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Hutchinson Technology CEO Discusses F4Q2011 Results - Earnings Call Transcript

Stocks in this article: HTCH

Before we can assess the financial impact of our recovery effort in any insurance proceeds, we need the floodwaters to recede so we can fully evaluate the damage to our operations in Thailand. This is expected to take several weeks.

In addition to the impact on our operations, the flooding in Thailand is temporarily suppressing overall production capacity of the hard disk drive supply chain and this is resulting in a material decrease in our suspension assembly demand.

Now, I’ll turn it over to Rick for a recap of the disk drive components division’s fourth quarter.

Ric k Penn

Thanks, Wayne. During our fiscal 2011 fourth quarter, we shipped 127.4 million suspension assemblies, up 8% from 117.9 million in the preceding quarter. For the quarter, our mix of products shipped was follows. Suspensions for 3.5-inch ATA applications increased 3% sequentially and accounted for 55% of our shipments compared with 58% in the preceding quarter.

Shipments for mobile applications increased 51% sequentially and accounted for 27% of our shipments, up from 90% in the preceding quarter, and shipments for enterprise applications decreased 16% sequentially and accounted for 18% of our shipments compared to a 23% in the preceding quarter.

Average selling price in the fourth quarter was $0.58, compared with $0.59 in the preceding quarter. Our fourth quarter shipments of TSA+ suspensions increased 27% sequentially to 76.2 million and accounted for 60% of our fourth quarter shipments, compared with 51% in the preceding quarter.

And despite a sequential reduction in flexure production, our TSA+ cost per flexure declined 7% in the fourth quarter, as we successfully consolidated our TSA+ equipment into our Eau Claire operations.

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