STR Holdings: Q3 and nine-month results

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ENFIELD, Conn.-- STR Holdings, Inc. announced its financial results for the third quarter and nine months ended September 30, 2012.

Third Quarter 2012 Financial Summary:

    Net sales of $23.1 million
    Diluted GAAP loss per share from continuing operations of $(0.09); Diluted non-GAAP loss per share from continuing operations of $(0.03)
    Finished the quarter with $70.6 million in cash and no debt

Financial Results

Net sales for the quarter ended September 30, 2012 were $23.1 million. This represents a decline of 8.1% sequentially and 58.9% from Q3 2011. On a sequential basis, the decline was driven primarily by a volume decline of approximately 7% and unfavorable foreign exchange impact of approximately 1%. On a year-over-year basis, volume declined by approximately 45% and ASP declined by approximately 20%.

“We believe that demand has softened considerably throughout the industry on the heels of negative policy revisions, primarily in Italy and Germany, and our sequential volume reflects this,” said Robert S. Yorgensen, STR’s President and Chief Executive Officer. “We continue to execute our strategic objectives of reducing our cost structure and developing innovative products. The launch of our next-generation encapsulant is progressing well with favorable results obtained from our internal testing and the successful completion of damp heat testing with several prospective Chinese customers.”

Gross profit for the third quarter of 2012 was $0.6 million, or 2.5% of sales, compared to $1.6 million, or 6.3% of sales, from the second quarter of 2012, primarily driven by unfavorable cost absorption.

Selling, general and administrative expenses for the third quarter of 2012 were $5.8 million compared to $6.7 million in the second quarter of 2012. The reduction was driven by lower non-cash stock-based compensation expense and continued cost reduction efforts.

Net loss from continuing operations for the third quarter of 2012 was $(3.6) million, or $(0.09) per diluted share. This compares to a net loss from continuing operations of $(2.4) million, or $(0.06) per diluted share, for the second quarter of 2012 and net earnings from continuing operations of $3.8 million, or $0.09 per diluted share, for the third quarter of 2011.

Non-GAAP net loss from continuing operations for the third quarter of 2012, which excludes certain tax-effected adjustments (as disclosed following the non-GAAP reconciliation table at the end of this press release), was $(1.1) million, or $(0.0 3) per diluted share. This compares to non-GAAP net earnings from continuing operations of $0.0 million, or $0.00 per diluted share, for the second quarter of 2012 and non-GAAP net earnings from continuing operations of $8.8 million, or $0.21 per diluted share, for the third quarter of 2011.

Balance Sheet and Liquidity

During the third quarter of 2012, the Company had negative operating cash flow from continuing operations of $(0.7) million primarily due to unfavorable timing of foreign tax payments of $2.5 million. Free cash flow from continuing operations was $(1.8) million during the third quarter of 2012. The Company finished the third quarter of 2012 with $70.6 million of cash and no debt. In addition, the Company received approximately $8.0 million of cash from income tax refunds in October that will be reflected in its October cash balance.

Guidance

The Company today provided guidance for the fourth quarter and updated its full-year 2012 guidance as follows:

STR Holdings, Inc.
Business Outlook

Amounts in millions, except per share amounts


Quarter ending December 31, 2012
                            Low           High
Net sales                     $     14.0         $     16.0
Diluted non-GAAP EPS                     $     (0.09)         $     (0.07)


Year ending December 31, 2012                             Low           High
Net sales                     $     93.0         $     95.0
Diluted non-GAAP EPS                     $     (0.05)         $     (0.03)

 About STR Holdings, Inc.

STR Holdings, Inc. is a leading global provider of high-quality, superior performance encapsulants to the photovoltaic module industry. Further information about STR Holdings, Inc. can be obtained via the Company’s website at www.strholdings.com.

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

Source: STR Holdings, Inc.
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