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Hutchinson's CEO Discusses F3Q2012 Results - Earnings Call Transcript

Stocks 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 third 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. As we reported in late June, we saw demand for suspension assemblies weaken in the final weeks of our fiscal third quarter.

Our average weekly shipments in the quarter, in the last five weeks were more than 15% lower than they were in the first eight weeks. Our total shipments for the quarter did increased slightly compared with the preceding quarter, but less than we expected them to. The slight recovery in volume resulted in lower than expected fixed costs leverage in the quarter and prevented us from improving gross margin.

At our assembly operation in Thailand, we have resume production and have shift product for customer qualification. We expect the qualification process to be completed in a matter of days. We are bringing new units online at our Thailand assembly operation, as we steadily increase capacity there.

In our BioMeasurement division, we continue to focus on controlling the costs of operating the business and we're looking forward to the results of a number of critical care studies becoming publicly available in September.

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