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STR Holdings, Inc. Reports Fourth Quarter And Full Year 2011 Results

STR Holdings, Inc. (NYSE: STRI) today announced financial and operating performance for the fourth quarter and year ended December 31, 2011.

Fourth Quarter 2011 Financial Summary:
  • Q4 net sales of $36.5 million down 47.1% year over year and 35.0% sequentially
  • Q4 diluted GAAP EPS from continuing operations of ($1.67); Q4 diluted non-GAAP EPS from continuing operations of ($0.05)
  • Recorded a $63.9 million non-cash goodwill impairment

2011 Financial Summary:
  • Prior Quality Assurance (QA) segment presented as discontinued operations
  • 2011 net sales of $232.4 million, down 10.3% from 2010
  • 2011 gross margin of 31.0% compared to 41.4% a year ago
  • 2011 diluted GAAP EPS from continuing operations of ($0.96); 2011 diluted non-GAAP EPS from continuing operations of $0.80
  • 2011 operating cash flow of $46.8 million and free cash flow of $25.3 million, both from continuing operations
  • Finished the year with $58.8 million in cash and no debt

Financial Results

Net sales for the quarter ended December 31, 2011 were $36.5 million. This represents a decline of 35.0% sequentially and 47.1% from a year ago. These results were driven by a decrease in sales volume of 29% from the third quarter of this year and 41% from a year ago. Lower average selling price (ASP) also contributed to the decline as ASPs were lower by approximately 9% sequentially and 11% from a year ago.

“Although there was a surge in German installations during December, we believe much of the demand was satisfied by existing channel inventory,” said Robert S. Yorgensen, STR’s President and Chief Executive Officer. “Inventory clearing has reduced module prices to where we should begin to see demand elasticity. We expect to see our customers’ order patterns for our encapsulants return to growth over the course of 2012.”

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