This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

Hutchinson Technology Reports First Quarter Net Loss

In the fiscal 2011 first quarter, cash flow from operations totaled $1.4 million and capital expenditures totaled $4.7 million. The company's cash and investments balance at quarter end totaled $101.2 million compared with $104.5 million at the end of the preceding quarter. The company said that it continues to expect its fiscal 2011 capital expenditures to be $20 million to $25 million.

Disk Drive Components Division

The company shipped 106.5 million suspension assemblies in the fiscal 2011 first quarter compared with 110.4 million in the preceding quarter and 155.2 million in the fiscal 2010 first quarter. Compared with the preceding quarter, a decline in shipments for mobile applications was partially offset by an increase in suspension assembly shipments for 3.5-inch ATA applications. First quarter shipments for enterprise applications were flat compared with the preceding quarter. Average selling price in the fiscal 2011 first quarter was $0.62 compared with $0.66 in the preceding quarter and $0.68 in the fiscal 2010 first quarter. 

The company shipped 48 million TSA+ suspension assemblies in the fiscal 2011 first quarter, compared with 38 million in the preceding quarter and 25 million in the fiscal 2010 first quarter. Kathleen Skarvan, president of the Disk Drive Components Division, said that the cost burden of TSA+ flexure production was reduced from $7.6 million in the preceding quarter to $3.1 million in the fiscal 2011 first quarter. "In the fiscal 2011 first quarter, we eliminated the cost burden of TSA+ flexure production during a four-week period in which we reached certain levels of yield, output and capacity utilization," said Skarvan. "Demonstrating that this cost burden can be eliminated is a significant achievement. With TSA+ yields continuing to improve as we entered the fiscal 2011 second quarter, our TSA+ cost per part will primarily be determined by our TSA+ output and capacity utilization." TSA+ suspension assemblies, which accounted for about 45 percent of fiscal 2011 first quarter shipments, are expected to account for more than half of the company's fiscal 2011 second quarter shipments and two-thirds of its shipments by year end.

2 of 5

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 17,319.89 +124.47 0.72%
S&P 500 0.00 -2.75 -0.14%
NASDAQ 4,632.0670 +65.9290 1.44%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs