GT Solar International, Inc. (NASDAQ: SOLR) today reported results for its first quarter of fiscal year 2012, which ended July 2, 2011.

First quarter revenue totaled $231.1 million, compared to $271.6 million last quarter and up 71% from the $135.2 million of revenue in the first quarter of fiscal 2011. Revenue by business segment for the first quarter of fiscal 2012 was $23.9 million in polysilicon, $198.6 million in photovoltaic (PV), and $8.6 million in the sapphire segment, all of which was sapphire materials revenue.

Gross profit for the first quarter of fiscal 2012 totaled $113.4 million, or 49.1 percent of revenue, up from $116.9 million, or 43.0 percent of revenue in the fourth quarter of fiscal 2011 and $45.9 million, or 34.0 percent of revenue for the first quarter of fiscal 2011.

Operating margin for the first quarter of fiscal 2012 was 34.0 percent of revenue, compared to 30.5 percent of revenue in the fourth quarter of fiscal 2011 and 20.0 percent in the first quarter of fiscal 2011.

The company had net income of $52.1 million in the first quarter of fiscal 2012 compared to $51.9 million in the fourth quarter of fiscal 2011 and $16.5 million for the first quarter of fiscal 2011.

Earnings per share in the first quarter of fiscal 2012 on a fully-diluted basis were $0.41, versus $0.41 for the fourth quarter of fiscal 2011 and $0.11 for the first quarter of fiscal 2011.

Cash and cash equivalents at the end of the first quarter of fiscal 2012 were $473.4 million, up from $362.7 million at the end of the fourth quarter of fiscal 2011 and compared to $276.4 million of cash and short term investments at the end of the first quarter of fiscal 2011. In addition, the company had debt of $95.6 million at the end of the first quarter of fiscal 2012, down from $120.3 million at the end of the fourth quarter of fiscal 2011 and zero debt at the end of the first quarter of fiscal 2011.

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