<PAGE>   1
================================================================================

                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, 1996

                                       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                       (I.R.S.EMPLOYER 
          JURISDICTION OF                     IDENTIFICATION NUMBER)
          INCORPORATION OR 
           ORGANIZATION)

                       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 January 31, 1997, 40,892,763 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.

================================================================================


<PAGE>   2


                           HMT TECHNOLOGY CORPORATION

                          QUARTERLY REPORT ON FORM 10-Q

                FOR THE QUARTERLY PERIOD ENDED DECEMBER 31, 1996


<TABLE>
PART I            FINANCIAL INFORMATION                                                              Page
<S>               <C>                                                                                 <C>
Item 1.           Financial Statements

                  Condensed Consolidated Balance Sheets at December 31, 1996
                      and March 31, 1996...............................................................3

                  Condensed Consolidated Statements of Operations for the
                      three and nine month periods ended December 31, 1996 and 1995....................4
                  Condensed Consolidated Statements of Cash Flows for the
                      nine months ended December 31, 1996 and 1995.....................................5

                  Notes to Condensed Consolidated Financial Statements.................................6

Item 2.           Management's Discussion and Analysis of Consolidated Financial
                      Condition and Results of Operations..............................................7


PART II           OTHER INFORMATION

Item 6.           Exhibits and Reports on Form 8-K....................................................11

                  Signatures..........................................................................12
</TABLE>



                                       2
<PAGE>   3


                           HMT TECHNOLOGY CORPORATION

                      CONDENSED CONSOLIDATED BALANCE SHEETS
                          (Dollar amounts in thousands)



<TABLE>
<CAPTION>
                                                                                        DECEMBER 31,        MARCH 31,
                                                                                            1996              1996
                                       ASSETS                                           (Unaudited)         (Audited)
                                                                                        ------------     ------------
<S>                                                                                           <C>             <C>    
 Current assets:
   Cash and cash equivalents......................................................            $4,158          $35,843
   Receivables, net...............................................................            43,096           31,427
   Inventories....................................................................            12,003            7,129
   Deposits, prepaid expenses and other assets....................................               764              879
   Deferred income taxes..........................................................             5,251            5,028
                                                                                        ------------     ------------
           Total current assets...................................................            65,272           80,306
 Construction in progress.........................................................           102,656           15,745
 Property, plant and equipment, net...............................................            84,960           63,383
 Other assets.....................................................................             1,064            1,415
 Deferred income taxes............................................................             1,011            4,937
                                                                                        ------------     ------------
           Total assets...........................................................          $254,963         $165,786
                                                                                        ============     ============

                        LIABILITIES AND STOCKHOLDERS' EQUITY

 Current liabilities:
   Accounts payable...............................................................           $17,120          $13,911
   Accrued liabilities............................................................             9,618           16,682
   Obligations under capital leases -- current portion............................             2,417            3,814
                                                                                        ------------     ------------
           Total current liabilities..............................................            29,155           34,407
 Long-term bank borrowings........................................................            31,000               --
 Subordinated promissory notes payable to stockholders............................            47,000           47,000
 Obligations under capital leases, net of current portion.........................             3,635            4,698
 Other long-term liabilities......................................................             2,227               --
                                                                                        ------------     ------------
           Total liabilities......................................................           113,017           86,105

 Mandatorily Redeemable Series A Preferred Stock..................................            62,845           60,157

 Common Stock.....................................................................                41               39
 Additional paid-in capital.......................................................            91,912           77,913
 Retained earnings ...............................................................            63,797           18,221
                                                                                              
 Distribution in excess of basis..................................................           (76,649)         (76,649)
                                                                                        ------------     ------------
                                                                                                     
      Total stockholders' equity..................................................            79,101           19,524
                                                                                        ------------     ------------
           Total liabilities and stockholders' equity.............................          $254,963         $165,786
                                                                                        ============     ============
</TABLE>



                             See accompanying notes


                                       3
<PAGE>   4

                           HMT TECHNOLOGY CORPORATION

                 CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
                      (In thousands, except per share data)


<TABLE>
<CAPTION>
                                                         THREE MONTHS ENDED          NINE MONTHS ENDED
                                                            DECEMBER 31,                  DECEMBER 31,
                                                    --------------------------    --------------------------
                                                        1996          1995            1996           1995
                                                    -----------    -----------    -----------    -----------
                                                            (Unaudited)           (Unaudited)     (Audited)
<S>                                                     <C>            <C>           <C>            <C>     
Net sales .......................................       $61,243        $56,346       $199,743       $129,357
Cost of sales ...................................        36,371         32,800        115,747         81,978
                                                    -----------    -----------    -----------    -----------
  Gross profit ..................................        24,872         23,546         83,996         47,379
Operating expenses:
  Research and development ......................         1,527            895          4,191
                                                                                                       2,581
  Selling, general and administrative ...........         3,020          2,345          8,661          5,266
  Recapitalization expenses .....................          --            4,347           --            4,347
                                                    -----------    -----------    -----------    -----------
     Total operating expenses ...................         4,547          7,587         12,852         12,194
                                                    -----------    -----------    -----------    -----------
          Operating income ......................        20,325         15,959         71,144         35,185
Interest expense and other, net .................           349          2,076          2,763          5,655

 Income before income tax provision (benefit) ...        19,976         13,883         68,381         29,530
Income tax provision (benefit), net .............         5,993         (6,029)        20,119         (5,269)
                                                    -----------    -----------    -----------    -----------
     Net income .................................       $13,983        $19,912        $48,262        $34,799
Accretion for dividends on Mandatorily Redeemable
  Series A Preferred Stock ......................          (909)          (393)        (2,688)          (393)
                                                    -----------    -----------    -----------    -----------
Net income available for common stockholders ....       $13,074        $19,519        $45,574        $34,406
                                                    ===========    ===========    ===========    ===========
Net income available for common
 stockholders per share .........................         $0.30          $0.56          $1.03          $0.99
                                                    ===========    ===========    ===========    ===========

Shares used in computing per share amounts ......        44,229         34,822         44,150         34,822
                                                    ===========    ===========    ===========    ===========
</TABLE>




                             See accompanying notes


                                       4
<PAGE>   5




                           HMT TECHNOLOGY CORPORATION

                 CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
                                 (In thousands)

<TABLE>
<CAPTION>
                                                                                NINE MONTHS ENDED 
                                                                                   DECEMBER 31,
                                                                              ----------------------
                                                                                1996         1995
                                                                              ---------    ---------
                                                                             (Unaudited)    (Audited)
<S>                                                                             <C>          <C>    
CASH FLOWS FROM OPERATING ACTIVITIES:
  Net income ..............................................................     $48,262      $34,799
  Adjustments to reconcile net income to net
     cash used in operations:
     Depreciation and amortization ........................................      14,709        8,512
     Deferred income taxes ................................................       3,703       (7,467)
     Loss on disposal of assets ...........................................       2,988          181
                                                                                                
     Net Change in operating assets and liabilities .......................     (18,056)      (4,405)
                                                                              ---------    ---------
                                                                                              
          Net cash provided by operating
            activities ....................................................      51,606       31,620
                                                                              ---------    ---------
CASH FLOWS FROM INVESTING ACTIVITIES:
  Expenditures for property, plant and equipment ..........................    (126,155)     (23,324)
   Proceeds from the sale of equipment ....................................        --          2,205
  Decrease (increase) in other assets .....................................         323          (48)
                                                                              ---------    ---------
        Net cash used in investing activities .............................    (125,832)     (21,167)
                                                                              ---------    ---------
CASH FLOWS FROM FINANCING ACTIVITIES:
  Principal payments on obligations under capital
     leases ...............................................................      (2,460)      (7,930)
  Net proceeds from long-term borrowings ..................................      31,000          --
  Repayments on short-term borrowings .....................................         --       (86,700)
  Repayment of long-term notes payable ....................................         --       (12,200)
  Proceeds from issuance of senior bank term loan .........................         --        60,000
  Repayments on senior bank term loan .....................................         --       (10,000)
  Financing costs .........................................................         --        (2,944)
  Proceeds from subordinated promissory notes .............................         --        47,000
  Recapitalization and distributions to stockholders ......................         --       (52,100)
  Proceeds from issuance of Common Stock ..................................      12,817          925
  Other ...................................................................       1,184           --
  Proceeds from issuance of Mandatorily Redeemable Series A Preferred Stock         --        59,000
                                                                              ---------    ---------
          Net cash provided by (used in) financing
            activities ....................................................      42,541       (4,949)
                                                                              ---------    ---------
Net increase (decrease) in cash and cash equivalents ......................     (31,685)       5,504
Cash and cash equivalents at beginning of period ..........................      35,843          878
                                                                              ---------    ---------
Cash and cash equivalents at end of period ................................      $4,158       $6,382
                                                                              =========    =========
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
  Cash paid for interest during the period ................................      $3,646       $5,766
  Cash paid for income taxes during the period ............................     $24,820         $600
SUPPLEMENTAL DISCLOSURE OF NONCASH INVESTING AND
  FINANCING ACTIVITIES:
  Accretion for dividends on mandatorily redeemable
     Series A Preferred Stock .............................................      $2,688         $393
     Refinancing of existing capital lease obligations ....................         $--      $13,105
</TABLE>



                             See accompanying notes


                                       5
<PAGE>   6

                           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 the
Company without an 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, 1996.

    Operating results for the quarter ended December 31, 1996 may not
necessarily be indicative of the results to be expected for any other interim
period or for the full fiscal 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.

   Stock Split

    The Company's Board of Directors effected a 31-for-1 stock split on March
13, 1996. All shares and per share data in the accompanying financial statements
have been retroactively restated to reflect the stock split.

   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,
                                                       ----------     ----------
                                                          1996           1996
                                                       ----------     ----------
                                                             (IN THOUSANDS)
<S>                                                        <C>            <C>   
Raw materials ....................................         $4,383         $1,284
Work-in-process ..................................          3,983          5,123
Finished goods ...................................          3,637            722
                                                       ----------     ----------
                                                          $12,003         $7,129
                                                       ==========     ==========
</TABLE>





                                       6
<PAGE>   7

                           HMT TECHNOLOGY CORPORATION

       NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (CONTINUED)

   Subsequent event

In January, 1997 the Company completed a $230 million private placement of
convertible subordinated notes ("Notes") to qualified institutional investors,
resulting in net proceeds of approximately $222.5 million (after estimated
offering costs). Proceeds of the offering were used to prepay the $47 million
principal balance of the subordinated promissory notes plus accrued interest, to
redeem the $59 million of Mandatorily Redeemable Series A Preferred Stock and to
fully repay the $41 million in long-term borrowings outstanding in January ($31
million at December 31, 1996), resulting in a net increase of approximately
$75.4 million in net working capital. The remainder of the proceeds will be used
for capital expenditures, working capital and other general corporate purposes.

During the fourth quarter of fiscal 1997 the Company will record a one-time
reversal of approximately $3.8 million for cumulative dividends accreted on the
Company's Mandatorily Redeemable Series A Preferred Stock.

The convertible subordinated notes have an interest rate of 5 3/4%, are
convertible into shares of common stock of the Company at a conversion price of
$23.75 per share, subject to adjustment in certain events, and have a seven-year
term. The convertible subordinated notes are redeemable, in whole or in part, at
the option of the Company, at any time on and after January 20, 2000.


                                       7
<PAGE>   8

Item 7.    MANAGEMENT'S DISCUSSION AND ANALYSIS
           OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

    This Discussion contains forward looking statements, which are subject to
certain risks and uncertainties, including without limitation those described in
the Company's Annual Report on Form 10-K, 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 is an independent supplier of high-performance
thin film disks for high-end, high-capacity hard disk drives, which in turn are
used in high-end PCs, network servers and workstations.

    The Company is currently constructing a new 120,000 square foot production
facility at its Fremont California site, in which it plans to install up to 16
additional production scale sputtering lines. The Company anticipates that it
will initiate production in this new facility in early calendar 1997. In
addition, the Company is in the final stages of an expansion of its facility in
Eugene, Oregon to increase the production of aluminum substrates, and in early
calendar 1997 expects to commence volume production of nickel-plated and
polished substrates at that site.

    In January, 1997 the Company completed a $230 million private placement of
convertible subordinated notes to qualified institutional investors, resulting
in net proceeds of approximately $222.5 million (including estimated offering
costs). Proceeds of the offering were used to prepay the $47 million principal
balance of the subordinated promissory notes plus accrued interest, to redeem
the $59 million of Mandatorily Redeemable Series A Preferred Stock and to fully
repay the $41 million in long-term borrowings outstanding in January ($31
million at December 31, 1996), resulting in a net increase of approximately
$75.4 million in net working capital. The remainder of the proceeds will be used
for capital expenditures, working capital and other general corporate purposes.

    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 ten disk drive products.

RESULTS OF OPERATIONS

    Net Sales. Net sales increased 9% in the third quarter of fiscal 1997 to
$61.2 million, representing an increase of $4.9 million compared to the third
quarter of fiscal 1996. Unit sales volume increased 40% during the third quarter
of fiscal 1997, while average selling prices declined 22%, compared to the third
quarter of fiscal 1996. Net sales were adversely affected in the third quarter
of fiscal 1997 by lower than anticipated sales to a customer.

    For the first nine months of fiscal 1997, net sales of $199.7 million were
$70.4 million, or 55% higher than the same period in fiscal 1996. The increase
in net sales during the first nine months of fiscal 1997 was primarily
attributable to an increase in manufacturing capacity and improved utilization
of existing capacity, as well as improved manufacturing processes, resulting in
higher production volume and unit shipments. The unit sales volume increased 77%
during the first nine months of fiscal 1997, but was somewhat offset by a 13%
decline in average selling prices, compared to the same period during fiscal
1996.



                                       8
<PAGE>   9

    During the third quarter of fiscal 1997, three customers individually
accounted for at least ten percent of consolidated net sales: Maxtor Corporation
(52%), Samsung Electronics Company Limited (20%), and Micropolis Corporation
(14%). The Company expects that it will continue to derive a substantial portion
of its sales from a relatively small number of customers. Additionally, the
ability to achieve revenue increases will depend upon an increase in overall
unit production volumes.

    Gross Profit. Gross margin was 40.6% and 42.1% for the three and nine months
ended December 31, 1996, respectively, compared with 41.8% and 36.6% for the
three and nine months ended December 31, 1995, respectively. The slight drop for
the third quarter of fiscal 1997 was a result of the 22% decline in average
selling prices versus the comparable quarter in fiscal 1996, while the increase
in gross margin for the nine-month period was a result of decreased unit
production costs, improved utilization of manufacturing capacity, improved
manufacturing processes, and the absorption of fixed costs over higher unit
production volume. Production of substrates at the Eugene, Oregon manufacturing
facility (which was acquired during the first quarter) and lower substrate and
other raw material prices also contributed to decreases in unit costs over
comparable three and nine month periods.

    Operating Expenses. Research and development expenses increased 632,000 and
$1.6 million in the three- and nine-month periods ending December 31, 1996,
respectively, compared to the same periods in 1995. Research and development
expenses increased primarily due to an increase in headcount related to the
Company's new product introductions and to support capacity expansion. Selling,
general and administrative expenses increased $675,000 and $3.4 million in the
third quarter and first nine months of fiscal 1997, respectively, compared to
the same periods in the prior year. The increase in selling, general and
administrative expenses primarily reflected the increased headcount necessary to
support higher production volume and unit shipments, as well as the demands of
administering a stand-alone public entity.

    The Company anticipates that operating expenses will continue to increase in
absolute dollars as headcount is increased to support new product introductions,
and anticipated higher levels of production volume and unit shipments, although,
as a percentage of net sales, operating expenses may fluctuate from period to
period.

    Interest Expense and Other, Net. Interest expense decreased $1.7 million and
$2.9 million in the three- and nine-month periods ending December 31, 1996,
respectively, compared to the same periods in 1995, a result of the $1.4 million
in interest that was capitalized (as part of the cost of the Company's new
facilities currently under construction) during the third quarter of fiscal
1997, and the reduced debt balances over comparable nine month periods.

    Provision for Income Taxes. For the quarter ended December 31, 1996, the
Company recorded income taxes at its estimated annual effective tax rate of 30%.
At December 31, 1995, the Company assessed the recoverability of deferred tax
assets and, based on expectations regarding operating results for the quarter
ending March 31, 1996 and the fiscal year ending March 31, 1997, determined it
was likely that the entire balance of deferred tax assets would be recovered. As
the facts that supported the reduction of the valuation allowance related to the
period immediately following the leverage recapitalization, the Company reduced
its income tax expense by approximately $6.9 million to reflect the tax benefit
associated with recognition of deferred tax assets at December 31, 1995. The
recognition of deferred tax assets and the utilization of $10.2 million of net
operating loss carryforwards produced a net tax benefit for the nine months
ended December 31, 1995.


    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 



                                       9
<PAGE>   10

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. For example,
due to lower than anticipated shipments to a customer, revenue and operating
results for the quarter ended December 31, 1996 were below those of the
preceding quarter. 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 affected. 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 decreased by $31.7 million to $4.2 million at
December 31, 1996 from March 31, 1996. Cash flows from operations were $51.6
million for the nine-month period ended December 31, 1996 as compared to $31.6
million in the comparable period of 1995. Cash generated during the first nine
months of fiscal 1997 reflected net income plus depreciation and amortization,
as well as an increase in accounts payable, partially offset by increases in
receivables and inventories and a decrease in liabilities. Increased sales and
improved margins contributed to the increase in positive cash flow provided by
operations during the first nine months of fiscal 1997.

    The Company invested $126.1 million and $23.3 million in property, plant and
equipment during the first nine months of fiscal 1997 and 1996, respectively.
The Company currently expects to spend in excess of $200.0 million during
calendar 1997 for expansion of production capacity, a substantial majority of
which will be spent on the Company's Fremont, California facility.

    Cash provided by financing activities for the first nine months of fiscal
1997 reflected the $31.0 million borrowed under the Company's revolving credit
facility and $12.8 million in cash generated from the sale of common stock
pursuant to the exercise of the underwriters' over-allotment option in
connection with the Company's initial public offering and options exercised by
employees.

    As of December 31, 1996, the Company's principal sources of liquidity
consisted of cash and cash equivalents, and the unused portion of the unsecured
$50.0 million revolving credit facility. In January, 1997 the Company completed
a $230 million private placement of convertible subordinated notes to qualified
institutional investors, resulting in net proceeds of approximately $222.5
million (after estimated offering costs). Proceeds of the offering were used to
prepay the $47 million principal balance of the subordinated promissory notes
plus accrued interest, to redeem the $59 million of Mandatorily Redeemable
Series A Preferred Stock and to fully repay the $41 million in long-term
borrowings outstanding in January ($31 million at December 31, 1996), resulting
in a net increase of approximately $75.4 million in net working capital. The
balance of the net proceeds will be used for capital expenditures (including
investment in facilities and equipment), working capital and other general
corporate purposes.

    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 ongoing facility expansion through the end of calendar
1997. If it were to accelerate or increase the scope of its facilities
expansion, the Company could require additional capital prior to that time. The
Company will continue to have significant future obligations and expects that it
could require additional capital to support future growth, if any. The Company
may not be able to obtain additional financing as needed on acceptable terms or
at all. If the Company is unable to obtain sufficient capital, it could be
required to curtail its capital expenditures and research and development
expenditures, which could materially adversely affect the Company's future


                                       10
<PAGE>   11

operations and competitive position. Moreover, the Company's need to raise
additional capital through the issuance of securities may result in additional
dilution to earnings per share.



                                       11
<PAGE>   12

PART II

Item 6. EXHIBITS AND REPORTS ON FORM 8-K

(a)   Exhibits:

<TABLE>
<CAPTION>
Exhibit No.
----------
<S>           <C>
11.1          Calculation of earnings per share.

27.1          Financial Data Schedule
</TABLE>

(b)   Reports on Form 8-K:

      During the quarter ended December 31, 1996, there were no reports
on Form 8-K filed by the Company.



                                       12
<PAGE>   13

                                   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 13, 1997         BY:  /s/ Peter S. Norris
     ----------------------            ---------------------

                                         Peter S. Norris
                                         Vice President and
                                         Chief Financial Officer


Date:    February 13, 1997          BY:  /s/ Ronald L. Schauer
      --------------------             -----------------------

                                         Ronald L. Schauer
                                         President and
                                         Chief Executive Officer


                                       13
<PAGE>   14
                                EXHIBIT INDEX



Exhibit No.
----------

11.1          Calculation of earnings per share.

27.1          Financial Data Schedule