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GT Advanced Technologies Inc. Announces Results For Quarter Ending June 30, 2012

Stock quotes in this article: GTAT

Non-GAAP earnings per share on a fully-diluted basis was $0.16 in the second quarter of calendar 2012, compared to $0.69 for the first quarter of calendar 2012 and $0.44 for the second quarter of calendar 2011.

At the end of the second quarter of calendar 2012, cash and cash equivalents was $332.4 million and the company had $145 million of debt. This compares to $350.9 million of cash and cash equivalents at the end of the first quarter of calendar 2012 which included $75 million of debt and $473.4 million of cash and cash equivalents at the end of the second quarter of calendar 2011 which included $95.6 million of debt.

As of June 30, 2012, the company’s backlog was $1.6 billion. This included approximately $758.6 million in the polysilicon segment, $137.8 million in the PV segment and $697.5 million in the sapphire segment. Included in the total backlog was approximately $149.3 million of deferred revenue.

New orders for the second quarter of calendar 2012 were $13.8 million and included $0.4 million of polysilicon orders, $8.5 million of PV orders and $4.9 million in sapphire orders. The company had $31.9 million of negative adjustments to backlog related to the termination of a single ASF sapphire contract which the company had previously indicated it anticipated due to the customer’s failure to perform.

Management Commentary

“We are pleased with our performance in the June quarter as we exceeded expectations, a notable accomplishment given the continued headwinds in the solar and LED markets that we serve,” said Tom Gutierrez, president and chief executive officer. “Our PV and sapphire businesses performed in line with our expectations while our polysilicon business out-performed with an incremental $53 million of revenue recognized in the quarter. Our total backlog remains solid and our assessment of backlog risk remains unchanged from our analysis one quarter ago.

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