TABLE-Hutchinson Technology Q3 results
HUTCHINSON, Minn., July 19 (Reuters) -
Hutchinson Technology Incorporated
Third Quarter Ended
Jun 25, 2000 Jun 27, 1999
Net sales $108,663,000 $131,257,000
Gross profit (loss) 4,238,000 9,393,000
Asset impairment and severance (16,740,000) --
Income (loss) from operations (30,763,000) (7,520,000)
Net income (loss) (22,919,000) (5,494,000)
Net income (loss) per common share (.92) (.22)
Net income (loss) per common share --
Assuming dilution (.92) (.22)
Weighted average common and
common equivalent shares outstanding:
Common shares 24,791,000 24,650,000
Common shares -- assuming dilution 24,791,000 24,650,000
Thirty-nine Weeks Ended
Jun 25, 2000 Jun 27, 1999
Net sales $343,423,000 $438,898,000
Gross profit (loss) 16,663,000 79,368,000
Asset impairment and severance (63,268,000) --
Income (loss) from operations (100,289,000) 26,363,000
Net income (loss) (75,189,000) 19,787,000
Net income (loss) per common share (3.04) 0.88
Net income (loss) per common share --
Assuming dilution (3.04) 0.88
Weighted average common and
common equivalent shares outstanding:
Common shares 24,765,000 22,371,000
Common shares -- assuming dilution 24,765,000 28,302,000
At Jun 25, At Sep 26,
2000 1999
Total assets $672,254,000 $751,849,000
Cash and cash equivalents 107,312,000 98,820,000
Securities available for sale 116,499,000 139,402,000
Total shareholders' investment 390,544,000 464,959,000
HUTCHINSON TECHNOLOGY INCORPORATED
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - UNAUDITED
(In thousands, except per share data)
Thirteen Weeks Ended Thirty-Nine Weeks Ended
Jun 25, Jun 27, Jun 25, Jun 27,
2000 1999 2000 1999
Net sales $108,663 $131,257 $343,423 $438,898
Cost of sales 104,425 121,864 326,760 359,530
Gross profit 4,238 9,393 16,663 79,368
Selling, general and
administrative
expenses 13,139 10,775 37,384 35,821
Research and
development expenses
5,122 6,138 16,300 17,184
Asset impairment
and other 16,740 -- 63,268 --
Income (loss) from
operations (30,763) (7,520) (100,289) 26,363
Interest expense (3,287) (2,593) (9,776) (7,730)
Other income, net 3,492 3,158 9,813 6,414
Income (loss) before
income taxes (30,558) (6,955) (100,252) 25,047
Provision (benefit)
for income taxes (7,639) (1,461) (25,063) 5,260
Net income (loss)
( 22,919) ( 5,494) ( 75,189) 19,787
Basic earnings (loss)
per share ( 0.92) ( 0.22) ( 3.04) 0.88
Diluted earnings (loss)
per share ( 0.92) ( 0.22) ( 3.04) 0.88
Weighted average
common shares
outstanding 24,791 24,650 24,765 22,371
Weighted average
common and
diluted shares
outstanding 24,791 24,650 24,765 28,302
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