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STR Holdings, Inc. Reports Second Quarter 2013 Results

Stocks in this article: STRI

ENFIELD, Conn., Aug. 7, 2013 (GLOBE NEWSWIRE) -- STR Holdings, Inc. (NYSE:STRI) today announced its financial results for the second quarter ended June 30, 2013.

Second Quarter 2013 Financial Summary:

  • Net sales of $7.8 million
  • Diluted GAAP loss per share from continuing operations of $(0.11); Diluted non-GAAP loss per share from continuing operations of $(0.09)
  • Finished the quarter with $72.3 million in cash and no debt

Financial Results

Net sales for the quarter ended June 30, 2013 were $7.8 million. This represents a decline of 31% sequentially and 69% from Q2 2012. On a year–over–year basis, volume declined in the second quarter of 2013 by approximately 62% and our average sale price ("ASP") declined by approximately 19%. On a sequential basis, the decrease was driven by a volume decline of approximately 26% and a 7% decrease in ASP. When excluding sales to First Solar, the Company's net sales increased by approximately 20% on a sequential basis.

"Despite continued headwinds, we have begun production-scale shipments of our next-gen EVA-based encapsulants to three new customers in China. These prominent solar manufacturers have in excess of 1 GW of capacity each and represent important relationships leading up to the launch of our factory in Suzhou later this year," said Robert S. Yorgensen, STR's President and Chief Executive Officer. "We are still early in our relationships and may experience further delays in ramping into their production."

Gross profit for the second quarter of 2013 was $0.4 million, or 4.6% of sales, compared to $(0.7) million, or (6.3)% of sales, for the first quarter of 2013. The improvement was mainly a result of a $1.3 million decrease in restructuring charges and benefits from cost–reduction efforts that more than offset a 7% ASP decrease and lower absorption of fixed costs associated with the sales volume decline.

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