GT Advanced Technologies Inc. Announces Results For First Quarter Fiscal Year 2013

NASHUA, N.H., May 1, 2013 (GLOBE NEWSWIRE) -- GT Advanced Technologies Inc. (Nasdaq:GTAT) today reported results for the first quarter of fiscal year 2013, which ended March 30, 2013.

Revenue for the first quarter came in at $57.8 million including $38.0 million in polysilicon, $4.4 million in photovoltaic (PV), and $15.4 million in sapphire. This compares to revenue in the fourth quarter of calendar 2012 of $102.3 million and $353.9 million in the first quarter of calendar 2012.

Non-GAAP gross profit for the first quarter was $14.1 million, or 24.4 percent of revenue, in line with the company's guidance. This compares to $33.1 million, or 32.4 percent of revenue in the fourth quarter of calendar 2012 and $152.3 million, or 43.0 percent of revenue for the first quarter of calendar 2012.

Gross profit for the first quarter was $13.6 million, or 23.6 percent of revenue, compared to a loss of $41.2 million, or 40.2 percent of revenue, in the fourth quarter of calendar 2012 and $152.3 million, or 43.0 percent of revenue for the first quarter of calendar 2012.  

Non-GAAP net income was a loss of $8.9 million in the first quarter, compared to a loss of $18.1 million in the fourth quarter of calendar 2012 and $86.0 million for the first quarter of calendar 2012.  

Net income in the first quarter was a loss of $18.7 million, compared to a loss of $159.4 million in the fourth quarter of calendar 2012 and $79.1 million for the first quarter of calendar 2012.  

Non-GAAP earnings per share on a fully-diluted basis was a loss of $0.07 in the first quarter, which was better than the company's guidance. This compares to a non-GAAP EPS loss of $0.15 in the fourth quarter of calendar 2012 and earnings of $0.71 in the first quarter of calendar 2012.  

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