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Hutchinson Technology's CEO Discusses F2Q12 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 material non-public information through any other means.

We issued our second 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. Second quarter suspension assembly shipments were in line with our expectations. Our volumes increased compared with the preceding quarter as the disk drive industry supply chain continued to recover from last October's flood-related disruptions. We have been able to meet all of our customer requirements during this recovery period by taking advantage of our vertically-integrated US operations, although at somewhat higher costs and we're responding to further increases in demand as the industry recovery continues.

We are pleased to report that our work to restore production at our assembly operation in Thailand is proceeding on schedule and we plan to resume production there by the end of June. We currently expect to be at pre-flood capacity levels by the middle of fiscal 2013.

After the close of the second quarter, we completed another round of debt refinancing. This refinancing improves our financial position by extending the maturities of a significant portion of our debt and reducing our overall debt balance while maintaining our cash level. I will turn it over to Rick now for a recap of the disk drive components business.

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