Western Digital’s Net Income Is Up 58% During 1st Quarter

Saying that its diversification strategy is begining to pay off, Western Digital Corp. reported that net income soared 58% in its fiscal 1988 first quarter, to $12.2 million from the year-earlier $7.7 million.

The Irvine-based computer products maker reported revenue of $140.1 million for the quarter ended Sept. 26, a 48% increase from $94.7 million in the first quarter of its fiscal 1987.

Roger W. Johnson, chairman, president and chief executive, attributed the improved quarterly results to the company’s expansion into new markets in the microcomputer industry. He said the results validated the company’s diversification strategy.

Western Digital said its results for 1986 have been restated to account for its July, 1987, acquisition of Faraday Electronics Inc.