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Hutchinson Technology Inc CEO Discusses F3Q11 Results - Earnings Call Transcript

Stocks in this article: HTCH

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 SEC. In connection with the adoption of SEC rules governing fair disclosure, the company provides financial information and projections only through means that are designed to provide broad distribution of the information to the public. The company will not make projections or provide material non-public information through any other means.

We issued our third 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 third quarter, our suspension assembly shipments increased 15% and our net sales grew 14% and we cut our net loss nearly in half compared to our second quarter.

Our improved financial performance is driven by an increase in shipments and the cost benefits from actions we have taken to position ourselves as the industry's lowest cost producer of suspension assembly.

Improved efficiency in our TSA+ production, the transition of assembly operations to our Thailand facility, the consolidation of our manufacturing operations and the restructuring of our business are reducing our costs and improving our competitive position.

Volume with all of our customers increased in the third quarter compared with the preceding quarter and we believe we gained a modest amount of market share in all of the disk drive segments as a result of share shifts among our customers and improvement in our share positions on some existing customer programs.

I'll turn it over to Rick now for a recap on the Disk Drive Components Division.

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