========================================================================
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
---------------
FORM 10-Q
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934.
For the quarterly period ended December 31, 1999
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934.
For the transition period from ____ to _____
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COMMISSION FILE NUMBER: 000-27586
HMT TECHNOLOGY CORPORATION
(EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER)
DELAWARE 94-3084354
----------------------------------- -----------------
(State or other jurisdiction of (I.R.S. employer
incorporation or organization) identification number)
1055 PAGE AVENUE, FREMONT, CA 94538
----------------------------------------- ----------
(Address of principal executive offices) (Zip code)
Registrant's telephone number, including area code: (510) 490-3100
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Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange
Act of 1934 during the preceding 12 months (or for such shorter period
that the registrant was required to file such reports), and (2) has been
subject to such filing requirements for the past 90 days. Yes [X] No [ ]
--- ---
As of February 14, 2000, 46,098,752 shares of the registrant's common
stock, par value $0.001 per share, which is the only class of common
stock of the registrant, were outstanding.
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<PAGE>
HMT TECHNOLOGY CORPORATION
QUARTERLY REPORT ON FORM 10-Q
FOR THE QUARTERLY PERIOD ENDED DECEMBER 31, 1999
PART I FINANCIAL INFORMATION Page
Item 1. Financial Statements
Condensed Consolidated Balance Sheets at December 31, 1999
and March 31, 1999..........................................3
Condensed Consolidated Statements of Operations for the three
and nine month periods ended December 31, 1999 and 1998 ....4
Condensed Consolidated Statements of Cash Flows for the
nine month periods ended December 31, 1999 and 1998 ........5
Notes to Condensed Consolidated Financial Statements ...........6
Item 2. Management's Discussion and Analysis of Consolidated Financial
Condition and Results of Operations ........................9
Item 3. Quantitative and Qualitative Disclosures of Risk ..............11
PART II OTHER INFORMATION
Item 6. Exhibits and Reports on Form 8-K ..............................11
Signatures ....................................................12
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements
HMT TECHNOLOGY CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)
<TABLE>
<CAPTION>
December 31, March 31,
1999 1999
------------ ------------
(Unaudited)
<S> <C> <C>
ASSETS
Current assets:
Cash and cash equivalents.................... $60,468 $53,077
Receivables, net............................. 32,883 29,572
Inventories.................................. 18,118 26,585
Deposits, prepaid expenses and other assets.. 496 588
Deferred tax assets, short-term.............. 5,133 5,133
------------ ------------
Total current assets................. 117,098 114,955
Property, plant and equipment, net............. 285,011 321,508
Other assets................................... 5,231 6,077
------------ ------------
Total assets......................... $407,340 $442,540
============ ============
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable............................. $23,119 $20,732
Accrued liabilities.......................... 7,502 8,498
Obligations under capital leases --
current portion............................ 117 555
------------ ------------
Total current liabilities............ 30,738 29,785
Long-term liabilities.......................... 1,924 2,680
Convertible subordinated promissory notes...... 230,000 230,000
Deferred tax liability, long-term.............. 14,127 14,127
------------ ------------
Total liabilities.................... 276,789 276,592
Stockholders' equity:
Common stock................................. 46 44
Additional paid-in capital................... 116,658 113,661
Retained earnings ........................... 90,496 128,892
Distribution in excess of basis.............. (76,649) (76,649)
------------ ------------
Total stockholders' equity........... 130,551 165,948
------------ ------------
Total liabilities and stockholders' equity. $407,340 $442,540
============ ============
</TABLE>
See accompanying notes
<PAGE>
HMT TECHNOLOGY CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF OPERATION
(in thousands, except per share data)
<TABLE>
<CAPTION>
Three Months Ended Nine Months Ended
December 31, December 31,
------------------------- -------------------------
1999 1998 1999 1998
------------ ------------ ------------ ------------
(Unaudited) (Unaudited)
<S> <C> <C> <C> <C>
Net sales ................... $59,608 $69,792 $149,298 $183,556
Cost of sales ............... 60,799 62,582 181,814 158,974
------------ ------------ ------------ ------------
Gross profit (Loss)........ (1,191) 7,210 (32,516) 24,582
------------ ------------ ------------ ------------
Operating expenses:
Research and development .. 2,404 2,368 6,839 7,185
Selling, general and
administrative ........... 2,301 4,056 7,280 8,934
Restructuring expenses .... -- 15,662 -- 15,662
------------ ------------ ------------ ------------
Total operating expenses . 4,705 22,086 14,119 31,781
------------ ------------ ------------ ------------
Operating loss .............. (5,896) (14,876) (46,635) (7,199)
Interest expense, net ....... 2,703 2,772 8,216 8,168
------------ ------------ ------------ ------------
Loss before income tax
benefit................... (8,599) (17,648) (54,851) (15,367)
Income tax benefit .......... (2,580) (5,294) (16,455) (4,610)
------------ ------------ ------------ ------------
Net loss ................. ($6,019) ($12,354) ($38,396) ($10,757)
============ ============ ============ ============
Net loss per share :
Basic..................... ($0.13) ($0.28) ($0.85) ($0.25)
============ ============ ============ ============
Diluted................... ($0.13) ($0.28) ($0.85) ($0.25)
============ ============ ============ ============
Shares used in computing
per share amounts:
Basic..................... 45,664 43,822 45,027 43,602
============ ============ ============ ============
Diluted................... 45,664 43,822 45,027 43,602
============ ============ ============ ============
</TABLE>
See accompanying notes
<PAGE>
HMT TECHNOLOGY CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
<TABLE>
<CAPTION>
Nine Months Ended
December 31,
-------------------------
1999 1998
------------ ------------
(Unaudited)
<S> <C> <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss ......................................... ($38,396) ($10,757)
Adjustments to reconcile net income (loss)
to net cash used in operations:
Depreciation and amortization ................. 42,324 39,432
Changes in operating assets and liabilities:
Receivables ................................. (3,311) 21,637
Inventories ................................. 8,467 (9,525)
Deposits, prepaid expenses and other assets . 92 (265)
Accounts payable ............................ 2,387 (5,221)
Accrued liabilities ......................... (996) (1,154)
Long-term liabilities ....................... (756) (949)
------------ ------------
Net cash provided by operating activities. 9,811 33,198
------------ ------------
CASH FLOWS FROM INVESTING ACTIVITIES:
Expenditures for property, plant and equipment ... (5,776) (36,962)
Decrease in other assets ......................... 795 1,065
------------ ------------
Net cash used in investing activities .... (4,981) (35,897)
------------ ------------
CASH FLOWS FROM FINANCING ACTIVITIES:
Principal payments on obligations under capital
leases ........................................ (438) (2,513)
Proceeds from issuance of common stock ........... 2,999 3,309
------------ ------------
Net cash provided by financing activities. 2,561 796
------------ ------------
Net increase (decrease) in cash and cash
equivalents .................................... 7,391 (1,903)
Cash and cash equivalents at beginning of period . 53,077 24,985
------------ ------------
Cash and cash equivalents at end of period ....... $60,468 $23,082
============ ============
</TABLE>
See accompanying notes
<PAGE>
HMT TECHNOLOGY CORPORATION
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
1. Summary of Significant Accounting Policies
Basis of Presentation
The accompanying consolidated financial statements have been prepared
by HMT Technology Corporation ("the Company") without audit in
accordance with generally accepted accounting principles for interim
financial information and pursuant to rules and regulations of the
Securities and Exchange Commission. In the opinion of management, all
adjustments (consisting only of normal recurring adjustments)
considered necessary for a fair representation have been included.
These financial statements should be read in conjunction with the
Company's consolidated financial statements and notes thereto
contained in the Company's Annual Report on Form 10-K for the fiscal
year ended March 31, 1999.
Operating results for the quarter ended December 31, 1999 may not
necessarily be indicative of the results to be expected for any other
interim period or for the full year.
Fiscal Year
The Company uses a 52-week fiscal year ending on March 31 and
thirteen-to-fourteen-week quarters that end on the Sunday closest to
the calendar quarter end.
Inventories
Inventories are stated at the lower of cost or market, and are
reported net of reserves. Cost is determined using the first-in,
first-out basis.
Inventories
Inventories are stated at the lower of cost or market, and are reported
net of reserves. Cost is determined using the first-in, first-out basis.
<TABLE>
<CAPTION>
December 31, March 31,
1999 1999
------------ ------------
(unaudited)
(in thousands)
<S> <C> <C>
Raw materials............................ $8,149 $5,575
Work-in-process.......................... 5,866 3,569
Finished goods........................... 4,103 17,441
------------ ------------
$18,118 $26,585
============ ============
</TABLE>
In June 1997, the Financial Accounting Standards Board issued Statement
of Financial Accounting Standards No. 131, "Disclosures about Segments of
an Enterprise and Related Information" ("SFAS 131"). SFAS 131
establishes standards for the way that public business enterprises report
information about operating segments in annual financial statements and
requires that those enterprises report selected information about
operating segments in interim financial reports issued to stockholders.
SFAS 131 generally supersedes Statement of Financial Accounting Standards
No. 14, "Financial Reporting for Segments of a Business Enterprise."
Under SFAS 131, operating segments are components of an enterprise about
which separate financial information is available that is evaluated
regularly by the chief operating decision maker in deciding how to
allocate resources and in assessing performance. Generally, financial
information is required to be reported on the basis it is used
internally. SFAS 131 is effective for financial statements for periods
beginning after December 15, 1997, and restatement of comparative
information for earlier years is required. However, SFAS 131 is not
required to be applied to interim financial statements in the initial
year of application. Based upon the criteria of SFAS 131, the Company
has a single operating segment. Accordingly, the financial statements
provided herein satisfy the standard for reporting.
In June 1998, the Financial Accounting Standards Board issued Statement
of Financial Accounting Standards No. 133, "Accounting for Derivative
Instruments and Hedging Activities" ("SFAS No. 133"). SFAS 133 requires
derivatives be recognized at fair value in the statement of financial
position, and that the corresponding gains or losses be reported either
in the statement of operations or as a component of comprehensive income,
depending on the type of hedging relationship that exists. SFAS 133 will
be effective for fiscal years beginning after June 15, 1999. The Company
does not currently hold derivative instruments or engage in hedging
activities.
Restructuring Charge
During the third quarter of fiscal 1999, the Company announced and
completed a restructuring plan, which included a work force reduction of
approximately 300 employees and the consolidation of the Company's
manufacturing operations. The plan was primarily aimed at improving cost
efficiencies by retiring older equipment and eliminating excess capacity.
The Company recorded a total charge of $15.7 million, which included a
non-cash charge of $13.7 million for equipment and related spare parts
taken out of service during the quarter. The restructuring charge also
included a charge of $1.8 million for severance costs, which were paid in
full during the third fiscal quarter, and a provision of $200,000 for
contract services in connection with the restructuring plan.
Other
During the third quarter of fiscal 1999, the Company recorded a $2.3
million charge for inventory revaluation (included in cost of sales) and
a $1.5 million charge for uncollectible receivables (included in selling,
general and administrative expenses).
2. COMPUTATION OF NET INCOME (LOSS) PER SHARE
The following table sets forth the computation of basic and diluted
earnings per share (in thousands, except per share data):
<TABLE>
<CAPTION>
Three Months Ende Nine Months Ende
December 31, December 31,
--------------------- ---------- ----------
1999 1998 1999 1998
---------- ---------- ---------- ----------
<S> <C> <C> <C> <C>
Basic:
Weighted average shares outstanding
for the period................... 45,664 43,822 45,027 43,602
---------- ---------- ---------- ----------
Shares used in computing
per share amounts................ 45,664 43,822 45,027 43,602
========== ========== ========== ==========
Net loss........................... (6,019) (12,354) (38,396) (10,757)
========== ========== ========== ==========
Net loss per share................. ($0.13) ($0.28) ($0.85) ($0.25)
========== ========== ========== ==========
Diluted (1):
Weighted average shares outstanding
for the period................... 45,664 43,822 45,027 43,602
Net effect of dilutive stock
options based on the treasury
stock method using average
market price..................... -- -- -- --
Assumed conversion of 5 3/4%
convertible subordinated notes... -- -- -- --
---------- ---------- ---------- ----------
Shares used in computing
per share amounts.................. 45,664 43,822 45,027 43,602
========== ========== ========== ==========
Net loss........................... (6,019) (12,354) (38,396) (10,757)
Add 5 3/4% convertible subordinated
note interest, net of interest
capitalized and income tax effect -- -- -- --
---------- ---------- ---------- ----------
Net loss........................... ($6,019) ($12,354) ($38,396) ($10,757)
========== ========== ========== ==========
Net loss per share................. ($0.13) ($0.28) ($0.85) ($0.25)
========== ========== ========== ==========
</TABLE>
(1) Diluted EPS for the three and nine months ended December 31, 1999 and 1988
does not assume conversion of the Company's 5 3/4% convertible subordinated
notes, as the effect would be anti-dilutive.
Item 2. Managements Discussion and Analysis
of Financial Condition and Results of Operation
This discussion contains forward-looking statements, which are subject to
certain risks and uncertainties, including without limitation those
described below and in the Company's Annual Report on Form 10-K for the
year ended March 31, 1999, which has been filed with the Securities and
Exchange Commission. Actual results may differ materially from the
results discussed in the forward-looking statements.
Overview
HMT Technology Corporation (the "Company") is an independent supplier of
high-performance thin film disks for high-end, high-capacity and
removable hard disk drives, which in turn are used in PCs, network
servers and work-stations.
The Company derives substantially all of its sales from the sale of thin
film disks to a small number of customers. Loss of or a reduction in
orders from one or more of the Company's customers could result in a
substantial reduction in net sales. Because many of the Company's
expense levels are based, in part, on its expectations as to future
revenues, decreases in net sales may result in a disproportionately
greater negative impact on operating results. Due to the rapid
technological change and frequent development of new disk drive products,
it is common in the industry for the relative mix of customers and
products to change rapidly, even from quarter to quarter. At any one
time, the Company typically supplies disks in volume for fewer than
twelve disk drive products.
Results of Operations
Net Sales Three Months Ended December 31, 1999 and 1998. Net sales for
the three months ended December 31, 1999 were $59.6 million, down 14.6%
from the $69.8 million reported in the three months ended December 31,
1998. For the first nine months of fiscal 2000, net sales of $149.3
million were $34.3 million, or 18.7%, lower than the same period in
fiscal 1999. Unit sales volume increased 11.4% during the three months
ended December 31, 1999, while average selling prices declined 23.3%,
compared to the three months ended December 31, 1998. The decrease in
average selling prices during the three months ended December 31, 1999
was attributable to heightened price competition among independent media
suppliers, and the disk drive manufacturer's continuing push for lower
component prices. Future sales will depend largely upon customer demand,
unit shipments, average selling prices and production volumes.
During the three months ended December 31, 1999 and 1998, one and three
customers individually accounted for at least ten percent of consolidated
net sales, respectively. The Company expects that it will continue to
derive a substantial portion of its sales from a relatively small number
of customers, although the identity of such customers may change from
period to period.
Gross Profit. Gross margin (loss) was (2.0)% of net sales for the three
months ended December 31, 1999, compared with 10.3% for the three months
ended December 31, 1998. The decline in gross margin during the three
months ended December 31, 1999 was a result of 20.6% lower unit
production costs which was more than offset by a 23.3% decline in average
selling prices versus the comparable period in fiscal 1999. Unit
production costs decreased as fixed costs were absorbed over higher unit
production volumes. Production volumes increased 22% in the third quarter
of fiscal 2000, compared with the third quarter of fiscal 1999.
Research and Development. Research and development expenses remained
unchanged at $2.4 million in the three months ended December 31, 1999,
compared to the same period in 1998. The Company anticipates that
research and development expenses will fluctuate somewhat from period to
period due to changes in products and operations.
Selling, General and Administrative. Selling, general and administrative
expenses decreased $1.76 million in the three months ended December 31,
1999, compared to the same period in the prior fiscal year. During the
third quarter of fiscal 1999, the Company recorded a $1.5 million charge
for uncollectable receivables (included in selling, general and
administrative expenses). Excluding this charge, selling, general and
administrative expenses in the three months ended December 31, 1999, were
essentially unchanged compared with the third quarter of fiscal 1998. The
Company anticipates that selling, general and administrative expenses
will fluctuate somewhat from period to period due to changes in products
and operations.
Restructuring Charge. During the third quarter of fiscal 1999, the
Company announced and completed a restructuring plan, which included a
work force reduction of approximately 300 employees and the consolidation
of the Company's manufacturing operations. The plan was primarily aimed
at improving cost efficiencies by retiring older equipment and
eliminating excess capacity. The Company recorded a total charge of $15.7
million, which included a non-cash charge of $13.7 million for equipment
and related spare parts taken out of service during the quarter. The
restructuring charge also included a charge of $1.8 million for severance
costs, which were paid in full during the third fiscal quarter, and a
provision of $200,000 for contract services in connection with the
restructuring plan.
Interest Expense, Net. Net interest expense remained unchanged at $2.7
million during the three months ended December 31, 1999, compared to the
same period in fiscal 1999. Interest expense, net will fluctuate as
interest income moves in response to the Company's average cash balances.
Provision for Income Taxes. For the three months ended December 31, 1999
and 1998, the Company recorded income taxes at its estimated annual
effective tax rate of 30%.
The Company's operating results historically have been, and may continue
to be, subject to significant quarterly and annual fluctuations. As a
result, the Company's operating results in any quarter may not be
indicative of its future performance. Factors affecting operating results
include: market acceptance of new products; timing of significant orders;
changes in pricing by the Company or its competitors; timing of product
announcements by the Company, its customers or its competitors; order
cancellations, modifications and quantity adjustments and shipment
rescheduling; changes in product mix; manufacturing yields; the level of
utilization of the Company's production capacity; increases in production
and engineering costs associated with initial manufacture of new
products; and changes in the cost of or limitations on the availability
of materials. The impact of these and other factors on the Company's
revenues and operating results in any future period cannot be forecasted
with certainty. The Company's expense levels are based, in part, on its
expectations as to future revenues. Because the Company's sales are
generally made pursuant to purchase orders that are subject to
cancellation, modification, quantity reduction or rescheduling on short
notice and without significant penalties, the Company's backlog as of any
particular date may not be indicative of sales for any future period, and
such changes could cause the Company's net sales to fall below expected
levels. If revenue levels are below expectations, operating results are
likely to be materially adversely effected. Net income, if any, and gross
margins may be disproportionately affected by a reduction in net sales
because a proportionately smaller amount of the Company's expenses varies
with its revenues.
Liquidity and Capital Resources
Cash and cash equivalents increased by $7.4 million to $60.5 million at
December 31, 1999 from $53.1 million at March 31, 1999. Cash flows from
operations were $9.8 million for the nine-month period ended December 31,
1999 as compared to $33.2 million in the comparable period of 1998. Cash
generated during the nine months ended December 31, 1999 reflected a net
loss of $38.4 million, offset by $42.3 million in depreciation and
amortization. Increased accounts receivable and decreased accrued and
long-term liabilities served to decrease cash while decreased inventory
levels and increased accounts payable generated cash. Decreased sales and
lower margins contributed to the decline in positive cash flow provided
by operations during the nine months ended December 31, 1999 as compared
to the nine months ended December 31, 1998. This was more than offset by
lower investments in property, plant and equipment during the nine months
ended December 31, 1999 as compared to the nine months ended December
31, 1998.
Based on the $60.5 million cash position at December 31, 1999 and
expected future cash flow, the Board of Directors has authorized the
Company to buy from time to time in open market purchases and negotiated
private transactions, up to $30 million principal amount of the Company's
5 3/4% Convertible Subordinated Notes due 2004.
The Company invested $5.8 million and $37.0 million in property, plant
and equipment during the nine months ended December 31, 1999 and 1998,
respectively. The Company spent $12.7 million over the last twelve months
on property, plant & equipment. The company expects capital spending over
the next twelve months to remain consistent with the prior twelve months.
Cash used by financing activities for the first nine months of fiscal
2000 reflected $0.4 million in principal payments on capital leases,
offset by $3.0 million in cash received for employee stock purchases.
As of December 31, 1999, the Company's principal sources of liquidity
consisted of cash, cash equivalents and short-term investments, as well
as the full balance of the $50 million revolving credit facility.
The Company believes existing cash balances, cash generated from
operations and funds available under its credit facilities, will provide
adequate cash to fund its operations and anticipated capital expenditures
at least through December 31, 2000. Should improved market conditions
result in a need for a substantial expansion in the Company's
manufacturing capacity, the Company may need to obtain additional sources
of financing. There can be no assurance that the Company will be able to
obtain any needed alternative sources of financing on favorable terms, if
at all, at such time or times as the Company may require such capital.
Recent Accounting Pronouncements
In June 1997, the Financial Accounting Standards Board issued Statement
of Financial Accounting Standards No. 131, "Disclosures about Segments of
an Enterprise and Related Information" ("SFAS 131"). SFAS 131
establishes standards for the way that public business enterprises report
information about operating segments in annual financial statements and
requires that those enterprises report selected information about
operating segments in interim financial reports issued to stockholders.
SFAS 131 generally supersedes Statement of Financial Accounting Standards
No. 14, "Financial Reporting for Segments of a Business Enterprise."
Under SFAS 131, operating segments are components of an enterprise about
which separate financial information is available that is evaluated
regularly by the chief operating decision maker in deciding how to
allocate resources and in assessing performance. Generally, financial
information is required to be reported on the basis it is used
internally. SFAS 131 is effective for financial statements for periods
beginning after December 15, 1997, and restatement of comparative
information for earlier years is required. However, SFAS 131 is not
required to be applied to interim financial statements in the initial
year of application. Based upon the criteria of SFAS 131, the Company
has a single operating segment. Accordingly, the financial statements
provided herein satisfy the standard for reporting.
In June 1998, the Financial Accounting Standards Board issued Statement
of Financial Accounting Standards No. 133, "Accounting for Derivative
Instruments and Hedging Activities" ("SFAS No. 133"). SFAS 133 requires
derivatives be recognized at fair value in the statement of financial
position, and that the corresponding gains or losses be reported either
in the statement of operations or as a component of comprehensive income,
depending on the type of hedging relationship that exists. SFAS 133 will
be effective for fiscal years beginning after June 15, 1999. The Company
does not currently hold derivative instruments or engage in hedging
activities.
Year 2000 Compliance
The Company's internal Year 2000 identification, assessment, remediation
and testing efforts, which began in October 1997 were completed in 1999.
The cost of these programs to date is not material to the financial
position and results of operations of the Company. However, there can be
no guarantee that new costs will not be incurred in the future. To date,
the Company has experienced no significant problems with its systems as a
result of the Year 2000 issue but can give no assurance that such
problems will not arise in the future.
The Company has also worked with its customers and suppliers to address
their Year 2000 compliance issues in a timely manner. To date the
Company has experienced no disruptions in its operations due to customer
or supplier Year 2000 issues but can give no assurance that such problems
may not arise in the future.
The Company has developed a contingency plan for operation without its
computer based manufacturing control systems. However, there are
scenarios for failure of suppliers or infrastructure for which no
contingency exists.
Item 3. Quantitative and Qualitative Disclosures of Risk
There has been no change to the disclosure made in the Company's Report
on Form 10-K for the fiscal year ended March 31, 1999.
Part II OTHER INFORMATION
Item 4. Submission of Matters to a Vote of Security Holders
Not applicable
Item 6. Exhibits and Reports on Form 8-K
(a) Exhibits
27.1 Financial Data Schedule
(b) Reports on Form 8-K:
During the quarter ended December 31, 1999, the Company did not file
any reports on Form 8-K.
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 thereunto duly authorized.
HMT Technology Corporation
(Registrant)
Date: February 15, 2000 BY: /s/ Peter S. Norris
Peter S. Norris
Vice President and
Chief Financial Officer
Date: February 15, 2000 BY: /s/ Ronald L. Schauer
Ronald L. Schauer
President and
Chief Executive Officer
EXHIBIT INDEX
Exhibit No.
27.1 Financial Data Schedule.
FINANCIAL DATA SCHEDULE
ARTICLE 5
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND> THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED
FROM THE CONSOLIDATED BALANCE SHEET AND CONSOLIDATED STATEMENT OF
OPERATIONS INCLUDED IN THE COMPANY'S FORM 10-Q FOR THE PERIOD
ENDED December 31, 1999 AND IS QUALIFIED IN ITS ENTIRETY BY
REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> MAR-31-2000
<PERIOD-START> APR-01-1999
<PERIOD-END> DEC-31-1999
<CASH> 60,468
<SECURITIES> 0
<RECEIVABLES> 32,883
<ALLOWANCES> 0
<INVENTORY> 18,118
<CURRENT-ASSETS> 117,098
<PP&E> 285,011
<DEPRECIATION> 0
<TOTAL-ASSETS> 407,340
<CURRENT-LIABILITIES> 30,738
<BONDS> 230,000
0
0
<COMMON> 46
<OTHER-SE> 130,505
<TOTAL-LIABILITY-AND-EQUITY> 407,340
<SALES> 59,608
<TOTAL-REVENUES> 59,608
<CGS> 60,799
<TOTAL-COSTS> 60,799
<OTHER-EXPENSES> 4,705
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 2,703
<INCOME-PRETAX> (8,599)
<INCOME-TAX> (2,580)
<INCOME-CONTINUING> (6,019)
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (6,019)
<EPS-BASIC> ($0.13)
<EPS-DILUTED> ($0.13)
</TABLE>
