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Technology Stocks : Hutchinson Technology, Inc. -- Ignore unavailable to you. Want to Upgrade?

To: jfrancis who wrote (1264)	6/21/1999 8:23:00 AM
From: Ron M	Read Replies (1) \| Respond to of 1487

FYI Also comments on CNBC this am. CNBC comments were in general about the troubles of the DD industry keeping pace with the tech sector and put HTCH in the one to watch category based on the earnings projections. Hutchinson Technology Expects Fiscal Third Quarter Loss PR Newswire - June 21, 1999 07:45 HUTCHINSON, Minn., June 21 /PRNewswire/ -- Hutchinson Technology Incorporated (Nasdaq: HTCH) today stated that the company expects to report a loss in the range of $.18 to $.23 per share on net sales of approximately $130 million for its fiscal third quarter, ending June 27, 1999. The company attributes the loss to lower than expected shipments of suspension assemblies as a result of weak demand during the quarter. Hutchinson Technology expects to report its results for the fiscal third quarter on July 20, 1999. Wayne M. Fortun, Hutchinson Technology president and chief executive officer, said demand began to improve in the latter part of the quarter, but the increases did not materialize as early or as quickly as the company initially expected. "In March, when we announced some temporary lay-offs, we anticipated that the drop in demand would be relatively short-lived," said Fortun. "While near-term demand visibility remains limited, we are encouraged by the recent increases and have called back all of the laid-off employees." The company also recently announced plans to proceed with an expansion of its manufacturing plant in Eau Claire, Wis., to provide additional capacity to meet future demand for its TSA products. For the fiscal 1999 second quarter, Hutchinson Technology reported net income of $13.7 million, or $.54 per diluted share, on net sales of $152 million. For the fiscal 1998 third quarter, the company reported a net loss of $9.3 million, or $.47 per share, on net sales of $107 million. This announcement contains forward-looking statements regarding the results of operations of the company, demand for the company's products and the company's ability to add manufacturing capacity. 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 fluctuating order rates and product mix, slower or faster customer acceptance of its new products, difficulties in expanding capacity, changes in manufacturing efficiencies and other factors described from time to time in the company's reports filed with the Securities and Exchange Commission, including but not limited to the company's Registration Statement on Form S-3, filed on January 8, 1999. SOURCE Hutchinson Technology, Inc. /CONTACT: Todd Bradley, Investor Relations of Hutchinson Technology Incorporated, 320-587-1605/ (HTCH)