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Rubicon Technology, Inc. Reports Third Quarter 2013 Results Of Operations

Rubicon Technology, Inc. (NASDAQ:RBCN), a leading provider of sapphire substrates and products to the LED, RFIC, semiconductor, and optical industries, today reported financial results for its third quarter ended September 30, 2013.

The Company reported third quarter revenue of $11.1 million as compared with $10.6 million in the prior quarter. Overall demand for sapphire was stronger in the third quarter driven by the growing momentum of the general lighting segment of the LED market and demand from non-LED applications for mobile devices, such as the sapphire home button on the iPhone 5S, as well as the camera lens cover and dual flash now being adopted by more smartphone manufacturers. As a result, pricing increased for the third consecutive quarter on the Company’s two and four-inch sapphire cores. Capacity constraints for the fabrication of two and four-inch cores along with reduced orders for six-inch wafers limited further sequential growth in the quarter.

Raja Parvez, President and CEO of Rubicon Technology, commented, “With the rising demand for sapphire, pricing has been steadily rising and current market pricing, which will be reflected in our fourth quarter numbers, is now back to approximately break-even for our two and four inch core products. Given the momentum of the LED general lighting market and introduction of new applications for sapphire, we expect pricing to continue to strengthen going into next year.”

The Company announced the launch of its four and six-inch patterned wafer product (“PSS”) and reported that seven tier-one LED chip manufacturers have already requested samples. “We are very pleased with the customer response thus far and believe that PSS will be a strong growth driver for our wafer business,” Mr. Parvez said. “While we are a few quarters away from volume production orders, we believe that PSS wafer sales should generate at least $15 million in revenue for us in 2014.”

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