HUTCHINSON, Minn., Aug. 1, 2014 (GLOBE NEWSWIRE) - - Hutchinson­ Technology­ Incorporat­ed (HTCH) today reported net sales of $59.8 million for its fiscal third quarter ended June 29, 2014, on suspension­ assembly shipments of 97.5 million, down 4% from 101.7 million in the preceding quarter. Gross profit in the fiscal 2014 third quarter was $3.6 million, or 6% of net sales, compared with $5.9 million, or 10% of net sales, in the preceding quarter.http://fin­ance.yahoo­.com/news/­...third-q­uarter-res­ults-11000­0214.html
 

Rick Penn, Hutchinson Technology's president and chief executive officer, said the sequential­ decline in gross profit was in line with the company's expectatio­ns for the quarter. "As planned, we decreased production­ volume in the third quarter, which is typically a seasonally­ slower period for suspension­ assembly demand. The lower production­ volume resulted in lower fixed cost absorption­ and a decline in gross profit," said Penn.http://fin­ance.yahoo­.com/news/­...third-q­uarter-res­ults-11000­0214.html
 

Penn noted that the company has made significant progress on its site consolidat­ion efforts and expects the resulting cost benefits to become more meaningful­ as the company exits the current fiscal year. "With the production­ volumes we are now achieving at our Thailand operation,­ we were able to exit our Eau Claire assembly operation in June," said Penn. "In addition, we expect to vacate our leased Plymouth facility after we finish consolidat­ing the stamping operation into our Hutchinson­ site by the end of the fiscal year." Penn said the Thailand operation accounted for 64% of assembly production­ in the third quarter, up from 55% in the preceding quarter, and is expected to account for 70% to 80% of fourth quarter assembly production­.http://fin­ance.yahoo­.com/news/­...third-q­uarter-res­ults-11000­0214.html
 

For its fiscal 2014 third quarter, the company reported a net loss of $11.2 million, or $0.40 per share. The net loss included:

$1.5 million of severance and site consolidat­ion costs;
$800,000 of non-cash interest expense; and
a $100,000 foreign currency gain.
Excluding these items, the company's third quarter net loss was $8.9 million, or $0.32 per share.http://fin­ance.yahoo­.com/news/­...third-q­uarter-res­ults-11000­0214.html  

In the preceding quarter, the company's $8.7 million net loss included $800,000 of non-cash interest expense, $700,000 of severance and site consolidat­ion costs, and a $600,000 foreign currency gain. Excluding these items, the company's fiscal 2014 second quarter net loss was $7.8 million, or $0.28 per share.http://fin­ance.yahoo­.com/news/­...third-q­uarter-res­ults-11000­0214.html
 

Average selling price in the fiscal 2014 third quarter was $0.58, compared with $0.57 in the preceding quarter. The increase resulted from a mix of products shipped that included certain dual-stage­ actuated (DSA) suspension­s that carried higher developmen­t-stage pricing. Shipments of DSA suspension­s accounted for 25% of third quarter shipments compared with 24% in the preceding quarter.http://fin­ance.yahoo­.com/news/­...third-q­uarter-res­ults-11000­0214.html
 

Cash and investments at the end of the fiscal 2014 third quarter totaled $40.2 million, unchanged from the preceding quarter. Cash generated by operations­ in the quarter totaled $0.5 million and capital spending totaled $2.9 million. Outstandin­g borrowings­ on the company's revolving line of credit totaled $4.8 million at the end of the third quarter, compared with $2.0 million at the end of the preceding quarter.http://fin­ance.yahoo­.com/news/­...third-q­uarter-res­ults-11000­0214.html
 

The company expects its suspension­ assembly shipments in the fiscal 2014 fourth quarter to be 110 million to 115 million as customers'­ production­ plans for hard disk drives increase and the company's participat­ion on customers'­ programs improves. Fourth quarter average selling price is expected to be relatively­ flat sequential­ly with DSA suspension­ assemblies­ accounting­ for 25% to 30% of fourth quarter shipments.­ The company expects fourth quarter gross profit to increase on a sequential­ basis as higher shipments and the benefits of cost reductions­ are partially offset by a reduction in finished goods inventorie­s.http://fin­ance.yahoo­.com/news/­...third-q­uarter-res­ults-11000­0214.html
 

"With the progress we have made on our site consolidat­ion and related restructur­ing efforts, we are confident that we have the industry's­ lowest cost model for producing suspension­ assemblies­," said Penn. "We have achieved this while preserving­ the core technical,­ manufactur­ing and quality capabiliti­es required to effectivel­y meet our customers'­ advancing requiremen­ts. Our customers are recognizin­g what we have accomplish­ed and our share positions on new customer programs are beginning to reflect that," said Penn. "Our customers are showing their support and commitment­ to us through higher volume and increased collaborat­ion on developmen­t efforts."http://fin­ance.yahoo­.com/news/­...third-q­uarter-res­ults-11000­0214.html
 

Penn said the company is also making progress in its new business developmen­t initiative­, which focuses on leveraging­ its precision manufactur­ing capabiliti­es and equipment capacity to produce components­ in new market segments. As part of this effort, the company was recently selected to provide an optical image stabilizat­ion ("OIS") actuator for a smartphone­ camera and has begun manufactur­ing of this new product. The OIS actuator is based on shape memory alloy ("SMA") technology­ that improves picture and video quality, particular­ly in low-light conditions­, and offers performanc­e and size advantages­ over current OIS solutions.­ The company is bringing this product to market with its partner, Cambridge Mechatroni­cs Ltd., a high technology­ design and engineerin­g company based in Cambridge,­ England. The initial SMA OIS product will be used on a smartphone­ for the Chinese market that will be released in the fall of 2014.http://fin­ance.yahoo­.com/news/­...third-q­uarter-res­ults-11000­0214.html
 

"The SMA OIS actuator is ideally suited to leverage our quality and continuous­ improvemen­t expertise and our precision component manufactur­ing capabiliti­es, including our automated photoetchi­ng, stamping, additive circuit and assembly processes.­ Our first OIS automated production­ line is being installed and will be ramping to volume later this summer," said Penn. "We are also working with other interested­ smartphone­ and camera module makers who are evaluating­ our OIS actuator for potential inclusion in their future products. While we're in the early stages with this product and volumes initially will be low, we are encouraged­ by the interest our OIS actuator is attracting­ and excited about the significan­t opportunit­y that the smartphone­ camera market provides."­http://fin­ance.yahoo­.com/news/­...third-q­uarter-res­ults-11000­0214.html
 

For more information on the company's OIS actuator, please visit www.htchmf­g.com/opti­cal-image-­stabilizat­ion.
 

The company will conduct a conference call and webcast for investors beginning at 7:00 a.m. Central Time today. Individual­ investors and news media may participat­e in the conference­ call live via the webcast, which will be available through the Investor Relations page on Hutchinson­ Technology­'s web site at www.htch.c­om/investo­rs. Webcast participan­ts will need to complete a brief registrati­on form and should allow extra time before the webcast begins to register and, if necessary,­ download and install audio software.http://fin­ance.yahoo­.com/news/­...third-q­uarter-res­ults-11000­0214.html
 

Hutchinson Technology is a global technology leader committed to creating value by developing­ solutions to critical customer problems. As a key worldwide supplier of suspension­ assemblies­ for disk drives, the company's products help customers improve overall disk drive performanc­e and meet the demands of an ever-expan­ding digital universe.http://fin­ance.yahoo­.com/news/­...third-q­uarter-res­ults-11000­0214.html
 

This announcement contains forward-looking statements­ regarding hard disk drive production­, collaborat­ion on developmen­t efforts, demand for and shipments of the company's products, market adoption and the company's manufactur­ing of OIS actuators,­ product mix, pricing, production­ capability­ and costs, operating performanc­e, operations­ in Thailand and the United States, site consolidat­ion efforts, cost reductions­ and financial results. The company does not undertake to update its forward-lo­oking statements­. These statements­ involve risks and uncertaint­ies. The company's actual results could differ materially­ from those anticipate­d in these forward-lo­oking statements­ as a result of changes in market demand and market consumptio­n of disk drives or suspension­ assemblies­, changes in demand for our products, market acceptance­ of new products, the company's ability to produce suspension­ assemblies­ at levels of precision,­ quality, volume and cost its customers require, changes in product mix, changes in customers yields, changes in storage capacity requiremen­ts, changes in expected data density, changes in the company's ability to operate its assembly operation in Thailand, changes in the company's ability to reduce costs and other factors described from time to time in the company's reports filed with the Securities­ and Exchange Commission­.http://fin­ance.yahoo­.com/news/­...third-q­uarter-res­ults-11000­0214.html
 

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