HUTCHINSON, Minn.--(BUSINESS WIRE)--July 21, 2005--Hutchinson Technology Incorporated (Nasdaq:HTCH) today reported net income of $19,642,000, or $0.65 per diluted share, on net sales of $169,676,000 for its fiscal third quarter ended June 26, 2005. Net income for the quarter was increased by approximately $2.8 million, or $0.09 per diluted share, as a result of a refund, with interest, of certain Minnesota corporate income taxes paid for the years 1995 through 1999 and the reversal of a related tax reserve, offset in part by an adjustment to the carrying value of net operating loss (NOL) carryforwards. Excluding these items, the company's fiscal 2005 third quarter net income would have totaled $16,850,000, or $0.56 per diluted share.
