HTI announces earnings 27 Jul 12

Hutchinson Technology Incorporated today reported a net loss of $13.9 million, or $0.59 per share, on net sales of $61.0 million for its fiscal third quarter ended June 24. In the preceding quarter, the company reported a net loss of $7.5 million, or $0.32 per share, on net sales of $65.5 million. President and Chief Executive Officer Wayne Fortun said the company is continuing to carefully manage their costs and cash through the current demand softness and are focusing on ramping assembly operations in Thailand, leveraging the lower costs of their TSA+ process and capturing increased volume on customers’ existing and new disk drive programs.