GT Advanced Technologies: Share repurchase program complete
GT Advanced Technologies Announces Completion of $75 Million Accelerated Share Repurchase Program
Merrimack, New Hampshire - GT Advanced Technologies Inc., today announced the completion of its previously announced accelerated share repurchase program of $75 million of the company’s common stock.
On November 18, 2011, GT entered into an agreement with UBS AG, London Branch (“UBS”) to effect an accelerated repurchase of $75 million of the company’s common stock. The shares repurchased are part of the company’s previously announced $100 million share repurchase authorization.
Pursuant to the Agreement, the Company paid $75.0 million to UBS and received 7,822,686 shares of its common stock (the “Initial Shares”) on November 23, 2011. On March 5, 2012 UBS delivered an additional 900,000 of GT common stock and on March 8, 2012 UBS delivered another 715,593 shares of GT common stock bringing the total number of shares received under the ASR to 9,438,279. The effective per share repurchase price was $7.95 based on the volume-weighted average share price of the company’s common stock, less a discount, during the ASR period.
All of the shares involved in the ASR were cancelled and retired upon receipt by the company. As of March 9, 2012, and subsequent to each of the foregoing transfers, the Company had approximately 118.3 million shares outstanding. The company now expects that the fully diluted share count for the fourth quarter of fiscal 2012, which ends March 31, 2012, will be approximately 121 million and the fully diluted share count for the full fiscal 2012 will be approximately 126 million.
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 please visit www.gtat.com.
Some of the information in this press release relate to future expectations, plans and prospects that constitute “forward-looking statements” for the purposes of the safe-harbor provisions of the Private Securities Litigation Reform Act of 1995, including but not limited to, the fully diluted share count for the fourth quarter of fiscal 2012, which ends March 31, 2012, and the fully diluted share count for the full fiscal 2012. These forward-looking statements are not a guarantee of performance and are subject to a number of uncertainties and other factors, many of which are outside the company’s control, which could cause actual events to differ materially from those expressed or implied by the statements. These factors may include the possibility that the company has equity award exercises or retirements, or the company is unable to recognize revenue on contracts in its order backlog. Although the company’s backlog is based on signed purchase orders or other written contractual commitments in effect as of the end of our third fiscal quarter, we cannot guarantee that our bookings or order backlog will result in actual revenue in the originally anticipated period or at all, which could reduce our revenue, profitability and liquidity. Other factors that may cause actual events to differ materially from those expressed or implied by our forward-looking statements include the impact of general economic conditions and the tightening credit market for having an adverse impact on demand for our products, the possibility that changes in government incentives may reduce demand for solar products, which would, in turn, reduce demand for our equipment, technological changes could render existing products or technologies obsolete, the company may be unable to protect its intellectual property rights, competition from other manufacturers may increase, exchange rate fluctuations and conditions in the credit markets and economy may reduce demand for the company’s products and various other risks as outlined in GT Advanced Technologies Inc.’s filings with the Securities and Exchange Commission, including the statements under the heading “Risk Factors” in the company’s quarterly report on Form 10-Q for the fiscal 2012 third quarter filed on February 7, 2012. Statements in this press release should be evaluated in light of these important factors. The statements in this press release represent GT Advanced Technologies Inc.’s expectations and beliefs as of the date of this press release. GT Advanced Technologies Inc. anticipates that subsequent events and developments may cause these expectations and beliefs to change. GT Advanced Technologies Inc. is under no obligation to, and expressly disclaims any such obligation to, update or alter its forward-looking statements, whether as a result of new information, future events, or otherwise.
Source: GT Advanced Technologies Inc.
GT Advanced Technologies
Jeff Nestel-Patt, 603-204-2883
Ryan Blair, 603-681-3869