This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

STR Holdings, Inc. Reports Fourth Quarter And Full–Year 2012 Results

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

Financial Results

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.

1 of 5

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
AAPL $94.30 -0.92%
FB $118.08 0.55%
GOOG $695.81 0.50%
TSLA $234.18 0.80%
YHOO $35.97 -0.11%


Chart of I:DJI
DOW 17,651.26 -99.65 -0.56%
S&P 500 2,051.12 -12.25 -0.59%
NASDAQ 4,725.6390 -37.5850 -0.79%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs