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Hutchinson Technology, Q1 2011 Earnings Conference Call Transcript

As a reminder we will be providing forward-looking information on-demand for and shipments of the company’s products, our market position, pricing, customer mix, production capabilities and capacity, capacity utilization, our assembly operations in Thailand, capital spending, product costs, operating expenses, our biomeasurement division’s revenue, clinical evidence, product commercialization and adoption, and the company’s operating performance and financial results.

These forward-looking statements involve risks and uncertainties as they are based on our current expectations. Our actual results could differ materially as a result of several factors that are described in our periodic reports on file with the FDC. In connection with the adoption of FDC rules governing fair disclosure, the company provides financial information and projections only through means that are designed to provide broad distribution of information to the public.

The company will not make projections or provide material non-public information through any other means. We issued our first quarter results announcement just after the market closed this afternoon and it is now posted on our website at www.htch.com. I’ll turn the call over to Wayne now for his opening remarks.

Wayne Fortun

Thanks, Chuck. Good afternoon, everyone and thank you for joining us today. In our fiscal 2011 first quarter we substantially reduced our net loss compared with the preceding quarter despite lower volume and revenue. The smaller loss resulted from benefits from our recent costs reductions and a significant improvement in our TSA plus yield and output. We have reduced our annual costs by $25 million inline with the plans we discussed on our previous earnings call.

During the quarter we also demonstrated that we can attain levels of TSA plus yields, out put and capacity utilization that eliminate the cost burden that has been associated with TSA plus production. Looking ahead our cost position on suspension assemblies will continue to benefit from further improvement in our TSA plus yield and out put as well as a steady increase in volume produced at our Thailand assembly operation.

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