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Hutchinson Technology CEO Discusses F4Q2011 Results - Earnings Call Transcript

Stock quotes 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 fourth quarter results announcement just after the market close 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. As all of you who follow disk drive industry know the severe flooding in Thailand has created substantial disruption and uncertainty for the entire hard disk drive industry. Our employees in Thailand have been deeply impacted by the flooding and our sympathies are with them and their families as they cope with this disaster.

As we reported previously we suspended our operations in Thailand in the second week of October and floodwaters inundated our plant and the large industrial park that our plant resides in shortly thereafter.

We fully intend to resume operations in Thailand. Our assembly operation there was meeting or exceeding all of our expectations for volume, quality and costs. It remains integral to our plan to be the industry's lowest cost producer of suspension assemblies.

Based on the information we currently have, we expect it will be multiple quarters before we are fully operational in Thailand again. However, thanks to extraordinary efforts by our employees both abroad and here in the U.S. we’ve been able to respond to the unprecedented flooding and leverage our available assembly capacity and vertically integrated components operations in the U.S. to meet current levels of customer demand despite the temporary loss of our assembly capacity in Thailand.

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