 1996
to range from $55 million to $60 million and earnings to range from $0.40 to
$0.50 a share on a fully diluted basis.

        The consensus earnings per share estimate for the quarter is $0.54 a
share, according to First Call. The company earned $0.26 a share during the
same quarter of 1995 on a split adjusted basis on sales of $34.7 million.

        StorMedia Incorporated is a leading independent supplier of thin film
disks for hard disk drives used in portable and desktop computers. The company
designs, develops, manufactures and sells disks in 2-1/2 and 3-1/2 inch sizes.
Within each size, the company provides a range of coercivities (magnetics), fly
heights and disk thicknesses to meet specific customer requirements. The
company sells its disks primarily to Seagate Technology, Inc. and Maxtor 
Corporation.



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