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Hutchinson Technology CEO Discusses F1Q2012 Results - Earnings Call Transcript

Stocks in this article: HTCH

Now, I will turn the call over to Rick for a recap of the disk drive components division first quarter.

Rick Penn

Thanks Wayne. During our fiscal 2012 first quarter we shipped $89.3 million to suspension assemblies, which was down 30% from $127.4 million in the preceding quarter and in line with our guidance. The decline resulted from flood related capacity constrains at our customers. We believe that our competitors also experienced declines in their volume and that we maintained our overall market share we had approximately 20%.

Thanks to the efforts of our employees here in the U.S. and abroad we’ve been able to leverage the existing capacity of our vertically integrated U.S. operations to meet customer’s needs. This available capacity also positions us well to respond to increased demand as the industry recovers.

For the fiscal 2012 first quarter our mix of product shift was as follows suspensions for 3.5- inch ATA applications decreased 56% sequentially and accounted for 35% of our shipments compared with 55% in the preceding quarter. Shipments from mobile applications increased 11% sequentially and accounted for 42% of our shipments up from 27% in the preceding quarter and shipments for enterprise applications decreased 9% sequentially and accounted for 23% of our shipments, compared to an 18% in the preceding quarter.

These changes in our product mix were a result of the flood related capacity constraints at our customers and caused our average selling price to increase from $0.58 in the preceding quarter to $0.60 in the fiscal 2012 first quarter. Our first quarter shipments TSA+ suspension assemblies decreased 39% sequentially to $47 million and accounted for 52% of our shipments, down from 60% in the preceding quarter.

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