Hutchinson's CEO Discusses F3Q2012 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 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 FortunThanks, 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.Select the service that is right for you!
COMPARE ALL SERVICESAction Alerts PLUS
TRY IT FREEJim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
Product Features:
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Dividend Stock Advisor
TRY IT FREENew! $49.95/yr
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
Product Features:
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Stocks Under $10
TRY IT FREEDavid Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.
Product Features:
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts
- Weekly roundups
Real Money
TRY IT FREE24/7 market commentary from Jim Cramer and 20+ veteran Wall Street gurus. Get access to the latest trading ideas on stocks, options, and ETFs as well as a real-time forum to see the pros exchanging their investment ideas.
Product Features:
- Jim Cramer + 20 Wall Street pros
- Intraday commentary & news
- Real-time trading forum
- Actionable trade ideas
Real Money Pro
TRY IT FREEAll of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
Product Features:
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Options Profits
TRY IT FREEOur options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
Product Features:
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV
