July 30, 2013

Western Digital® Announces Fiscal Year Revenue of US$15.4 Billion and Non-GAAP Net Income of US$2.1 Billion, or US$8.53 Per Share1


For Fourth Quarter, Revenue of US$3.7 Billion, Non-GAAP Net Income of US$477 Million, or US$1.96 Per Share

MANILA, Philippines — July 29, 2013 — Western Digital® Corp. (NASDAQ: WDC) today reported revenue of US$15.4 billion and net income of US$1.7 billion, or US$6.75 per share for fiscal year 2013, compared to fiscal 2012 revenue of US$12.5 billion and net income of US$1.6 billion, or US$6.58 per share. On a non-GAAP basis, fiscal 2013 net income was US$2.1 billion or US$8.53 per share, compared to fiscal 2012 net income of US$2.1 billion or US$8.61 per share.1

For its fourth fiscal quarter ended June 28, 2013, the company reported revenue of US$3.7 billion, hard-drive shipments of 59.9 million and net income of US$416 million, or US$1.71 per share. On a non-GAAP basis, net income was US$477 million or US$1.96 per share.2 In the year-ago quarter, the company reported revenue of US$4.8 billion, net income of US$745 million, or US$2.87 per share, and shipped 71.0 million hard drives. Non-GAAP net income in the year-ago quarter was US$872 million, or US$3.35 per share.3

The company generated US$684 million in cash from operations during the June quarter, ending with total cash and cash equivalents of US$4.3 billion. For fiscal year 2013, the company generated US$3.1 billion in cash from operations and its free cash flow totaled US$2.2 billion.4 During the quarter, the company utilized US$235 million to buy back 4.4 million shares of common stock. On May 15, the company declared a US$0.25 per common share dividend, which was paid on July 15.

“I am pleased with our performance in fiscal year 2013 and the June quarter, reflecting our expanding participation in the storage market, including the cloud and personal storage as we address the ongoing growth in digital data,” said Steve Milligan, president and chief executive officer of Western Digital. “Our financial results were strong with significant free cash flow generation, we continued to forecast the market accurately and we had outstanding execution by our HGST and WD® subsidiaries.”

As reported in our Form 8-K filed on July 22, 2013, the Court of Appeals of the State of Minnesota reversed the decision of the District Court of Hennepin County, Minnesota, which had vacated a US$630.4 million final arbitration award against the company and ordered a rehearing of certain claims in the arbitration between Western Digital and Seagate Technology, LLC. The financial information reported in this press release does not include any additional accrual for the arbitration award. Western Digital is reviewing the decision of the Minnesota Court of Appeals and will make a determination of whether or not to record an accrual in its results for the quarter ended June 28, 2013, after it completes its review. 

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 concerning the company’s market participation and growth of digital data. These forward-looking statements are based on management’s current expectations and is subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied in the forward-looking statement, 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 May 3, 2013, to which your attention is directed. Readers are cautioned not to place undue reliance on these forward-looking statements, which speaks only as of the date hereof, and the company undertakes no obligation to update these forward-looking statements to reflect subsequent events or circumstances.



1 Non-GAAP net income for fiscal 2013 consists of GAAP net income of US$1.7 billion plus US$193 million for amortization of intangibles related to the acquisition of HGST, US$138 million for employee termination benefits and other charges and a net US$106 million for tax-related matters and other unrelated charges. Non-GAAP earnings per share of US$8.53 for fiscal 2013 is calculated by using the same 246 million diluted shares as is used for GAAP earnings per share. Non-GAAP net income for fiscal 2012 consists of GAAP net income of US$1.6 billion plus US$214 million of charges and expenses related to the flooding net of recoveries, US$91 million for costs recognized upon the sale of acquired inventory that was written-up to fair value, US$80 million related to restructuring, US$63 million for amortization of intangibles related to the acquisition of HGST, US$62 million of acquisition-related expenses, US$7 million of litigation accruals, less US$20 million of tax effects related to the aforementioned items. Non-GAAP earnings per share of US$8.61 for fiscal 2012 is calculated by using the same 245 million diluted shares as is used for GAAP earnings per share.
 
2 Non-GAAP net income for the fourth quarter fiscal 2013 consists of GAAP net income of US$416 million plus US$46 million for amortization of intangibles related to the acquisition of HGST and US$15 million for employee termination benefits and other unrelated charges. Non-GAAP earnings per share of US$1.96 for the fourth quarter is calculated by using the same 243 million diluted shares as is used for GAAP earnings per share.

3 Non-GAAP net income for the fourth quarter fiscal 2012 consists of GAAP net income of US$745 million plus US$51 million for amortization of intangibles related to the acquisition of HGST, US$80 million related to restructuring less a US$4 million tax effect related to the restructuring. Non-GAAP earnings per share of US$3.35 for the fourth quarter is calculated by using the same 260 million diluted shares as is used for GAAP earnings per share.

4 Free cash flow for fiscal 2013 consists of cash flows from operations of US$3.1 billion less US$952 million of capital expenditures.

Western Digital, WD and the WD logo are registered trademarks in the U.S. and other countries. HGST trademarks are intended and authorized for use only in countries and jurisdictions in which HGST has obtained the rights to use, market and advertise the brand. Other marks may be mentioned herein that belong to other companies.



July 29, 2013

Metro Society and Metro Magazine feature timeless top-listers this August

Number one candidate in the recently held senatorial elections, Grace Poe, and A-list Hollywood on-screen power couple Ian Somerhalder and Nina Dobrev are put in the spotlight as proof of the timelessness of style in Metro Society magazine and Metro magazine this August.
In an issue that is the heart and soul of Metro Society, the Prestige and Luxury issue, the magazine opens with the beautiful newly appointed senator, Grace Poe, who took the number one seat during the senatorial race. Metro Society sits down with her as she prepares herself for one of the greatest roles of her life, following in the footsteps of generations past as the daughter of the late Fernando Poe, Jr., as she aims to make a difference through politics. A woman of strength and character, she stands as testament that one can really have it all.
Metro magazine simultaneously dedicates its issue to how character plays a big role in absolutely anything. This issue of Metro contains ways to define, rediscover, and embrace personal style—regardless of changes in what’s in and what’s out. Quoting legendary designer Yves Saint Laurent, “fashions fade, style is eternal”. This personal style is exuded by the power couple that graces the cover of this month’s issue. Ian Somerhalder and Nina Dobrev, who lead the pack of stylish personalities on an international scale are shown in a light that inspires the uniqueness of one’s own fashion, aimed at letting readers look and feel their best.

Metro and Metro Society are available in bookstores and newsstands nationwide.
Follow Metro on Twitter and Instagram (@MetoMagPH)
and like Metro’s Facebook page (www.facebook.com/Metro.Magazine).

July 28, 2013

ABS-CBN Publishing Wins at the Asian Publishing Awards

ABS-CBN Publishing, Inc. (API) received a total of five Asian Publishing awards in rites recently held at the Mandarin Oriental Hotel in Manila.
API won for "Best Feature on Cars" and "Best Feature on Wine Tasting", both for Vaultmagazine; for "Best Feature on Interior Design" for Metro Home magazine and "Best Feature on Asian Fashion" for Metro magazine.  In the book category, Juan Ponce Enrile: A Memoir was awarded for "Best Insights into Asian Societies."

According to the Asian Publishing Conference Committee, the awards organizers, there were 171 entries from Asia. API joined winners from eight countries, which included three others from the Philippines. 
“We are proud of this achievement, knowing that our locally developed magazines can compete and win against many franchised global brands.  I thank God and the great people I worked with for excelling in their respective categories. I also want to thank the Asian Publishing Conference Committee for the recognition that they’ve given us,” said Ernie Lopez, President of API.

“There has never been a more competitive and transformative period in history of magazine media. Audiences are segmenting rapidly, and there are over 500 magazines sold on a typical bookstore, with many more alternatives on digital storefronts. It is therefore heartening to see Philippine publications and our brands competing in terms of quality at an international level,” added Mark Yambot, Managing Director of API.

This is the second year in a row for Vault magazine to be recognized for editorial excellence.  A high-end men’s lifestyle magazine, Vault magazine also won the “Best New Magazine” and “Best Cover Design” in APA for 2012. “Our fine wines and motoring sections are particularly popular for their depth, detail, insider knowledge and visual attractiveness. We are proud to be cited two years in a row for excellence in lifestyle journalism,” said David Celdran, Editor-in-Chief of Vault.

Shot in Milo Naval’s house in Sorsogon, Metro Home’s winning feature showcased Philippine ingenuity through the tropical and modernist design of the established interior and furniture designer.

Metro’s winning entry was an Iza Calzado photo shoot in Barcelona which showcased creations from top and aspiring Filipino designers. This is also the second win for the magazine whose iPad edition was awarded in 2011 for “Best in Tablet Platform.”

Juan Ponce Enrile: A Memoir was one of the Philippines' best-selling books of 2012.

ABS-CBN Publishing Inc. (API) is a subsidiary of media conglomerate ABS-CBN Corporation. API is the leading provider of Philippine developed magazine brands with 13 homegrown titles such as StarStudio, The Buzz, Working Mom, Food, Chalk, and the Kris Aquino Magazine.  

July 27, 2013

“PAMANA” the first docu-musical on Ninoy and Cory Aquino set to open on August 21

A theatrical revolution, “PAMANA” is the first docu-musical on Ninoy and Cory Aquino.

PETA’s Pamana pays tribute to Benigno and Corazon Aquino.  On August 21, the Ninoy & Cory Aquino Foundation, Inc. (NCAF), in partnership with Indie.go Media, and the Philippine Educational Theater Association, Inc. (PETA), proudly present the gala premiere of PAMANA – an original docu-musical written by Rody Vera and music composed by Ryan Cayabyab and Manoling V. Francisco, S.J. 
NCAF, Indie.go Media and PETA brings the audience back in time as they re-tell the lives of three generations of a Filipino family recalling the EDSA revolution.
PAMANA is about three generations of a Filipino family with differing points of view on the effects of the EDSA revolution.
Malou de Guzman as Lola Azon; Bodjie Pascua as Turo
Leading the cast is Malou de Guzman as Lola Azon; Bodjie Pascua as Turo, Azon’s husband; Jett Pangan as Edgar, son of Lola Azon and Trina’s father; and Kakki Teodoro as Trina, grand daughter of Lola Azon.
Jett Pangan as Edgar
Kakki Teodoro as Trina
The ensemble is composed of Raul Alfonso, Kiki Baento, Raflesia Bravo, Roi Calilong, Buddy Caramat, Joan Co, Karen Gaerlan, Gio Gahol, She Maala, Benedict Manaois, Gie Onida, Norbs Portales, Gino Ramirez, Victor Robinson, Angela Samson, Nica Santiago, Miela Sayo, Ian Segarra, Gold Villar and Yeyin Dela Cruz.
Lending support as chorus is Viva Voce under artistic director Camille Molina. The artistic and creative team of PAMANA is led by Rody Vera (Playwright), Maribel Legarda (Stage Director), Melvin Lee (Associate Stage Director), Jun Reyes (Video Director and Executive Producer), Manoling V. Francisco, S.J. and Ryan Cayabyab (Composers), Vince de Jesus (Musical Director), Batche Tan (Choreograper), Boni Juan (Set Designer), Carlo Pagunaling (Costume Designer), Jonjon Villareal (Lighting Designer and Technical Designer).

Synopsis of PAMANA

Three generations of a family: Lola Azon, her son Edgar, and a granddaughter Trina relate their lives and relationships with each other in the context of the historical developments of the country since Ninoy Aquino died up to the present time.  Lola Azon, 35 years old then, when Ninoy was killed at the tarmac of the airport, is a streetsweeper (Metro Manila Aide), when she experienced her own “epiphany”. She witnesses the hordes of people who marched through the funeral of a man she hardly knew. And through the years of protest rallies and struggle to end a dictatorship, she found hope and strength in the power of a people guided by a higher Power through prayer.

Edgar, however witnesses the fading and the corruption of that pure hope as the years of “democracy” went by. He was witness to the EDSA People Power 2 and how it even went rock bottom when corruption and scandals got worse than what the people clamored against. Edgar becomes disillusioned and heads for Saudi Arabia to seek a more stable life for his daughter and mother. His cynicism about the Philippine condition never changes. He has always become skeptical about how this country could ever redeem itself. After a long separation from his mother and daughter, he comes back with the hope of bringing his family to immigrate to Canada.


Trina was 13 when Cory died. She relates how her father’s cynicism rubbed off on her at first. But upon seeing the funeral, the same “epiphany” came upon her, the way it did to Lola Azon way back in 1983. She was overwhelmed by the huge farewell funeral march given by the Filipino people to a woman who died in silence—serving and loving her countrymen. This struck her. Is her father’s cynicism true at all? Can’t a country rediscover this strong faith in spiritual transformation to recover from national despair and fatigue? 


When finally in the present time, Edgar comes back to tell the “good news” of his decision to bring them all to Canada, Trina refuses. She is undergoing her own journey since Cory’s death and has arrived at certain decisions for her own life as well.  There are so many things that one can do. So much potential, so many possibilities. Rather than go to a country she doesn’t even know or care for, here she can fulfill her dream, a dream that could be shared by her countrymen.

In the face of all their differences, Azon quietly passes away.

Interspersed with our “front story” are the words of Ninoy and Cory, who through their lives have insisted on a life of service and love for their countrymen as the singular manifestation of loving and serving God.  This presentation aims to locate Ninoy and Cory’s commitment to God and the Filipino  in the context of our ordinary lives.
PLAYWRIGHT’S NOTES
RODOLFO VERA

"The germ idea of this play was brainstormed by by Jun Reyes, Maribel Legarda and I in one of a few conversations over coffee and merienda. In the course of our conversations, we realized that a more fitting tribute to our heroes does not need to be a retelling of their lives and achievements per se. The importance of heroes can only be manifest through the numerous lives of people that they have inspired. How their ideas and their historical decisions in life resonate in the daily, mundane lives of ordinary people like Azon, Edgar, and Trina. This is the main compass that guided the main direction of this work. It does not only pay tribute to Ninoy and Cory themselves, for while their lives are exemplary, admirable and inspiring as they are, their greatness can only be complete and total if the power of their legacy touches the lives of millions of their countrymen. 

This is how we remember our heroes. Not just through monuments or declaring official holidays, but more importantly in connecting them in our daily struggles and tribulations. Our collective vicissitudes that define our history as a nation, taken together will be marked by the light they have shown to guide us."

All performances will be held at the Meralco Theater, Ortigas Center, Pasig City. Here's the show schedule:

        August 21, 2013          :     7:00 pm

        August 22, 2013          :     8:00 pm

       August 24-25, 2013      :     3:00 pm and 8:00 pm

For further details, call PETA Theater Center at numbers 725-6244 or 09064817333.
Tickets are also available through Ticketworld at 891-9999 or visit www.ticketworld.com.ph 

Follow online through Facebook 
and Twitter (@iamninoyiamcory)

YOUNGEST FINALIST HAILED AS GRAND I-SHINER OF PROMIL PRE-SCHOOL I-SHINE TALENT CAMP 2

Grand i-Shiner Yesha Camile 
A new child wonder is born as Promil Pre-School i-Shine Talent Camp 2 concluded and announced four-year-old Yesha Camile, the “Incredible Drama Princess” of Davao, as the Grand i-Shiner, and also the Top i-Shiner for acting.
Aside from a total of P500,000 cash prize, Yesha also received a talent contract from ABS-CBN’s talent management arm, Star Magic and Promil Pre-School, and a year supply of Promil Pre-School products.

Xian Lim, Pinky Amador, Dimples Romana, Carmela Camil (Yesha's Mom), Piolo Pascual, Georcelle Dapat-Sy, Matteo Guidecelli and Yesha Camile
Yesha, who just turned four last June 26, is the youngest among the contestants or the i-Shiners. Asked if she expected to win, the witty kid said, “Yes, I already know that I will win because I really want to be the Grand i-Shiner.”
Top i-Shiner for dancing JM Andres, Grand i-Shiner and Top -i-Shiner for acting Yesha Camile, and Top i-Shiner for singing Nathan Bautista
JM Andres, the “Exceptional Hiphop Dancer” and Nathan Bautista, the “Electrifying Junior Rocker”, both seven years old and from Cavite, meanwhile, were hailed as the Top i-Shiner for dancing and singing respectively, and took home P200,000 each.

This season, the program was divided into three main performing categories – singing, dancing and acting. Each category consists of four i-Shiners mentored by Pinky Amador, Georcelle Dapat-Sy and Piolo Pascual.

During the grand finale, the i-Shiners showed their exceptional talent and full confidence as they shared the stage and performed with their talented mentors.

The 12 finalists underwent more than two months of development program, workshops and trainings and these were aired on ABS-CBN every Saturday morning.

Winners were determined based on text votes (30%) and scores by judges from ABS-CBN and Wyeth Nutrition management (70%).

Already on its second year, Promil Pre-School i-Shine Talent Camp, hosted by Dimples Romana, Matteo Guidecelli and Xian Lim, aims to discover the most talented kids in the country with ages 3 to 7 and hone their gifts to excellence with their parents.

Last year, Lukas Enrique Magallano, the “Acoustic Kid of Cebu,” seven years old then, took home the first Grand i-Shiner title.


Top i-Shiner for dancing JM Andres, Grand i-Shiner and Top -i-Shiner for acting Yesha Camile, and Top i-Shiner for singing Nathan Bautista 
Promil Pre-School is a nutritious powdered milk drink for children 4 to 7 years old, which contains Nutrissentials – a unique combination of essential nutrients plus DHA & AA that help optimize a child’s full potential.
Acting i-Shiners Gianna Sombilon, Yesha Camile, Jesse Ongteco, Isiah Pascual with Acting coach Piolo
Pascual
Matteo and Xian performs in Promil Pre-school i-Shine Talent Camp 2 THE GRAND FINALE stage
Matteo Guidecelli, Dimples Romana, ABS-CBN TV production head Laurenti Dyogi, Xian Lim
Pinky Amador, Piolo Pascual, Georcelle Dapat-Sy
Dancing coach Georcelle Dapat-Sy with G-Force
Singing i-Shiners Krystal Brimner, Nica Mores Mhae Mejos, Nathan Bautista with Singing coach Pinky Amador
For more information, visit www.ishine.abs-cbn.com or like its official Facebook fan page www.facebook.com/promilpreschool.

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