A replay of the call will be available through November 1, 2012. To access the replay, please go to http://investor.gtat.com/ and select the webcast replay link on the ‘Events and Presentations’ page. Or, please dial 888.286.8010 for callers in the United States and Canada, or 617 801.6888 for international callers. The telephone replay passcode is 40758279.

About GT Advanced Technologies Inc.

GT Advanced Technologies Inc. is a global provider of polysilicon production technology and sapphire and silicon crystalline growth systems and materials for the solar, LED and other specialty markets. The company's products and services allow its customers to optimize their manufacturing environments and lower their cost of ownership. For additional information about GT Advanced Technologies, please visit www.gtat.com.
GT Advanced Technologies Inc.
Condensed Consolidated Balance Sheets
(in thousands, except per share data)
(Unaudited)
         
June 30, March 31,
2012 2012
 
Assets
Current assets:
Cash and cash equivalents $ 332,350 $ 350,903
Accounts receivable, net 41,375 65,676
Inventories 202,712 193,295
Deferred costs 67,468 91,740
Vendor advances 84,196 85,396
Deferred income taxes 15,372 13,857
Refundable income taxes 1,516 1,516
Prepaid expenses and other current assets   15,653     12,117  
Total current assets 760,642 814,500
 
Property, plant and equipment, net 110,696 99,982
Other assets 17,335 20,306
Intangible assets, net 83,810 86,357
Deferred cost 4,138 9,293
Goodwill   102,152     102,152  
Total assets $ 1,078,773   $ 1,132,590  
Liabilities and stockholders’ equity
Current liabilities:
Current portion of long-term debt $ 9,063 $ 3,750
Accounts payable 51,040 34,323
Accrued expenses 27,784 37,074
Contingent consideration 8,304 16,071
Customer deposits 274,230 334,098
Deferred revenue 133,594 165,149
Accrued income taxes   5,160     37,620  
Total current liabilities 509,175 628,085
 
Long-term debt 135,937 71,250
Deferred income taxes 37,023 38,918
Deferred revenue 15,673 31,010
Contingent consideration 6,458 6,402
Other non-current liabilities 587 547
Accrued income taxes   25,202     24,824  
Total liabilities 730,055 801,036
Commitments and contingencies
Stockholders’ equity:
Preferred stock, 10,000 shares authorized, none issued and outstanding - -
Common stock, $0.01 par value; 500,000 shares authorized, 118,672 and 118,331 shares issued and outstanding as of June 30, 2012 and March 31, 2012, respectively 1,187 1,183
Additional paid-in capital 134,133 131,563
Accumulated other comprehensive loss (354 ) (187 )
Retained earnings   213,752     198,995  
Total stockholders' equity   348,718     331,554  
Total liabilities and stockholders' equity $ 1,078,773   $ 1,132,590  
 

GT Advanced Technologies Inc.
Condensed Consolidated Statements of Operations
(In thousands, except per share data)
(Unaudited)
     
Three Months Ended
June 30, July 2,
2012 2011
 
Revenue $ 167,252 $ 231,096
Cost of revenue   107,046     117,707  
Gross profit 60,206 113,389
Operating expenses:
Research and development 13,939 11,272
Selling and marketing 3,827 6,153
General and administrative 15,288 16,208
Amortization of intangible assets   2,547     1,070  
Total operating expenses   35,601     34,703  
Income from operations 24,605 78,686
Other income (expense):
Interest income 6 91
Interest expense (979 ) (3,512 )
Other, net   (485 )   (77 )
Income before income taxes 23,147 75,188
Provision for income taxes   8,390     23,119  
Net income $ 14,757   $ 52,069  
Net income per share:
Basic $ 0.12 $ 0.41
Diluted $ 0.12 $ 0.41
Weighted-average number of shares used in per share calculations:
Basic 118,444 125,927
Diluted 119,379 128,561
 

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