FORM 10-Q/A
===============================================================================
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934
FOR THE QUARTERLY PERIOD ENDED MARCH 27, 1998
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 or 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the transition period from to
--------- -----------
-----------------------------
COMMISSION FILE NUMBER 1-7534
-----------------------------
STORAGE TECHNOLOGY CORPORATION
(Exact name of registrant as specified in its charter)
Delaware 84-0593263
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification
Number)
2270 South 88th Street, 80028-4309
Louisville, Colorado
(Address of principal executive (Zip Code)
offices)
Registrant's Telephone Number, including area code: (303) 673-5151
Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports), and (2) has been subject to such
filing requirements for the past 90 days. /X/ YES / / NO
-- --
APPLICABLE ONLY TO CORPORATE ISSUERS
Indicate the number of shares outstanding of each of the issuer's classes of
common stock as of the latest practicable date.
COMMON STOCK ($.10 PAR VALUE) - 53,647,827 SHARES OUTSTANDING AT MAY 1, 1998.
PAGE
<PAGE>
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 thereunto duly authorized.
STORAGE TECHNOLOGY CORPORATION
(Registrant)
May 29, 1998 /s/ DAVID E. LACEY
- ----------------------- ---------------------------------------
(Date) David E. Lacey
Executive Vice President
and Chief Financial Officer
(Principal Financial Officer)
May 29, 1998 /s/ THOMAS G. ARNOLD
- ----------------------- ---------------------------------------
(Date) Thomas G. Arnold
Vice President and Corporate Controller
(Principal Accounting Officer)
PAGE
<PAGE>
ITEM 6 - EXHIBITS AND REPORTS ON FORM 8-K
- -----------------------------------------
(a) Exhibits
27.0 Financial Data Schedule for the quarterly period ended
March 27, 1998.
27.0 Financial Data Schedule for nine months ended
September 26, 1997.
27.0 Financial Data Schedule for six months ended
June 27, 1997.
27.0 Financial Data Schedule for the quarterly period ended
March 28, 1997.
27.0 Financial Data Schedule for the year ended
December 27, 1996.
27.0 Financial Data Schedule for nine months ended
September 27, 1996
27.0 Financial Data Schedule for six months ended
June 28, 1996.
27.0 Financial Data Schedule for the quarterly period ended
March 29, 1996.
27.0 Financial Data Schedule for the year ended
December 29, 1995.
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION
EXTRACTED FROM THE COMPANY'S FORM 10-Q DATED
MARCH 27, 1998 AND IS QUALIFIED IN ITS ENTIRETY
BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<RESTATED>
<CIK> 0000094673
<NAME> STORAGE TECHNOLOGY CORPORATION
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-25-1998
<PERIOD-END> MAR-27-1998
<CASH> 416,599
<SECURITIES> 20,701
<RECEIVABLES> 504,587 <F1>
<ALLOWANCES> 0
<INVENTORY> 102,377
<CURRENT-ASSETS> 1,279,713
<PP&E> 301,593 <F1>
<DEPRECIATION> 0
<TOTAL-ASSETS> 1,731,570
<CURRENT-LIABILITIES> 563,896
<BONDS> 17,793
0
0
<COMMON> 5,377
<OTHER-SE> 1,144,504
<TOTAL-LIABILITY-AND-EQUITY> 1,731,570
<SALES> 337,414
<TOTAL-REVENUES> 484,891
<CGS> 169,099
<TOTAL-COSTS> 253,389
<OTHER-EXPENSES> 55,973
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 1,129
<INCOME-PRETAX> 65,370
<INCOME-TAX> 24,800
<INCOME-CONTINUING> 40,570
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 40,570
<EPS-PRIMARY> 0.76
<EPS-DILUTED> 0.74
<FN>
<F1> Asset values for the interim period represent
net amounts.
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION
EXTRACTED FROM THE COMPANY'S FORM 10-Q DATED
SEPTEMBER 26, 1997 AND IS QUALIFIED IN ITS ENTIRETY
BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<RESTATED>
<CIK> 0000094673
<NAME> STORAGE TECHNOLOGY CORPORATION
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> DEC-26-1997
<PERIOD-END> SEP-26-1997
<CASH> 454,535
<SECURITIES> 246,010
<RECEIVABLES> 492,689 <F1>
<ALLOWANCES> 0
<INVENTORY> 276,007
<CURRENT-ASSETS> 1,469,241
<PP&E> 301,857 <F1>
<DEPRECIATION> 0
<TOTAL-ASSETS> 2,031,736
<CURRENT-LIABILITIES> 531,701
<BONDS> 20,352
0
0
<COMMON> 6,223
<OTHER-SE> 1,441,215
<TOTAL-LIABILITY-AND-EQUITY> 2,031,736
<SALES> 1,038,764
<TOTAL-REVENUES> 1,480,787
<CGS> 567,016
<TOTAL-COSTS> 810,339
<OTHER-EXPENSES> 149,403
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 3,484
<INCOME-PRETAX> 203,003
<INCOME-TAX> 54,900
<INCOME-CONTINUING> 148,103
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 148,103
<EPS-PRIMARY> 2.41
<EPS-DILUTED> 2.37
<FN>
<F1> Asset values for the interim period represent
net amounts.
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION
EXTRACTED FROM THE COMPANY'S FORM 10-Q DATED
JUNE 27, 1997 AND IS QUALIFIED IN ITS ENTIRETY
BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<RESTATED>
<CIK> 0000094673
<NAME> STORAGE TECHNOLOGY CORPORATION
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-26-1997
<PERIOD-END> JUN-27-1997
<CASH> 473,358
<SECURITIES> 127,918
<RECEIVABLES> 496,402 <F1>
<ALLOWANCES> 0
<INVENTORY> 263,698
<CURRENT-ASSETS> 1,361,376
<PP&E> 310,776 <F1>
<DEPRECIATION> 0
<TOTAL-ASSETS> 1,946,801
<CURRENT-LIABILITIES> 499,816
<BONDS> 21,455
0
0
<COMMON> 6,227
<OTHER-SE> 1,391,557
<TOTAL-LIABILITY-AND-EQUITY> 1,946,801
<SALES> 667,529
<TOTAL-REVENUES> 955,619
<CGS> 365,198
<TOTAL-COSTS> 524,956
<OTHER-EXPENSES> 96,958
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 2,664
<INCOME-PRETAX> 128,273
<INCOME-TAX> 34,700
<INCOME-CONTINUING> 93,573
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 93,573
<EPS-PRIMARY> 1.52
<EPS-DILUTED> 1.50
<FN>
<F1> Asset values for the interim period represent
net amounts.
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION
EXTRACTED FROM THE COMPANY'S FORM 10-Q DATED
MARCH 28, 1997 AND IS QUALIFIED IN ITS ENTIRETY
BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<RESTATED>
<CIK> 0000094673
<NAME> STORAGE TECHNOLOGY CORPORATION
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 3-mos
<FISCAL-YEAR-END> DEC-26-1997
<PERIOD-END> MAR-28-1997
<CASH> 521,651
<SECURITIES> 16,962
<RECEIVABLES> 420,979 <F1>
<ALLOWANCES> 0
<INVENTORY> 289,339
<CURRENT-ASSETS> 1,248,931
<PP&E> 328,138 <F1>
<DEPRECIATION> 0
<TOTAL-ASSETS> 1,867,122
<CURRENT-LIABILITIES> 484,195
<BONDS> 21,692
0
0
<COMMON> 6,200
<OTHER-SE> 1,332,322
<TOTAL-LIABILITY-AND-EQUITY> 1,867,122
<SALES> 297,670
<TOTAL-REVENUES> 438,595
<CGS> 165,405
<TOTAL-COSTS> 241,672
<OTHER-EXPENSES> 45,699
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 1,359
<INCOME-PRETAX> 54,289
<INCOME-TAX> 14,700
<INCOME-CONTINUING> 39,589
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 39,589
<EPS-PRIMARY> 0.65
<EPS-DILUTED> 0.63
<FN>
<F1> Asset values for the interim period represent
net amounts.
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION
EXTRACTED FROM THE COMPANY'S FORM 10-K DATED
DECEMBER 27, 1996 AND IS QUALIFIED IN ITS ENTIRETY
BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<RESTATED>
<CIK> 0000094673
<NAME> STORAGE TECHNOLOGY CORPORATION
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-27-1996
<PERIOD-END> DEC-27-1996
<CASH> 388,401
<SECURITIES> 29,176
<RECEIVABLES> 567,066
<ALLOWANCES> 12,907
<INVENTORY> 288,615
<CURRENT-ASSETS> 1,260,351
<PP&E> 829,122
<DEPRECIATION> 501,588
<TOTAL-ASSETS> 1,884,276
<CURRENT-LIABILITIES> 536,180
<BONDS> 150,806
0
0
<COMMON> 5,818
<OTHER-SE> 1,175,165
<TOTAL-LIABILITY-AND-EQUITY> 1,884,276
<SALES> 1,478,685
<TOTAL-REVENUES> 2,039,550
<CGS> 897,548
<TOTAL-COSTS> 1,192,777
<OTHER-EXPENSES> 176,422
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 26,122
<INCOME-PRETAX> 226,692
<INCOME-TAX> 55,900
<INCOME-CONTINUING> 170,792
<DISCONTINUED> 0
<EXTRAORDINARY> 9,535
<CHANGES> 0
<NET-INCOME> 180,327
<EPS-PRIMARY> 3.21
<EPS-DILUTED> 3.01
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION
EXTRACTED FROM THE COMPANY'S FORM 10-Q DATED
SEPTEMBER 27, 1996 AND IS QUALIFIED IN ITS ENTIRETY
BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<RESTATED>
<CIK> 0000094673
<NAME> STORAGE TECHNOLOGY CORPORATION
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> DEC-27-1996
<PERIOD-END> SEP-27-1996
<CASH> 282,907
<SECURITIES> 87,017
<RECEIVABLES> 436,587 <F1>
<ALLOWANCES> 0
<INVENTORY> 263,174
<CURRENT-ASSETS> 1,070,733
<PP&E> 328,965 <F1>
<DEPRECIATION> 0
<TOTAL-ASSETS> 1,801,123
<CURRENT-LIABILITIES> 511,154
<BONDS> 172,605
0
0
<COMMON> 5,683
<OTHER-SE> 1,096,504
<TOTAL-LIABILITY-AND-EQUITY> 1,801,123
<SALES> 1,006,202
<TOTAL-REVENUES> 1,418,871
<CGS> 607,568
<TOTAL-COSTS> 826,107
<OTHER-EXPENSES> 135,515
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 21,396
<INCOME-PRETAX> 140,349
<INCOME-TAX> 37,400
<INCOME-CONTINUING> 102,949
<DISCONTINUED> 0
<EXTRAORDINARY> 9,535
<CHANGES> 0
<NET-INCOME> 112,484
<EPS-PRIMARY> 2.02
<EPS-DILUTED> 1.91
<FN>
<F1> Asset values for the interim period
represent net amounts.
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION
EXTRACTED FROM THE COMPANY'S FORM 10-Q DATED
JUNE 28, 1996 AND IS QUALIFIED IN ITS ENTIRETY
BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<RESTATED>
<CIK> 0000094673
<NAME> STORAGE TECHNOLOGY CORPORATION
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-27-1996
<PERIOD-END> JUN-28-1996
<CASH> 489,780
<SECURITIES> 0
<RECEIVABLES> 404,446 <F1>
<ALLOWANCES> 0
<INVENTORY> 274,815
<CURRENT-ASSETS> 1,174,143
<PP&E> 327,653 <F1>
<DEPRECIATION> 0
<TOTAL-ASSETS> 1,919,188
<CURRENT-LIABILITIES> 506,963
<BONDS> 268,726
0
0
<COMMON> 5,701
<OTHER-SE> 1,119,775
<TOTAL-LIABILITY-AND-EQUITY> 1,919,188
<SALES> 658,080
<TOTAL-REVENUES> 932,786
<CGS> 385,467
<TOTAL-COSTS> 532,556
<OTHER-EXPENSES> 98,617
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 17,018
<INCOME-PRETAX> 86,849
<INCOME-TAX> 23,400
<INCOME-CONTINUING> 63,449
<DISCONTINUED> 0
<EXTRAORDINARY> 9,535
<CHANGES> 0
<NET-INCOME> 72,984
<EPS-PRIMARY> 1.36
<EPS-DILUTED> 1.27
<FN>
<F1> Asset values for the interim period
represent net amounts.
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION
EXTRACTED FROM THE COMPANY'S FORM 10-Q DATED
MARCH 29, 1996 AND IS QUALIFIED IN ITS ENTIRETY
BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<RESTATED>
<CIK> 0000094673
<NAME> STORAGE TECHNOLOGY CORPORATION
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-27-1996
<PERIOD-END> MAR-29-1996
<CASH> 432,895
<SECURITIES> 0
<RECEIVABLES> 428,083 <F1>
<ALLOWANCES> 0
<INVENTORY> 238,549
<CURRENT-ASSETS> 1,106,975
<PP&E> 326,612 <F1>
<DEPRECIATION> 0
<TOTAL-ASSETS> 1,862,027
<CURRENT-LIABILITIES> 497,584
<BONDS> 344,343
0
0
<COMMON> 5,339
<OTHER-SE> 996,081
<TOTAL-LIABILITY-AND-EQUITY> 1,862,027
<SALES> 317,298
<TOTAL-REVENUES> 453,481
<CGS> 187,046
<TOTAL-COSTS> 259,567
<OTHER-EXPENSES> 49,622
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 9,429
<INCOME-PRETAX> 34,989
<INCOME-TAX> 9,400
<INCOME-CONTINUING> 25,589
<DISCONTINUED> 0
<EXTRAORDINARY> 9,535
<CHANGES> 0
<NET-INCOME> 35,124
<EPS-PRIMARY> .66
<EPS-DILUTED> .62
<FN>
<F1> Asset values for the interim period
represent net amounts.
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION
EXTRACTED FROM THE COMPANY'S FORM 10-K DATED
DECEMBER 29, 1995 AND IS QUALIFIED IN ITS ENTIRETY
BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<RESTATED>
<CIK> 0000094673
<NAME> STORAGE TECHNOLOGY CORPORATION
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-29-1995
<PERIOD-END> DEC-29-1995
<CASH> 264,502
<SECURITIES> 0
<RECEIVABLES> 432,043
<ALLOWANCES> 14,665
<INVENTORY> 214,553
<CURRENT-ASSETS> 974,988
<PP&E> 860,868
<DEPRECIATION> 527,847
<TOTAL-ASSETS> 1,888,629
<CURRENT-LIABILITIES> 549,637
<BONDS> 363,963
0
0
<COMMON> 5,335
<OTHER-SE> 957,498
<TOTAL-LIABILITY-AND-EQUITY> 1,888,629
<SALES> 1,345,260
<TOTAL-REVENUES> 1,929,485
<CGS> 841,583
<TOTAL-COSTS> 1,217,622
<OTHER-EXPENSES> 399,482 <F1>
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 34,347
<INCOME-PRETAX> (124,530)
<INCOME-TAX> 17,800
<INCOME-CONTINUING> (142,330)
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (142,330)
<EPS-PRIMARY> (2.91)
<EPS-DILUTED> (2.91)
<FN>
<F1> Includes restructuring charges of $167,175,000,
litigation settlement of $30,680,000 and
merger expense of $14,352,000.
</FN>
</TABLE>
