GT Advanced Technologies: CFO Transition and Guidance
MERRIMACK, N.H. - GT Advanced Technologies Inc. (Nasdaq:GTAT), announced a chief financial officer transition. CFO Richard Gaynor resigned, effective March 6, 2014, to accept a new position with a portfolio company of New Mountain Capital LLC, a private equity firm. The company also announced the appointment of Raja Bal as vice president, corporate controller and chief accounting officer. Bal will succeed Gaynor as CFO of GT on March 7.
The company also reiterated its guidance for fiscal year 2013 ended December 31, 2013 and for fiscal year 2014, guidance that was originally provided in November 2013 (details below). The company will announce results for Q4 and FY 2013 in late February.
Gaynor has served as CFO at GT since 2010 and will remain in that position through early March to ensure an orderly transition, to sign the company's form 10-K for the fiscal year ending December 31, 2013, and to participate in the company's next quarterly conference call in late February.
Bal was at Skyworks Solutions Inc. (Nasdaq:SWKS) for the last 12 years and served as corporate controller and in a number of other senior finance positions, including director of corporate development with responsibility for strategic planning and mergers and acquisitions. Skyworks, a global provider of high performance analog semiconductors, had revenue of approximately $1.8 billion in fiscal 2013. Bal previously held positions with Lucent Technologies and Ernst and Young. He holds a bachelor of commerce degree, with a major in accounting from the University of Ottawa's Telfer School of Management.
"We are grateful to Rick Gaynor for several years of outstanding performance in leading our finance and IT organizations and wish him the best in his new opportunity," said Tom Gutierrez, president and chief executive officer of GT. "We are fortunate to have someone with Raja Bal's strong finance and corporate development experience to lead our seasoned finance team at this exciting time in GT's development."
For the recently completed FY13, the company expects revenue in a range of $290 million to $320 million. Gross margins are expected to be in a range of 30% to 32%, with non-GAAP earnings per share to range between a loss of $0.40 to a loss of $0.50. In 2014, the company expects total revenue to be in the range of $600 million to $800 million, with overall gross margins in the range of 25% to 27% and positive earnings on a non-GAAP basis. Non-GAAP earnings per share excludes projected: share-based compensation expense, amortization of acquired intangible assets, acquisition and acquisition related expenses, contingent consideration restructuring and asset impairment, accelerated depreciation for early retirement of fixed assets, the non-cash portion of interest expense and other non-recurring items.
About GT Advanced Technologies Inc.
GT Advanced Technologies Inc. is a leading diversified technology company producing advanced materials and innovative crystal growth equipment for the global consumer electronics, power electronics, solar and LED industries. Its technical innovations accelerate the use of advanced materials, enabling a new generation of products across this diversified set of global markets.
GT Advanced Technologies
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