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As of 8:10 PM 11/21/14 All times are local (Market data is delayed by at least 15 minutes).

hutchinson tech (HTCH) Key Developments

Hutchinson Technology Inc. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended September 28, 2014; Provides Capital Expenditure and Tax Rate Guidance for the Fiscal 2015 and Interest Expense and Suspension Assembly Shipments Guidance for the First Quarter of Fiscal 2015

Hutchinson Technology Inc. reported earnings results for the fourth quarter and full year ended September 28, 2014. For the quarter, the company reported net sales of $70.30 million compared to $63.659 million a year ago. Loss from operations was $1.47 million compared to $10.661 million a year ago. Loss before income taxes was $5.14 million compared to $14.51 million a year ago. Net loss was $5.16 million or $0.18 per diluted share compared to $14.56 million or $0.53 per diluted share a year ago. The net loss for the fiscal 2014 fourth quarter included $870,000 of non-cash interest expense, a $400,000 foreign currency gain, a $325,000 reversal of an accrual for severance costs and $270,000 of site consolidation costs. Excluding these items, the company's net loss for the fiscal 2014 fourth quarter was $4.7 million, or $0.17 per share. For the year, the company reported net sales of $261.09 million compared to $249.60 million a year ago. Loss from operations was $23.60 million compared to $24.75 million a year ago. Loss before income taxes was $41.18 million compared to $35.060 million a year ago. Net loss was $40.41 million or $1.44 per diluted share compared to $35.08 million or $1.35 per diluted share a year ago. Cash used in operating activities was at $1.47 million against cash provided of $6.09 million reported last year. Capital expenditures were at $17.28 million against $18.88 million reported last year. The company currently estimated that fiscal 2015 capital expenditures will total about $20 million. The company expected tax rate in fiscal 2015 should be near 0. Interest expense is expected to peak at $4.4 million in the fiscal 2015 first quarter and then decline to $3.5 million in the second quarter. Regarding its outlook, the company said it expects fiscal 2015 first quarter suspension assembly shipments to be 120 million to 125 million as its participation on customers' programs continues to improve. Average selling price is expected to remain at approximately $0.58 while gross profit should improve modestly on higher volume.

Hutchinson Technology Inc. Reports Preliminary Sales Results for the Fourth Quarter Ended September 28, 2014

Hutchinson Technology Inc. reported preliminary sales results for the fourth quarter ended September 28, 2014. Net sales for the quarter totaled approximately $70.3 million compared with $59.8 million in the preceding quarter.

Hutchinson Technology Inc. to Report Q4, 2014 Results on Nov 05, 2014

Hutchinson Technology Inc. announced that they will report Q4, 2014 results at 5:00 PM, US Eastern Standard Time on Nov 05, 2014

Hutchinson Technology Inc., Q4 2014 Earnings Call, Nov 05, 2014

Hutchinson Technology Inc., Q4 2014 Earnings Call, Nov 05, 2014

Hutchinson Technology Inc. Reports Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended June 29, 2014; Provides Earnings Guidance for the Fourth Quarter and Full Year of 2014

Hutchinson Technology Inc. reported unaudited consolidated earnings results for the third quarter and nine months ended June 29, 2014. For the quarter, the company reported net sales of $59.8 million on suspension assembly shipments of 97.5 million, down 4% from 101.7 million in the preceding quarter and compared to net sales of $61.3 million in second quarter of 2013. The company reported loss from operations of $7.4 million compared to $8.9 million, loss before income taxes of $11.2 million compared to $15.9 million, net loss of $11.2 million or $0.40 per diluted share compared to $15.9 million or $0.59 per diluted share, net loss – adjusted of $8.9 million or $0.32 per diluted share compared to $11.1 million or $0.41 per diluted share for the last year. Cash generated by operations totaled $500,000, and capital spending totaled $2.9 million, resulting in negative free cash flow of $2.4 million. For the nine months, the company reported net sales of $190.8 million $185.9 million, loss from operations of $22.1 million compared to $14.1 million, loss before income taxes of $36.0 million compared to $20.6 million, net loss of $35.3 million or $1.26 per diluted share compared to $20.5 million or $0.81 per diluted share, cash provided by operating activities of $0.3 million compared $3.1 million and capital expenditures of $13.4 million compared $15.1 million for the last year. The company expects fourth quarter gross margin and volume growth to increase compared to the third quarter as higher shipments and the benefits of cost reductions are partially offset by a reduction of finished goods inventories. Company’s tax rate is expected to be near 0 in fiscal 2014. Fiscal 2014 capital expenditures, which are primarily for customer specific-program tooling and DSA manufacturing equipment, should total about $20 million.

 

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