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Technology Stocks : Disk Drive Sector Discussion Forum -- Ignore unavailable to you. Want to Upgrade?

To: Mark Oliver who wrote (4423)	9/11/1998 10:42:00 AM
From: Mark Oliver	Respond to of 9256

Hutchinson Technology at $.63 Per Share Net Loss Through First Ten Weeks of Fiscal Year Fourth Quarter PR Newswire - September 11, 1998 09:00 HUTCHINSON, Minn., Sept. 11 /PRNewswire/ -- Hutchinson Technology Incorporated (Nasdaq: HTCH) said today that through the first ten weeks of its fiscal 1998 fourth quarter it has recorded a net loss of $.63 per diluted share on net sales of $81 million. The company's fourth quarter is the thirteen-week period ending September 27, 1998. Hutchinson Technology expects to report its results for the fourth quarter and fiscal year end on November 3, 1998. Wayne M. Fortun, Hutchinson Technology's president and chief executive officer, said that while demand for the company's conventional suspension assemblies declined from prior period levels during the first two months of the fourth quarter, orders had increased modestly in the past two weeks. "While the recent improvement in demand for conventional suspensions is encouraging, we continue to be cautious given our limited visibility of future demand," said Fortun. Fortun noted the company continues to increase its capacity to produce TSA suspension assemblies and had produced in excess of 3.5 million TSA suspensions last week. For the first ten weeks of the fourth quarter of fiscal 1998, the company shipped 28 million TSA suspensions compared to 25 million for the entire third quarter of fiscal 1998. For the fiscal 1998 third quarter, Hutchinson Technology reported a net loss of $9.3 million, or $.47 per diluted share, on net sales of $107 million. For the fiscal 1997 fourth quarter, the company reported net income of $0.4 million, or $.02 per diluted share, on net sales of $100 million. Hutchinson Technology is the leading worldwide supplier of suspension assemblies for disk drives. This announcement contains forward-looking statements regarding demand for and shipments of the company's products, the company's manufacturing capacity and the results of operations of the company. 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 producing its TSA suspensions, difficulties in financing and expanding capacity, changes in manufacturing efficiencies, difficulties in obtaining covenant amendments on its existing financing arrangements and the 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 April 15, 1998. SOURCE Hutchinson Technology, Inc. /CONTACT: John A. Ingleman, Chief Financial Officer of Hutchinson Technology, 320-587-3797, or Chris Malecek of Shandwick, 612-832-5000, for Hutchinson Technology/