Hutchinson Technology to Cut 100 Jobs as Part of Cost Reduction
May 20 14
Hutchinson Technology announced that it expects to reduce its U.S. workforce by approximately 100 positions by the end of July. Combined with the previously announced cost savings of $2.5 million per quarter through consolidation of its operations and the shift of more assembly production to its Thailand plant, the technology manufacturer now estimates that cost reductions of $4.0 million per quarter can be achieved by the end of fiscal 2014.
Hutchinson Technology Inc. Reports Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended March 30, 2014
May 1 14
Hutchinson Technology Inc. reported unaudited consolidated earnings results for the second quarter and six months ended March 30, 2014. For the quarter, the company reported net loss of $8,706,000 or $0.31 per diluted share on net sales of $60,699,000 compared to net income of $1,867,000 or $0.07 per diluted share on net sales of $60,930,000 reported a year ago. Loss from operations was $5,388,000 compared to $2,056,000 reported a year ago. Loss before income taxes was $8,681,000 compared to income before income taxes of $1,830,000 reported a year ago. Adjusted net loss was $7,798,000 or $0.28 per diluted share compared to $3,967,000 or $0.15 per diluted share reported a year ago.
For the six months, the company reported net loss of $24,052,000 or $0.86 per diluted share on net sales of $131,011,000 compared to net loss of $4,655,000 or $0.19 per diluted share on net sales of $124,629,000 reported a year ago. Loss from operations was $14,725,000 compared to $5,158,000 reported a year ago. Loss before income taxes was $24,843,000 compared to $4,646,000 reported a year ago. Capital expenditures were $10,480,000 compared to $12,655,000 reported a year ago. Cash used in operating activities was $188,000 compared to cash provided by operating activities of $2,153,000 reported a year ago.
Hutchinson Technology Incorporated Announces Executive Changes
Apr 8 14
Hutchinson Technology Incorporated announced that it has appointed Mark Jelkin as the company's vice president of engineering. In this position Jelkin will be responsible for setting technology strategy, overseeing product and process development, and directing the company's global engineering functions. The company also announced that its Chief Technology Officer Scott Schaefer will retire effective June 7, 2014, after 35 years with the company. Jelkin joined Hutchinson Technology in 1988 and has held a variety of engineering leadership positions. He has been the company's director of engineering and program development since 2006.