GT Advanced Technologies: Q2 Results

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MERRIMACK, N.H., Aug. 5, 2013 (GLOBE NEWSWIRE) -- GT Advanced Technologies Inc. (Nasdaq:GTAT) today reported results for the second quarter of fiscal year 2013, which ended June 29, 2013.

 Revenue for the second quarter came in at $168.3 million including $150.7 million in polysilicon, $11.4 million in photovoltaic (PV), and $6.2 million in sapphire. This compares to revenue in the first quarter of $57.8 million and $167.3 million in the second quarter of calendar 2012. Revenue for the first six months of 2013 was $226.1 million compared to $521.1 million for the first six months of 2012.

Gross profit for the second quarter was $58.6 million, or 34.8 percent of revenue, above the company's guidance. This compares to $13.6 million, or 23.6 percent of revenue, in the first quarter and $60.2 million, or 36.0 percent of revenue for the second quarter of calendar 2012. Gross profit for the first six months of 2013 was $72.2 million, or 31.9 percent of revenue compared to $212.5 million, or 40.8 percent of revenue, for the first six months of 2012.

Non-GAAP net income was $18.1 million in the second quarter, compared to a non-GAAP net loss of $8.9 million in the first quarter and non-GAAP net income of $19.3 million for the second quarter of calendar 2012. Non-GAAP net income for the first six months of 2013 was $9.2 million compared to $105.3 million for the first six months of 2012.

Net income in the second quarter was $11.9 million, compared to a loss of $18.7 million in the first quarter and a favorable $14.8 million for the second quarter of calendar 2012.  Net income for the first six months of 2013 was a loss of $6.7 million compared to a favorable $93.8 million for the first six months of 2012.

Non-GAAP earnings per share on a fully-diluted basis was $0.15 in the second quarter, which was better than the company's guidance. This compares to a non-GAAP EPS loss of $0.07 in the first quarter and non-GAAP earnings of $0.16 in the second quarter of calendar 2012. Non-GAAP earnings per share for the first six months of 2013 was $0.08 compared to $0.88 for the first six months of 2012.

Earnings per share on a fully-diluted basis was $0.10 in the second quarter, compared to a loss of $0.16 for the first quarter and earnings of $0.12 for the second quarter of calendar 2012. Earnings per share for the first six months of 2013 was a loss of $0.06 compared to earnings of $0.78 for the first six months of 2012.

Cash, Backlog, Orders

At the end of the second quarter, the company had cash and cash equivalents on its balance sheet totaling $294.7 million and total debt of $260.4 million which included $97.7 million related to the company's credit facility and $162.7 million related to the fair value of the company's convertible bonds. During the quarter, operations consumed $21.7 million of cash. At the end of the first quarter of calendar 2013, the company had $320.2 million of cash and cash equivalents and $259.6 million of total debt.  At the end of the second quarter of calendar 2012, the company had $332.4 million of cash and cash equivalents and $145 million of total debt.

New orders during the second quarter were approximately $14 million including $6 million for DSS and $8 million for sapphire.

As of June 29, 2013 the company's reported backlog was $702 million. This included $340 million in the polysilicon segment, $3 million in the PV segment and $359 million in the sapphire segment, which included approximately $6 million of backlog acquired from Thermal Technology. Included in the total backlog was approximately $68 million of deferred revenue.

Business Outlook

The company is reiterating the following guidance for fiscal year 2013, which ends December 31, 2013: revenue in the range of $500 to $600 million, gross margin in the range of 35% to 37% and non-GAAP EPS in the range of $0.25 to $0.45. In addition to the items typically excluded from non-GAAP, the company's Non-GAAP EPS guidance excludes restructuring charges, asset impairment charges, any potential DSS Purchase Order cancellation fees and any gain/loss associated with the disposition of the company's facility in St. Louis.  

The company will provide additional guidance details on its webcasted conference call tomorrow morning. See below for details.

Management Commentary

"We were pleased with our performance in the second quarter. Against the backdrop of continuing challenges in our served markets, we delivered on-target revenue and outperformed with earnings, gross margin and cash," said Tom Gutierrez, president and chief executive officer. "We continue to believe that our sapphire business will be the key driver for the balance of this year and we are confident we will resume shipments of ASF units in the second half of this year. This is based on recent positive developments in the LED market combined with the progress we have made in developing opportunities for our sapphire business in new markets outside of LED."

 Investor Financial Summary Document

A comprehensive summary of the company's financial performance can be found on the Investor Relations section of its website on the "Q2 FY13 Earnings Call" webcast page. To access: http://investor.gtat.com.

About GT Advanced Technologies Inc.   

GT Advanced Technologies Inc. is a diversified technology company with innovative crystal growth equipment and solutions for the global solar, LED and electronics industries. Our products accelerate the adoption of new advanced materials that improve performance and lower the cost of manufacturing. For additional information about GT Advanced Technologies, please visit www.gtat.com.

Contact:
Ryan Flaim
Ryan.flaim@gtat.com
603-681-3869

Source: GT Advanced Technologies
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