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STR Holdings, Inc. (NYSE: STRI) today announced its financial results for the fourth quarter and full–year ended December 31, 2012.
Fourth Quarter 2012 Financial Summary:
Net sales of $16.1 million
Diluted GAAP loss per share from continuing operations of $(2.97); Diluted non-GAAP loss per share from continuing operations of $(0.09)
Free cash flow of $5.1 million
Finished the quarter with $82.0 million in cash and no debt
Recorded a $172.9 million non-cash long–lived asset impairment
2012 Financial Summary:
Net sales of $95.3 million
Diluted GAAP loss per share from continuing operations of $(5.12); Diluted non-GAAP loss per share from continuing operations of $(0.05)
Free cash flow of $23.2 million
Net sales for the quarter ended December 31, 2012 were $16.1 million. This represents a decline of 30% sequentially and 56% from Q4 2011. On a sequential basis, the decline was driven primarily by a volume decline of approximately 25% and a 7% decline in average sale price (“ASP”). On a year–over–year basis, volume declined by approximately 43% and ASP declined by approximately 23%.
“In the fourth quarter of 2012, solar industry dynamics remained very challenging, particularly in Western markets, and our sequential volume reflects this,” said Robert S. Yorgensen, STR’s President and Chief Executive Officer. “We continue to execute our strategic objectives of reducing our cost structure and developing and commercializing innovative products. The launch of our next-generation encapsulant is progressing well with many prospects proceeding to certification and we have received commercial orders for this product from two new customers in China and one of our existing customers in Europe.”
Gross profit for the fourth quarter of 2012 was $(6.0) million, or (37.5)% of sales, compared to $0.6 million, or 2.5% of sales, from the third quarter of 2012, primarily driven by $1.0 million of restructuring charges, $2.8 million of accelerated depreciation, lower ASP and unfavorable cost absorption.