STR Holdings: Q2 2013 Results

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ENFIELD - STR Holdings, Inc. (NYSE:STRI) announced its financial results for the second quarter ended June 30, 2013.

Second Quarter 2013 Financial Summary:

    Net sales of $7.8 million
    Diluted GAAP loss per share from continuing operations of $(0.11); Diluted non-GAAP loss per share from continuing operations of $(0.09)
    Finished the quarter with $72.3 million in cash and no debt

Financial Results

Net sales for the quarter ended June 30, 2013 were $7.8 million. This represents a decline of 31% sequentially and 69% from Q2 2012. On a year—over—year basis, volume declined in the second quarter of 2013 by approximately 62% and our average sale price ("ASP") declined by approximately 19%. On a sequential basis, the decrease was driven by a volume decline of approximately 26% and a 7% decrease in ASP. When excluding sales to First Solar, the Company's net sales increased by approximately 20% on a sequential basis.

"Despite continued headwinds, we have begun production-scale shipments of our next-gen EVA-based encapsulants to three new customers in China. These prominent solar manufacturers have in excess of 1 GW of capacity each and represent important relationships leading up to the launch of our factory in Suzhou later this year," said Robert S. Yorgensen, STR's President and Chief Executive Officer. "We are still early in our relationships and may experience further delays in ramping into their production."

Gross profit for the second quarter of 2013 was $0.4 million, or 4.6% of sales, compared to $(0.7) million, or (6.3)% of sales, for the first quarter of 2013. The improvement was mainly a result of a $1.3 million decrease in restructuring charges and benefits from cost—reduction efforts that more than offset a 7% ASP decrease and lower absorption of fixed costs associated with the sales volume decline.

Selling, general and administrative expenses for the second quarter of 2013 were $4.3 million compared to $4.1 million in the first quarter of 2013. The increase was primarily driven by a $0.4 million increase in non—cash, stock—based compensation and a $0.2 million increase in professional fees. These increases were offset by a $0.3 million decrease in labor and benefits due to previous headcount reductions and $0.2 million of lower restructuring charges.

Net loss from continuing operations for the second quarter of 2013 was $(4.5) million, or $(0.11) per diluted share. This compares to a net loss from continuing operations of $(4.2) million, or $(0.10) per diluted share, for the first quarter of 2013 and a net loss from continuing operations of $(2.4) million, or $(0.06) per diluted share, for the second quarter of 2012.

Non—GAAP net loss from continuing operations for the second quarter of 2013, which excludes certain tax-effected adjustments (as disclosed following the non—GAAP reconciliation table at the end of this press release), was $(3.9) million, or $(0.09) per diluted share. This compares to non—GAAP net loss from continuing operations of $(2.9) million, or $(0.07) per diluted share, for the first quarter of 2013 and non—GAAP net earnings from continuing operations of $0.1 million, or $0.00 per diluted share, for the second quarter of 2012.

Liquidity

The Company finished the quarter with $72.3 million of cash and no debt. As of June 30, 2013, the Company also had $9.3 million of income tax receivables, of which approximately $7.0 million relates to income tax returns filed in 2012. The Company recently learned that its 2011 and 2012 U.S. Federal income tax returns will be routinely audited by the I.R.S. As such, approximately $5.6 million of the income tax receivable will not be received by the Company until the audit is completed.

Guidance

The Company is retracting its previously-issued 2013 guidance. "We continue to execute our strategic objectives. However, there is inherent risk associated with any product launch when entering mass production, as evidenced by delays experienced so far. In addition, we have learned that a portion of our income tax receivable will be audited in the normal course. These recent events along with one of our largest customers possibly emerging from insolvency proceedings during the second half of 2013, create a high-degree of variability and uncertainty in our ability to forecast in the short-term." said Joseph C. Radziewicz, STR's Vice President and Chief Financial Officer. "Based upon these events, we believe it is appropriate to retract our 2013 guidance until we have better visibility into the execution of our product launch and paperless roll-out during the second half of the year. We will continue to provide an update on our business during our normal quarterly reporting process."

About STR Holdings, Inc.

STR Holdings, Inc. is a global 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.

CONTACT: STR Holdings, Inc.
         Joseph C. Radziewicz
         Vice President and Chief Financial Officer
         +1 (860) 758-7325
         joseph.radziewicz@strholdings.com
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