Posted: Thursday, July 26, 2012 3:42 pm | Updated: 3:55 pm, Thu Jul 26, 2012.
Hutchinson Technology Inc. today reported a net loss of $13.9 million, or 59 cents a share, on net sales of $61 million for its fiscal third quarter ending June 24.
As the company previously reported, demand softened in the final five weeks of the third quarter, with average weekly shipments declining by more than 15 percent compared with the quarter's first eight weeks. Fiscal 2012 third quarter suspension assembly shipments totaled 100.1 million, compared with 96.9 million in the preceding quarter.
The net loss for the quarter included:
? A $5.9 million gain on debt extinguishment and $0.4 million of debt refinancing costs related to the exchange offer, tender offers and private offering completed in April;
? $3.6 million of flood-related restoration and operating costs in Thailand; and
? $1.1 million of non-cash interest expense on outstanding debt.
Excluding these items, the company's net loss for the quarter would have totaled $14.6 million or 62 cents a share.
In the preceding quarter, the company reported a net loss of $7.5 million, or 32 cents a share, on net sales of $65.5 million. Excluding certain items, the non-GAAP net loss in the preceding quarter was $11.2 million, or 48 cents a share.
For more about this story, see Sunday's Leader.
(Doug Hanneman is editor of the Hutchinson Leader. He can be reached at hanneman@hutchinsonleader.com)
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