Posted: Thursday, July 26, 2012 7:41 am | Updated: 3:52 pm, Thu Jul 26, 2012.
Hutchinson Technology will report fiscal 2012 third quarter financial results on Thursday, July 26, after the close of the market. A subsequent conference call for the investment community will take place at 4 p.m.
Individual investors and news media may participate in the conference call via a webcast, which will be accessible live and on an archived basis on Hutchinson Technology's web site at www.htch.com/investors. The webcast also will be distributed by Thomson StreetEvents to both institutional and individual investors at www.earnings.com.
Earlier? this month, the company said it shipped approximately 100 million suspension assemblies during its fiscal 2012 third quarter ending June 24, compared to 96.9 million in the preceding quarter, but below its previous projection of 105 million to 115 million.
The company said its shipments of suspension assemblies during the last five weeks of its fiscal third quarter declined more than 15 percent compared to the first eight weeks of the quarter, as demand from its customers softened.
The company's average selling price declined to 58 cents from 63 cents in the fiscal 2012 second quarter and from 59 cents in the fiscal 2011 third quarter. As previously disclosed, the higher average selling price in the preceding quarter was primarily due to an increased volume of development products for new disk drive programs.
The decline in average selling price, combined with lower than expected shipments, resulted in net sales of approximately $60 million for the fiscal 2012 third quarter compared to $65.5 million in the fiscal 2012 second quarter.
The company also noted that it has resumed production at its Thailand assembly operation and has shipped suspensions from the operation for customer qualification.
(Doug Hanneman is editor of the Hutchinson Leader. He can be reached at hanneman@hutchinsonleader.com)
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