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

Conference Call, Webcast

Tomorrow morning, Wednesday, November 7, 2012, at 8:00am ET the company will host a live conference call with Tom Gutierrez, president and chief executive officer, and Richard Gaynor, chief financial officer, to discuss its third quarter results.

The call will be webcast live and can be accessed by logging on to the "Investors" section of GT Advanced Technologies’ website, http://investor.gtat.com/. No password is required to access the webcast. A slide presentation will accompany the call. The live call can also be accessed by dialing 617.213.8841. The telephone passcode is GTAT.

A replay of the call will be available through February 5, 2013. To access the replay, please go to http://investor.gtat.com/ and select the webcast replay link on the ‘Events and Presentations’ page. Or, please dial 617.801.6888 for international callers. The telephone replay passcode is 78656309.

Business Outlook

Given current market volatility, the company will hold a separate conference call in mid-December once it has completed an assessment of recent market and economic developments. On that call the company will provide its guidance for the December quarter and updated commentary on calendar 2013. Details will follow.

Investor Financial Summary Document

A comprehensive summary of the company’s financial performance can be found on the Investor Relations section of its website in the “Featured Documents” section and the “Q3 CY12 Earnings Call” webcast page. To access: http://investor.gtat.com.

About GT Advanced Technologies Inc.

GT Advanced Technologies Inc. is a diversified technology company with innovative crystal growth equipment and solutions for the global solar, LED and electronics industries. Our products accelerate the adoption of new advanced materials that improve performance and lower the cost of manufacturing. For additional information about GT Advanced Technologies, please visit www.gtat.com.

GT Advanced Technologies Inc.
Condensed Consolidated Balance Sheets
(in thousands, except per share data)
(Unaudited)
   
September 29, March 31,
2012 2012
 
Assets
Current assets:
Cash and cash equivalents $ 479,219 $ 350,903
Accounts receivable, net 11,453 65,676
Inventories 216,282 193,295
Deferred costs 36,154 91,740
Vendor advances 99,549 85,396
Deferred income taxes 12,271 13,857
Refundable income taxes 1,516 1,516
Prepaid expenses and other current assets   13,981   12,117  
Total current assets 870,425 814,500
Property, plant and equipment, net 111,833 99,982
Other assets 16,141 20,306
Intangible assets, net 81,272 86,357
Deferred cost 4,394 9,293
Goodwill   102,152   102,152  
Total assets $ 1,186,217 $ 1,132,590  
Liabilities and stockholders’ equity
Current liabilities:
Current portion of long-term debt $ 9,063 $ 3,750
Accounts payable 43,693 34,323
Accrued expenses 30,551 37,074
Contingent consideration 4,819 16,071
Customer deposits 251,601 334,098
Deferred revenue 80,366 165,149
Accrued income taxes   1,685   37,620  
Total current liabilities 421,778 628,085
Long-term debt 134,125 71,250
Convertible notes 154,946 -
Deferred income taxes 35,871 38,918
Deferred revenue 12,787 31,010
Contingent consideration - 6,402
Other non-current liabilities 711 547
Accrued income taxes   25,465   24,824  
Total liabilities 785,683 801,036
Commitments and contingencies
Stockholders’ equity:
Preferred stock, 10,000 shares authorized, none issued and outstanding - -

Common stock, $0.01 par value; 500,000 shares authorized,118,938 and 118,331 shares issued and outstandingas of September 29, 2012 and March 31, 2012, respectively

1,189 1,183
Additional paid-in capital 183,073 131,563
Accumulated other comprehensive loss 176 (187 )
Retained earnings   216,096   198,995  
Total stockholders' equity   400,534   331,554  
Total liabilities and stockholders' equity $ 1,186,217 $ 1,132,590  

GT Advanced Technologies Inc.
Condensed Consolidated Statements of Operations
(In thousands, except per share data)
(Unaudited)
     
Three Months Ended
September 29, June 30, October 1,
  2012     2012     2011  
 
Revenue $ 110,061 $ 167,252 $ 217,691
Cost of revenue   75,033     107,046     122,606  
Gross profit 35,028 60,206 95,085
Operating expenses:
Research and development 18,767 13,939 10,008
Selling and marketing 3,123 3,827 7,114
General and administrative 15,428 15,133 19,582
Contingent consideration expense (9,943 ) 155 2,787
Amortization of intangible assets   2,538     2,547     1,760  
Total operating expenses   29,913     35,601     41,251  
Income from operations 5,115 24,605 53,834
Other income (expense):
Interest income 27 6 136
Interest expense (1,620 ) (979 ) (1,842 )
Other, net   (431 )   (485 )   151  
Income before income taxes 3,091 23,147 52,279
Provision for income taxes   747     8,390     15,364  
Net income $ 2,344   $ 14,757   $ 36,915  
Net income per share:
Basic $ 0.02 $ 0.12 $ 0.29
Diluted $ 0.02 $ 0.12 $ 0.29
Weighted-average number of shares used in per share calculations:
Basic 118,769 118,444 126,734
Diluted 119,874 119,379 129,075




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