5.5% Position Reported by Investor Timothy Stabosz
Releases Letter to the Board of Directors
LAPORTE, Ind., Nov. 13, 2012 (GLOBE NEWSWIRE) -- Today, Investor Timothy Stabosz filed a Form 13D with the SEC, disclosing 5.5% ownership of Hutchinson Technology, Inc.'s (Nasdaq:HTCH) common stock. In the filing, Stabosz provides context for his belief that the company's common stock is undervalued, and expresses his support for the board's operational and financial turnaround strategy...but also suggests that the company should look at exploring strategic alternatives, if it is unable to return to profitability by the end of the current fiscal year ended Sept. 30, 2013. Finally, Stabosz also asks the board to consider a sale of the company's money losing BioMeasurement division. The primary filing with the SEC can be viewed at this web link:
http://www.sec.gov/Archives/edgar/data/772897/000116289312000009/htch13d.txt
In addition, Mr. Stabosz submitted a letter to the company's Board of Directors. Such letter includes additional detail on the items noted above, among other things, and can be viewed at the following web link:
http://www.sec.gov/Archives/edgar/data/772897/000116289312000009/htchltr.txt
Timothy Stabosz is a long time "deep value" investor, specializing in a Graham & Dodd style investment regimen, emphasizing traditional value criteria, such as low price/book, low price/sales, discount to historical trading prices and historical earnings, etc. Stabosz looks for turnaround situations, in areas of the market he considers to be extremely inefficient, with an emphasis on underfollowed microcap, and low-priced stocks. He invests for his own account.