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 31, 2007
Date of report (Date of earliest event reported)
HUTCHINSON TECHNOLOGY INCORPORATED
(Exact Name of Registrant as Specified in its Charter)
| | | | | |
| Minnesota | | 0-14709 | | 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 (seeGeneral Instruction A.2. below):
o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
TABLE OF CONTENTS
Item 2.02 Results of Operations and Financial Condition.
On July 31, 2007, we issued a press release presenting our results of operations for the fiscal quarter ended June 24, 2007, which is furnished as Exhibit 99.1 hereto. We have elected early application of Staff Accounting Bulletin 108 (“SAB 108”) that was recently released by the Securities and Exchange Commission, and Exhibit 99.1 hereto includes a summary of quarterly results with SAB 108 adjustments.
The press release regarding our results of operations for the fiscal quarter ended June 24, 2007 includes presentations of non-GAAP financial measures of (i) net loss and net loss per share for fiscal 2007 periods excluding pre-tax charges totaling $8,728,000 for (x) severance costs for approximately 500 positions eliminated during the fiscal quarter ended June 24, 2007 and (y) the write-off of design costs for a cancelled facility expansion and (ii) net income and net income per share for fiscal 2006 periods excluding an increase to operating income of $5,000,000 resulting from the resolution of a dispute with a former supplier.
For each non-GAAP measure, the press release also provides the most directly comparable GAAP measure and a reconciliation of the non-GAAP measure to the GAAP measure. Management believes that the non-GAAP measures provide useful information to investors regarding our results of operations and financial condition because they eliminate unusual items impacting earnings and facilitate a more meaningful comparison and understanding of our operating performance for the current, past and future periods. Management uses these non-GAAP measures to monitor and evaluate ongoing operating results and trends and to gain an understanding of our comparative operating performance.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
| | | |
| 99.1 | | Press Release dated July 31, 2007 regarding results of operations for the fiscal quarter ended June 24, 2007 |
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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.
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| | HUTCHINSON TECHNOLOGY INCORPORATED
|
| Date: July 31, 2007 | /s/ John A. Ingleman | |
| | John A. Ingleman | |
| | Senior Vice President and Chief Financial Officer | |
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EXHIBIT INDEX
| | | | | |
| No. | | Description | | Manner of Filing |
| |
| 99.1 | | Press Release dated July 31, 2007 regarding results of operations for the fiscal quarter ended June 24, 2007. | | Filed Electronically |
