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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): October 22, 1997
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)
385 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 press release
dated October 22, 1997 is incorporated herein by reference.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS
(c) Exhibits
99.1 Text of Press Release dated November 12, 1997.
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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: November 13, 1997 STORMEDIA INCORPORATED
/S/ Judith M. O'Brien
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Judith M. O'Brien
Secretary
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INDEX TO EXHIBITS
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99.1 Text of Press Release dated November 12, 1997 5
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STORMEDIA
For Immediate Release For Further Information Contact:
Henry Lo, Treasurer (408) 327-8281
StorMedia Incorporated
STORMEDIA ADVISED BY SINGAPORE TECHNOLOGIES OF ITS
LIQUIDATION OF MICROPOLIS
SANTA CLARA, CA,--(PR NEWSWIRE)--November 12, 1997 -- StoreMedia Incorporated
(NASDAQ/NMS:STMD) today announced it has been advised by Singapore Technologies
it is liquidating their wholly-owned subsidiary, Micropolis (S) Pte Ltd.
StorMedia had been a supplier to Micropolis which accounted for approximately
19% of total net sales for the quarter ended September 26, 1997, prior to the
recently announced new orders from Samsung Corporation and Western Digital
Corporation. The Company is currently shipping products on the new orders.
Neither of these customers were significant to StorMedia's total net sales for
the quarter ended September 26, 1997.
In addition, in recognition of IBM's recent announcement of their Giant Magneto
Resistive (GMR) technology and products, the Company is pleased to announce
that it is now sampling GMR media for two new products for certain customers
with volume requirements in 1998. The Company is continuing its efforts to
qualify products with new and existing customers on Magneto Resistive (MR) and
laser zone texture programs.
The Company is currently engaged in constructive discussions with its bank
group and is optimistic that these discussions will shortly lead to a revised
term loan facility to support the Company's efforts during the current industry
downturn.
The Statements in this press release may contain forward-looking statements
that involve risks and uncertainties that could cause actual results to differ
from predicted results. Such risks include among others: dependence on a
limited number of customers; rapid changes in customer and product mix;
reduction in orders from existing customers; limited number of potential
customers; variability in gross margins and operating results; risk of excess
industry capacity; intensely competitive industry; rapid technological change;
and dependence on suppliers. Further risks are described in the Company's Form
10-K and Form 10-Q, filed with the Securities and Exchange Commission on March
25, 1997 and November 10, 1997, respectively, and other risks detailed from
time to time in the Company's reports filed with the Securities and Exchange
Commission. The Company undertakes no obligation to publicly release the
results of any revisions to these forward-looking statements which may be made
to reflect events or circumstances after the date hereof or to reflect the
occurrence of unanticipated events.
About StorMedia:
StorMedia is a leading independent supplier of thin film disks for hard drives
used in portable and desktop computers, network servers and workstations. 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 distinct customer
specifications.
