18.05.12

GT Advanced Technologies: Q4 and Fiscal Year 2012 Results

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GT Advanced Technologies Inc.  reported results for its fourth quarter and fiscal year 2012, which ended March 31, 2012. The company has indicated that it is now also reporting non-GAAP financial measures in its results. An explanation of the non-GAAP measures presented and the reconciliation to the most comparable GAAP measure are included in the appendix to this earnings release.

Revenue for the fourth quarter of fiscal 2012 totaled $353.9 million, compared to $153.0 million in the third quarter of fiscal 2012 and $271.6 million in the fourth quarter of fiscal 2011. Revenue by business segment for the fourth quarter of fiscal 2012 was $153.9 million in polysilicon, $31.4 million in photovoltaic (PV), and $168.6 million in the sapphire segment, which was primarily ASF™ equipment revenue.

Revenue for fiscal 2012 was $955.7 million compared to $899.0 million of revenue for fiscal 2011. Revenue by business segment for fiscal 2012 was $363.3 million in polysilicon, $375.5 million in photovoltaic (PV), and $216.9 million in the sapphire segment, which was primarily ASF™ equipment revenue.

Gross profit for the fourth quarter of fiscal 2012 totaled $152.3 million, or 43.0 percent of revenue, compared to $66.0 million, or 43.1 percent of revenue in the third quarter of fiscal 2012 and $116.9 million, or 43.0 percent of revenue for the fourth quarter of fiscal 2011.

Gross profit for fiscal 2012 was $426.8 million or 44.7 percent of revenue, compared to $378.0 million or 42.0 percent of revenue for fiscal 2011.

Operating margin for the fourth quarter of fiscal 2012 was 32.8 percent of revenue, compared to 20.7 percent of revenue in the third quarter of fiscal 2012 and 30.5 percent of revenue in the fourth quarter of fiscal 2011.

Operating margin for fiscal 2012 was 29.3 percent of revenue, compared to 30.4 percent of revenue for fiscal 2011.

In the fourth quarter of fiscal 2012, the company had net income of $79.1 million, compared to $15.3 million in the third quarter of fiscal 2012 and $51.9 million for the fourth quarter of fiscal 2011.

Non-GAAP net income was $83.9 in the fourth quarter of fiscal 2012, compared to $24.2 million in the third quarter of fiscal 2012 and $53.9 million for the fourth quarter of fiscal 2011.

For fiscal 2012, net income was $183.4 million compared to $174.8 million for fiscal 2011. Non-GAAP net income was $207.5 million in fiscal 2012 and $182.7 million in fiscal 2011.

Earnings per share on a fully-diluted basis was $0.65 in the fourth quarter of fiscal 2012, compared to $0.12 for the third quarter of fiscal 2012 and $0.41 for the fourth quarter of fiscal 2011.

Non-GAAP earnings per share on a fully-diluted basis was $0.69 in the fourth quarter of fiscal 2012, compared to $0.19 for the third quarter of fiscal 2012 and $0.42 for the fourth quarter of fiscal 2011.

Earnings per share on a fully-diluted basis was $1.45 for the fiscal 2012, compared to $1.24 for fiscal 2011.

Non-GAAP earnings per share on a fully-diluted basis was $1.65 for the fiscal 2012 compared to $1.30 for fiscal 2011.

At the end of the fourth quarter of fiscal 2012, cash and cash equivalents was $350.9 million and the company had $75 million of debt. Cash, cash equivalents and restricted cash at the end of the third quarter of fiscal 2012 was $303.1 million, which included $96.2 million of restricted cash and zero debt.

As of March 31, 2012, the company’s backlog was $1.8 billion. This included approximately $879.7 million in the polysilicon segment, $138.7 million in the PV segment and $760.9 million in the sapphire segment. Included in the total backlog was approximately $196.2 million of deferred revenue.

New orders for the fourth quarter were $34.6 million and include $4.2 million of polysilicon orders, $6.9 million of PV orders and $23.5 million in sapphire orders. The company had $71.1 million of negative adjustments to backlog primarily from its solar-related businesses.

Management Commentary

“We are pleased with our performance in the March quarter, which was a record quarter spurred by strong sapphire equipment revenue and which capped a record year for GT at both the top and bottom lines,” said Tom Gutierrez, president and chief executive officer. “Our fiscal 2012 results demonstrate the resilience of our flexible operating model, and our ability to deliver growth, profits, stability and predictability even through challenging times.

“The sapphire business results highlight our success in diversifying the company, a key strategic priority. In less than a year, our sapphire team has successfully shipped, installed, and commissioned a significant number of ASF units for seven of our ASF customers. Three of those customers—Fuyuan, HTOT and OCI—ranked among the company’s top five revenue customers in the fourth quarter. In fiscal 2012 nearly 25 percent of our revenue and more than 50 percent of our annual net bookings came from outside the solar industry.

“While our PV equipment business continues to reflect the effects of a worldwide segment slowdown, our polysilicon business set revenue and bookings records in fiscal 2012. Meanwhile, in each of our businesses we continued to invest in next generation technologies and products to enable our customers to increase their efficiencies and lower their costs while solidifying GT’s market share leadership in the years ahead.

“Our fiscal year ending backlog of approximately $1.8 billion remains well above the normalized level required to sustain our business. We believe that our backlog provides a solid foundation for our business through the balance of calendar 12 and well into CY13.”

New Fiscal Reporting Cycle

On April 16, 2012, the company’s Board of Directors approved a change to the company’s fiscal year-end to December 31 from the Saturday closest to March 31st. As a result, the company will report a nine-month transitional period consisting of the period from April 1, 2012 to December 31, 2012, and 2013 fiscal year will begin on January 1, 2013 and end on December 31, 2013.

Business Outlook

As a result of the change in the fiscal year end date, the company will be providing annual guidance for calendar year 2012, to include March quarter actuals and guidance for the nine-month transition period ending December 31, 2012.

The company will provide details on its calendar 2012 guidance, and commentary on calendar 2013, during its live webcasted conference call tomorrow morning pre-market opening. See details below.

Investor Financial Summary Document

A comprehensive summary of the company’s financial performance can be found on the Investor Relations section of its website in the “Featured Documents” section and the “Q4 FY12 Earnings Call” webcast page. To access: http://investor.gtsolar.com.

About GT Advanced Technologies Inc.

GT Advanced Technologies Inc. is a global provider of polysilicon production technology and sapphire and silicon crystalline growth systems and materials for the solar, LED and other specialty markets. The company's products and services allow its customers to optimize their manufacturing environments and lower their cost of ownership. For additional information about GT Advanced Technologies, please visit www.gtat.com.

Source: GT Advanced Technologies Inc.


Contact:
GT Advanced Technologies
Ryan Blair, 603-681-3869
ryan.blair@gtat.com
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