REC Silicon ASA: Q1 results

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Fornebu, May 6, 2014: REC Silicon ASA reported first quarter 2015 revenues of USD 74.4 million and EBITDA of USD 24.8 million.

REC Silicon reported first quarter revenues of USD 74.4 million, compared to USD 126.2 million in the previous quarter. The corresponding EBITDA during the first quarter was USD 24.8 million compared to USD 38.0 million in the previous quarter. The decrease in EBITDA can be attributed to lower sales volumes and lower prices.

Second quarter production remained strong with total polysilicon production near guidance provided. The company realized FBR cash production cost of $10.7/kg compared to guidance of $11.5/kg.

"Continued strong and efficient operations coupled with safety as a top priority allowed us to meet overall polysilicon and silicon gas targets for the quarter," commented Tore Torvund, CEO.

Weak overall market conditions, disruption caused by the West Coast port slowdown in the US, and high production volumes resulted in inventory growth. Market conditions exhibit signs of oversupply while it is anticipated that the market will return to balance in the second half of 2015.

The Yulin JV Board approved the investment decision for the Expansion initiative in China and construction activities will begin during the second quarter of 2015. Mr. Torvund said, "Activities in the Yulin JV are progressing according to plan. The realization of this next generation FBR polysilicon plant will support the increasing demand in China's growing PV industry."

Profit from continuing operations was USD 46.7 million in the first quarter, compared to USD 119.0 million in the previous quarter. The decrease is caused primarily by lower, but substantial, currency gains caused by a stronger US dollar compared to the prior quarter.  

Basic and diluted EPS from total operations was USD 0.02 in the first quarter 2015, compared to USD 0.02 in the previous quarter.

About REC Silicon
REC Silicon ASA is a leading producer of advanced silicon materials, supplying high-purity polysilicon and silicon gases to the solar and electronics industries worldwide. We combine 30 years' experience and best-in-class proprietary technology to deliver on customer expectations. Our two U.S. based plants have a capacity of more than 20,000 MT high-purity polysilicon. REC Silicon is headquartered in Moses Lake, Washington and employs approximately 720 people. Listed on the Oslo stock exchange under the ticker: REC.

For more information, go to: www.recsilicon.com
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