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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