STR Holdings: IRS Tax Refund
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STR Holdings, Inc. (STRI) (the Company), a global provider of encapsulants to the solar industry, announced that it has received payment of an $8.3 million income tax refund from the Internal Revenue Service (IRS). The refund was the result of a previously disclosed audit with respect to the company’s 2014 federal net operating loss carryback.
“Due to the amount of the refund,” stated Thomas D. Vitro, STR Vice President, Chief Financial Officer and Chief Accounting Officer, “our case was subject to in-depth review by the IRS and the Congressional Joint Committee on Taxation. Though the review process took longer than expected, it concluded without exception and the funds are now confirmed in our bank account.”
STR’s Chairman, President and Chief Executive Officer, Robert S. Yorgensen commented, “This tax refund is material to the Company, bringing our cash balance, including $1.3 million of negotiable bank acceptance notes, to approximately $15.0 million, as of today.” Mr. Yorgensen continued, “Our current unaudited stockholders’ equity is over $40 million, or about $2.18 per share, with approximately $0.82 per share in cash and negotiable bank acceptance notes.”
“Having these funds available,” continued Mr. Yorgensen, “is an important development for the Company and significantly bolsters our liquidity.”
About STR Holdings, Inc.
STR Holdings, Inc. is a provider of encapsulants to the photovoltaic module industry. Further information about STR Holdings, Inc. can be obtained via the Company's website at www.strsolar.com.