HUTCHINSON, Minn., July 27, 2010 (GLOBE NEWSWIRE) -- Hutchinson Technology Incorporated (Nasdaq:HTCH) today reported a net loss of $18.5 million, or $0.79 per share, on net sales of $77.3 million for its fiscal third quarter ended June 27, 2010. In the preceding quarter, the company reported a net loss of $15.6 million, or $0.67 per share, on net sales of $87.6 million. Gross profit in the quarter was $4.9 million, or 6 percent of net sales, compared with $7.3 million, or 8 percent of net sales, in the preceding quarter. Results for the fiscal 2010 third quarter included $2.3 million of non-recurring asset write-downs in the BioMeasurement Division. Results for both the fiscal 2010 third quarter and the preceding quarter included non-cash interest expense of $2.1 million resulting from the company's adoption, at the beginning of fiscal 2010, of Financial Accounting Standards Board guidance for accounting for convertible debt instruments.
Hutchinson Technology Reports Third Quarter Loss
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