UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

FORM 8-K

 

 

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

July 15, 2011

Date of report (Date of earliest event reported)

 

 

HUTCHINSON TECHNOLOGY INCORPORATED

(Exact Name of Registrant as Specified in its Charter)

 

 

 

Minnesota   001-34838   41-0901840
(State of Incorporation)  

(Commission

File Number)

 

(I.R.S. Employer

Identification No.)

40 West Highland Park Drive N.E.,

Hutchinson, Minnesota

  55350
(Address of Principal Executive Offices)   (Zip Code)

(320) 587-3797

(Registrant’s Telephone Number, Including Area Code)

Not Applicable

(Former Name or Former Address, if Changed Since Last Report)

 

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

 

 


Item 7.01 Regulation FD Disclosure.

We currently estimate that our net loss for the fiscal quarter ended June 26, 2011 will be approximately $10,000,000 to $12,000,000, or $0.43 to $0.51 per common share, compared to a net loss for the fiscal quarter ended March 27, 2011 of $20,482,000, or $0.88 per common share.

We currently estimate that our non-GAAP net loss for the fiscal quarter ended June 26, 2011 will be approximately $6,100,000 to $8,900,000, or $0.26 to $0.38 per common share, compared to non-GAAP net loss for the fiscal quarter ended March 27, 2011 of $16,515,000, or $0.71 per common share.

Non-GAAP net loss is a “non-GAAP financial measure” within the meaning of the Securities and Exchange Commission’s Regulation G. With respect to non-GAAP net loss, we have disclosed the most directly comparable financial measure calculated and presented in accordance with generally accepted accounting principles (“GAAP”) and a reconciliation of non-GAAP net loss to the most directly comparable GAAP financial measure appears below. Management believes that non-GAAP net loss provides useful information to investors regarding our results of operations and financial condition because it eliminates unusual items impacting earnings and facilitates a more meaningful comparison and understanding of our operating performance for the current, past and future periods.

Reconciliation of Non-GAAP net loss to GAAP net loss – Unaudited

(In thousands, except per share data)

 

     Thirteen Weeks Ended  
    

June 26, 2011

    March 27,     June 27,  
     (estimated range)     2011     2010  

Net loss - GAAP

   $ (12,000   $ (10,000   $ (20,482   $ (18,500

Add severance expenses

     —          —          6,725        —     

Subtract reversal of severance expenses

     (800     (400     —          —     

Subtract gain on extinguishment of debt

     —          —          (5,467     —     

Add asset impairment charge

     —          —          —          2,294   

Add accelerated depreciation

     2,200        2,600        724        —     

Add non-cash interest expenses

     1,700        1,700        1,985        2,119   
                                

Net loss - Adjusted

   $ (8,900   $ (6,100   $ (16,515   $ (14,087
                                

Net loss per common share – GAAP:

        

Basic loss per share

   $ (0.51   $ (0.43   $ (0.88   $ (0.79

Diluted loss per share

   $ (0.51   $ (0.43   $ (0.88   $ (0.79

Net loss per common share – Adjusted:

        

Basic loss per share

   $ (0.38   $ (0.26   $ (0.71   $ (0.60

Diluted loss per share

   $ (0.38   $ (0.26   $ (0.71   $ (0.60

Weighted average common and common equivalent shares outstanding:

        

Basic

     23,379        23,379        23,375        23,362   

Diluted

     23,379        23,379        23,375        23,362   

Net loss per common share basic and diluted, is calculated by dividing net loss by weighted average common and common equivalent shares outstanding basic and diluted, respectively.

 

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The information contained herein shall not be incorporated by reference into any registration statement or other document filed with the Securities and Exchange Commission by us, whether made before or after the date hereof, regardless of any general incorporation language in such filing, except as shall be expressly set forth by specific reference in such filing.

 

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

  HUTCHINSON TECHNOLOGY INCORPORATED
Date: July 14, 2011  

/s/ David P. Radloff

  David P. Radloff
  Vice President and Chief Financial Officer