Hutch Tech.'s 2nd quarter better than 1stby Conrad Wilson, Minnesota Public Radio
ST. CLOUD, Minn. — Minnesota-based Hutchinson Technology posted slightly better second-quarter earnings after markets closed Tuesday.
The company announced a $7.5 million net loss for the quarter, an improvement from a loss of $12.5 million in the first quarter.
The disk drive component manufacturer says sales were up in the second quarter to over $65 million. The company was able to lower overall debt.
Hutchinson Tech has struggled, announcing large layoffs last year followed by floods that affected production in Thailand last October.
Wayne Fortun, president and chief executive officer, says the company met demand, but with higher labor costs.
"We currently expect to be a pre-flood capacity levels by the middle of fiscal 2013."
Fortun says the company's manufacturing plant in Thailand should be up and running by the end of June.
"We are pleased with what progress we're making and looking forward to the position as a strong one for us and a strong one for the industry as a well," Fortun said.