Important factors that could cause actual results to be different than our expectations are discussed in GT Advanced Technologies filings with the Securities and Exchange Commission, including the statement under the heading Risk Factors in the company's quarterly report or annual report on Form 10-K for fiscal 2012 filed on May 25, 2012. Statements made during this call should be evaluated in light of these important factors.GT Advanced Technologies is under no obligation to, and expressly disclaims any such obligation to update or alter its forward-looking statements, whether as a result of new information, future events or otherwise. During this call, management will address non-GAAP financial measures. Information regarding such non-GAAP financial measures including reconciliation to GAAP measures and performance is available in our earnings release as well as the investor presentation accompanying this call, both of which are available on our website, www.gtat.com. In addition, I'd like to remind you that the company has changed its fiscal year end from March to December in order to align our quarterly reporting cycle with the calendar year, and more closely with our industry peers. A webcast replay of today's presentation will be available for 90 days beginning today at approximately 10:00 a.m. Eastern and can be accessed on the IR section of our website. An audio replay will also be available. Please refer to our website for additional details. In addition, following today's call we will be posting a copy of our prepared remarks to our website. [Operator Instructions] With that, I would like to turn the call over to Tom Gutierrez, President and CEO of GT Advanced Technologies. Thomas Gutierrez Good morning. With me today is Rick Gaynor, our Chief Financial Officer. I'll start with an overview of our performance in the second quarter, which ended June 30. Rick will review financial details, and provide an update of calendar year '12 guidance, and before opening it up for questions, I'll provide an update on our long-term outlook. Given the continued headwinds in our served markets, we were pleased with our performance in the second quarter, which builds on our long track record of performing at or above our guidance. Our polysilicon business had a very strong quarter and our sapphire and PV businesses performed in line with our expectations.
Revenue for the June quarter was $167 million, and EPS came in at $0.12 on a GAAP basis and $0.16 on a non-GAAP basis. We achieved achieve the gross margin of 36%, in line with our guidance and well above the performance of most of our industry peers. Our backlog, which largely underpins our revenue forecast, remain solid at $1.6 billion, and our assessment of risk is unchanged from what we described a quarter ago. We remain on track to achieve our top and bottom line guidance for calendar year '12, and continue to target growth in calendar year '13 as well.In our sapphire business, as expected, ASF shipments moderated as our customers focused on commissioning their factories, training their teams and getting the material qualified. To some of these buildouts continued at a good pace, and it is our expectation that ASF shipments will start to build again later this quarter, and become very significant by year end as our customers resume their ramp into high-volume production. As anticipated, we terminated a $32 million ASF order during the quarter with a customer in China that had not yet taken delivery. For terms of the contract, the customer forfeited its deposit and we're in the process of pursuing damages for breach of contract. Consistent with our commentary last quarter, we believe that an additional $40 million of ASF backlog could be at risk. These relevantly modest adjustments aside, we've been very encouraged by recent developments in the LED industry, including reports of improved utilization, the Chinese government's increasing commitment to stimulate its domestic LED lighting market and reports that sapphire prices have stabilized, and in fact, have slightly increased. Read the rest of this transcript for free on seekingalpha.com