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Hutchinson Technology CEO Discusses F1Q2012 Results - Earnings Call Transcript

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 non-public information through any other means.

We issued our first 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. Our first quarter suspension assembly shipments were in line with our guidance we provided in our November 1 st conference call. As we’ve reported at that time the historic flooding in Thailand has temporarily suppressed the overall production capacity of the hard disk drive supply chain. And this is resulted in material decrease in our suspension assembly demand. Thankfully, we have been able to offset the capacity that was damaged in our Thailand operation with the available capacity in our vertically integrated U.S. operations to meet customer’s requirements.

Our assembly operation in Thailand is dry now and repair and restoration work is underway. After reviewing the flood mitigation plans of the Thai government and of the industrial park where our plant is located we are proceeding with plans to restore our Thai operation and expect to resume operation by the end of June. Longer term we will closely monitor the implementation of the plant flood mitigation measures while we ramp the production capacity of our Thailand facility. We expected it will take until the middle of fiscal year 2013 to return the operation to pre flood output levels.

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