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GT Advanced Technologies Inc. Announces Results For Quarter Ending September 29, 2012

GT Advanced Technologies Inc. (NASDAQ: GTAT) today reported results for the third quarter of calendar year 2012, which ended September 29, 2012.

Revenue for the third quarter of calendar 2012 came in at the low end of the company’s previously issued guidance at $110.1 million, compared to $167.3 million in the second quarter of calendar 2012 and $217.7 million in the third quarter of calendar 2011. Revenue by business segment for the third quarter of calendar 2012 was $95.9 million in polysilicon, $1.6 million in photovoltaic (PV), and $12.6 million in sapphire.

Gross profit for the third quarter of calendar 2012 was $35.0 million, or 31.8 percent of revenue, compared to $60.2 million, or 36.0 percent of revenue in the second quarter of calendar 2012 and $95.1 million, or 43.7 percent of revenue for the third quarter of calendar 2011.

Operating margin for the third quarter of calendar 2012 was 4.6 percent of revenue, compared to 14.7 percent of revenue in the second quarter of calendar 2012 and 24.7 percent of revenue in the third quarter of calendar 2011.

In the third quarter of calendar 2012, the company had net income of $2.3 million, compared to $14.8 million in the second quarter of calendar 2012 and $36.9 million for the third quarter of calendar 2011.

Non-GAAP net income was $0.7 million in the third quarter of calendar 2012, compared to $19.3 million in the second quarter of calendar 2012 and $45.8 million for the third quarter of calendar 2011.

Earnings per share on a fully-diluted basis was $0.02 in the third quarter of calendar 2012, compared to $0.12 for the second quarter of calendar 2012 and $0.29 for the third quarter of calendar 2011.

Non-GAAP earnings per share on a fully diluted basis came in at the upper range of guidance at $0.01 in the third quarter of calendar 2012, compared to $0.16 for the second quarter of calendar 2012 and $0.35 for the third quarter of calendar 2011.

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