-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, LqohQe5JUpSCph2qqXxO9MnpCrS94Qkq6s7j22vWbdSGY4rSygomnM8tx1nziJ7z DdIsu1d3mGoIFLM8kX0t1Q== 0001005967-00-000002.txt : 20000216 0001005967-00-000002.hdr.sgml : 20000216 ACCESSION NUMBER: 0001005967-00-000002 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19991231 FILED AS OF DATE: 20000215 FILER: COMPANY DATA: COMPANY CONFORMED NAME: HMT TECHNOLOGY CORP CENTRAL INDEX KEY: 0001005967 STANDARD INDUSTRIAL CLASSIFICATION: COMPUTER STORAGE DEVICES [3572] IRS NUMBER: 943084354 STATE OF INCORPORATION: DE FISCAL YEAR END: 0331 FILING VALUES: FORM TYPE: 10-Q SEC ACT: SEC FILE NUMBER: 000-27586 FILM NUMBER: 545661 BUSINESS ADDRESS: STREET 1: 1055 PAGE AVE CITY: FREMONT STATE: CA ZIP: 94538 BUSINESS PHONE: 5104903100 MAIL ADDRESS: STREET 1: 1055 PAGE AVENUE CITY: FREMONT STATE: CA ZIP: 94538 10-Q 1 FORM 10-Q FOR THE QUARTER ENDED DECEMBER 31, 1999 ======================================================================== 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 _____ ======================================================================== 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 ======================================================================== 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. ======================================================================== 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)
December 31, March 31, 1999 1999 ------------ ------------ (Unaudited) 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 ============ ============
See accompanying notes HMT TECHNOLOGY CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF OPERATION (in thousands, except per share data)
Three Months Ended Nine Months Ended December 31, December 31, ------------------------- ------------------------- 1999 1998 1999 1998 ------------ ------------ ------------ ------------ (Unaudited) (Unaudited) 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 ============ ============ ============ ============
See accompanying notes HMT TECHNOLOGY CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands)
Nine Months Ended December 31, ------------------------- 1999 1998 ------------ ------------ (Unaudited) 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 ============ ============
See accompanying notes 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.
December 31, March 31, 1999 1999 ------------ ------------ (unaudited) (in thousands) Raw materials............................ $8,149 $5,575 Work-in-process.......................... 5,866 3,569 Finished goods........................... 4,103 17,441 ------------ ------------ $18,118 $26,585 ============ ============
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):
Three Months Ende Nine Months Ende December 31, December 31, --------------------- ---------- ---------- 1999 1998 1999 1998 ---------- ---------- ---------- ---------- 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) ========== ========== ========== ==========
(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 EX-27.1 2 FINANCIAL DATA SCHEDULE
5 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. 1,000 3-MOS MAR-31-2000 APR-01-1999 DEC-31-1999 60,468 0 32,883 0 18,118 117,098 285,011 0 407,340 30,738 230,000 0 0 46 130,505 407,340 59,608 59,608 60,799 60,799 4,705 0 2,703 (8,599) (2,580) (6,019) 0 0 0 (6,019) ($0.13) ($0.13)
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