This Day On The Street
Continue to site right-arrow
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Cramer's Action Alerts PLUS - See his portfolio and get alerts BEFORE every trade. Learn more NOW!

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

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.

2 of 7

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Try it NOW
Only $9.95
Try it NOW
14-Days Free
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!


DOW 18,096.90 -106.47 -0.58%
S&P 500 2,098.53 -9.25 -0.44%
NASDAQ 4,967.1410 -12.76 -0.26%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs