The company expects that there will be significant potential to reduce the cost of producing sapphire smartphone screens over time as the industry matures, increases scale, vertically integrates and continues to advance technology innovations at both the crystal growth and fabrication stages.
About GT Advanced Technologies Inc.
GT Advanced Technologies Inc. is a global provider of polysilicon production technology and sapphire and silicon crystalline growth systems and materials for the solar, LED and other specialty markets. The company's products and services allow its customers to optimize their manufacturing environments and lower their cost of ownership. For additional information about GT Advanced Technologies, please visit www.gtat.com.
Forward-Looking StatementsThe information in this press release relates to the Company’s future expectations, plans and prospects for its business and industry that constitute "forward-looking statements" for the purposes of the safe-harbor provisions of the Private Securities Litigation Reform Act of 1995, including but not limited to: the Company’s revenue guidance for the calendar year ending December 31, 2012; the timing of delivery of ASF ™ units under a recently received follow-on order for ASF ™ units; the Company believes that the sapphire mobile device opportunity will contribute to a significant inflow of ASF orders in the second half of CY13; that sapphire may be a viable alternative to materials currently used in mobile and POS devices (and the specific factors that make it so); the cost of sapphire is expected to be within an acceptable range given its compelling value proposition; the expectation that the cost for growing and fabricating sapphire for mobile devices will be considerably lower than for LED applications; the reasons that such costs are expected to be considerably lower, including the information contained in each of the bullet points referenced in this press release; the Company believes that sapphire screens for mobile devices, once commercialized, will have a cost of ownership that will be competitive with current solutions; the Company’s cost estimates in connection with a fully fabricated sapphire smartphone screen in relation to the price OEMs pay for current screen solutions and the potential impact of the level of vertical integration by the OEMs or their manufacturing partners on this cost; the cost differential for a sapphire (superior) product will be acceptable (and each of the factors affecting this determination); the exceptional strength and scratch resistance of ASF-grown sapphire are expected to lower the rate of cracked or broken screens thereby providing a better overall user experience; the expected price differential between ASF-grown sapphire and the current solutions is less than what consumers typically pay to replace a single cracked screen as well as being less than what consumers typically pay for screen protectors and protective cases; the Company’s expectation that there will be significant potential to reduce the cost of producing sapphire smartphone screens over time as the industry matures, increases scale, vertically integrates and continues to advance technology innovations at both the crystal growth and fabrication stages.. These forward-looking statements are not a guarantee of performance and are subject to a number of uncertainties and other factors, many of which are outside the Company's control, which could cause actual events to differ materially from those expressed or implied by the statements. These factors may include the possibility that the Company is unable to recognize revenue on contracts in its order backlog. We cannot guarantee that our bookings or order backlog will result in actual revenue in the originally anticipated period or at all, which could reduce our revenue, profitability and liquidity. Other factors that may cause actual events to differ materially from those expressed or implied by our forward-looking statements include the impact of continued decreased demand and/or excess capacity in the markets for the output of our solar and sapphire equipment, general economic conditions and the tightening credit market having an adverse impact on demand for the Company’s products, the possibility that changes in government incentives may reduce demand for solar products, which would, in turn, reduce demand for our equipment, technological changes could render existing products or technologies obsolete, the Company may be unable to protect its intellectual property rights, competition from other manufacturers may increase, exchange rate fluctuations and conditions in the credit markets and economy may reduce demand for the Company's products and various other risks as outlined in GT Advanced Technologies Inc.'s filings with the Securities and Exchange Commission, including the statements under the heading "Risk Factors" in the company's quarterly report on Form 10-Q for the fiscal quarter ended June 30, 2012. Statements in this press release should be evaluated in light of these important factors. The statements in this press release represent GT Advanced Technologies Inc.'s expectations and beliefs as of the date of this press release. GT Advanced Technologies Inc. anticipates that subsequent events and developments may cause these expectations and beliefs to change. GT Advanced Technologies Inc. is under no obligation to, and expressly disclaims any such obligation to, update or alter its forward-looking statements, whether as a result of new information, future events, or otherwise.