HMT Technology Corporation Announces Results for Third Quarter of Fiscal 1999
Business Wire - January 14, 1999 16:17
Condensed Consolidated Statements of Operations and Balance Sheets to follow.
HMT Technology
Condensed Consolidated Statement of Operations
Three Months Ended Nine Months Ended
December 31, December 31,
1998 (1) 1997 (1) 1998 (1) 1997 (1)
-------------------- --------------------
(In thousands, except per share amounts)
Net sales $ 69,792 $ 98,556 $183,557 $265,839
Cost of sales 62,582 61,538 158,975 164,767
Gross profit 7,210 37,018 24,582 101,072
Gross profit
percentage 10.3% 37.6% 13.4% 38.0%
Operating expenses:
Research and
Development 2,368 2,229 7,185 6,411
Selling, General and
Administrative 4,056 3,408 8,934 10,518
Restructuring charges 15,662 - 15,662 -
Total operating
expenses 22,086 5,637 31,781 16,929
Operating income (loss) (14,876) 31,381 (7,199) 84,143
Interest expense &
other, net 2,772 2,138 8,168 5,710
Income (loss) before
income tax provision
(benefit) (17,648) 29,243 (15,367) 78,433
Income tax provision
(benefit) (5,294) 8,773 (4,610) 23,530
Net income (loss) (12,354) 20,470 (10,757) 54,903
Net income (loss)
per share:
Basic $ (0.28) $ 0.48 $ (0.25) $ 1.31
Diluted (2) $ (0.28) $ 0.40 $ (0.25) $ 1.04
Shares used in
computing net income
(loss) per share:
Basic 43,822 42,768 43,581 41,912
Diluted (2) 43,822 55,099 43,581 54,481
(1) Unaudited
(2) Diluted EPS for the three and nine months ended December 30, 1998
does not assume conversion of the Company's 5 3/4% convertible
subordinated notes, as the effect would be anti-dilutive.
HMT Technology
Condensed Consolidated Balance Sheets
December 31, March 31,
1998 (1) 1998 (2)
----------- --------
(In thousands)
ASSETS
Cash, cash equivalents &
short-term investments $36,739 $24,985
Accounts receivable 49,023 70,660
Inventories 27,107 18,400
Deferred income taxes,
short-term 12,249 12,249
Other current assets 894 629
Property, plant &
equipment, net 328,547 343,856
Other assets 6,379 7,444
TOTAL ASSETS $ 460,938 $ 478,223
LIABILITIES AND
STOCKHOLDERS' EQUITY
Current liabilities $ 29,771 $ 38,224
5 3/4% Convertible
subordinated notes 230,000 230,000
Deferred income taxes,
long-term 19,008 19,008
Other long-term liabilities 7,153 8,539
Total stockholders' equity 175,006 182,452
TOTAL LIABILITIES AND
STOCKHOLDERS' EQUITY $ 460,938 $ 478,223
(1) Unaudited
(2) The Balance Sheet as of March 31, 1998 has been derived from
audited Consolidated Financial Statements
CONTACT: HMT Technology Corporation
Peter Norris, 510/490-3100
or
Investor Relations, 510/683-6000
|
