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Hutchinson Technology's CEO Discusses F2Q 2011 Results - Earnings Call Transcript

The two initiatives include supporting the global introduction of our InSpectra StO2 Spot Check, which received marketing clearance from the US Food and Drug Administration in March. This new product enables clinicians to quickly and cost effectively experience the clinical and economic benefits of using StO2 to identify at-risk patients in a wide variety of clinical settings, and we believe could lead to wider adoption of StO2 monitoring.

In addition, an independent randomized multi-site outcomes based study is being conducted to research the possible benefits of using StO2 to guide resuscitation of shock patients. And initial studies show that using StO2 to guide patient treatment resulted in improved outcomes in the form of shorter ICU and hospital stays. If the multi-site outcome study demonstrates these results in a larger patient population, it could add significantly to the growing body of evidence that supports wider adoption of StO2 monitoring. All together, our consolidation and restructuring effort should result in a $50 million to $55 million reduction in our costs on an annualized basis by the start of fiscal 2012 second quarter.

We believe we have the right plans in place to provide compelling combination of cost, technology, service, and supply assurance to our customers, and profitable growth to our shareholders.

I’ll turn it over to Rick now for a recap of the Disk Drive Component Division second quarter.

Rick Penn

Thanks Wayne. During our fiscal 2011 second quarter, we shipped 102.3 million suspension assemblies, down 4% from a 106.5 million in the preceding quarter. This decline was in line with our revised guidance as well as the estimated reduction in the overall hard disk drive and suspension assembly TAM or total available market.

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