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

MERRIMACK, N.H., Aug. 5, 2013 (GLOBE NEWSWIRE) -- GT Advanced Technologies Inc. (Nasdaq:GTAT) today reported results for the second quarter of fiscal year 2013, which ended June 29, 2013.
     
  Three-Months Ended  Six-Months Ended
  June 29, 2013 March 30, 2013 June 30, 2012 June 29, 2013 June 30, 2012
Revenue $168.3 $57.8 $167.3 $226.1 $521.1
Gross Margin  34.8% 23.6% 36.0% 31.9% 40.8%
GAAP EPS $0.10 ($0.16) $0.12 ($0.06) $0.78
Non-GAAP EPS $0.15 ($0.07) $0.16 $0.08 $0.88

Revenue for the second quarter came in at $168.3 million including $150.7 million in polysilicon, $11.4 million in photovoltaic (PV), and $6.2 million in sapphire. This compares to revenue in the first quarter of $57.8 million and $167.3 million in the second quarter of calendar 2012. Revenue for the first six months of 2013 was $226.1 million compared to $521.1 million for the first six months of 2012.

Gross profit for the second quarter was $58.6 million, or 34.8 percent of revenue, above the company's guidance. This compares to $13.6 million, or 23.6 percent of revenue, in the first quarter and $60.2 million, or 36.0 percent of revenue for the second quarter of calendar 2012. Gross profit for the first six months of 2013 was $72.2 million, or 31.9 percent of revenue compared to $212.5 million, or 40.8 percent of revenue, for the first six months of 2012.

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