Solar Energy Business Unit
Solar Energy sales were $59.6 million in the fourth quarter of 2012, a decrease of 1.8% from $60.7 million in the third quarter of 2012, and an increase of 2.6% from $58.1 million in the fourth quarter of 2011. Demand for our products in the North American market remained solid despite the absence of year-end tax credits and incentives.
Income from Continuing Operations
Income from continuing operations for the fourth quarter was $4.9 million or $0.13 per diluted share, compared to income from continuing operations of $5.7 million or $0.15 per diluted share in the third quarter of 2012, and loss from continuing operations of $2.6 million or $0.06 per diluted share in the same period last year. On a non-GAAP basis, excluding the impact of the $2.0 million restructuring charge, income from continuing operations was $6.2 million or $0.16 per diluted share, down from $7.6 million or $0.20 per diluted share in the third quarter of 2012.Restructuring Charge The company incurred a $2.0 million charge this quarter related to the restructuring plan that was announced on September 28, 2011. During the quarter the company consolidated certain facilities and centralized other activities. Over time, existing cost savings along with other manufacturing cost savings initiatives and cost of goods improvements are currently expected to deliver annual savings of approximately $55 million by the end of 2014. First Quarter 2013 Guidance The company anticipates first quarter 2013 results from continuing operations to be within the following ranges:
- Sales of $105 million to $115 million
- Non-GAAP per share earnings of $0.14 to $0.18