hmtt
HMT Technology Corporation Announces Preliminary Results for First Quarter Fiscal 1999
Business Wire - June 29, 1998 16:22
%HMT-TECHNOLOGY HMTT %CALIFORNIA %COMED %COMPUTERS %ELECTRONICS %EARNINGS V%BW P%BW
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FREMONT, Calif.--(BUSINESS WIRE)--June 29, 1998--HMT Technology Corp. (NASDAQ:HMTT) announced today that it expects revenues and earnings for the first fiscal quarter ending June 30, 1998 to be below those of its fourth fiscal quarter. The company expects revenues will be approximately $56 million, and expects that the company will remain profitable and cash flow neutral to positive, even at these lower revenue levels.
The shortfall in the quarter is the result of many factors, including overall industry conditions, customer inventory adjustments and the industry wide transition to just-in-time (JIT) inventory management.
"We have taken actions to adjust our build rates to be more in synch with market conditions," said Ron Schauer, chairman, president and CEO. "We continue to believe that we are very well positioned to weather this industry softness, and to benefit as the industry recovers. We remain focused on providing our customers with the highest technology and quality products at favorable market prices."
HMT expects to report its results for the June quarter on July 21, after the market close.
The statements in this new release may contain forward-looking statements that involve risks and uncertainties that could cause actual results to differ from predicted results. Further information on factors that could affect the company's results is detailed in the company's reports on Form 10-K for the year ended March 31, 1998 and Form 10-Q for the period ended December 31, 1997, as filed with the Securities and Exchange Commission. The company undertakes no obligation to publicly release the result of any revisions to these forward-looking statements.
HMT Technology Corporation independently designs, develops, manufactures and markets high-performance thin-film disks. The company's products are used in high-capacity hard disk drives for a variety of high-end applications, including personal computers, network servers and workstations, and in certain removable hard disk drive applications. The disks currently being shipped by HMT primarily have coercivity levels of 2,000 to 2,700 Oersted, a measure of storage capacity, and glide heights of 1.5 to 0.8 microinches. The company's shares are traded on the Nasdaq National Market under the symbol HMTT. Additional information may by obtained by visiting HMT's website at hmtt.com, or by contacting the company directly.
CONTACT: HMT Technology Corporation
Peter Norris, 510/490-3100
or
Stapleton Communications Inc.
Deborah Stapleton, 650/470-0200
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