News Article
Record Results For Solar Company
GT Solar International reports record results
GT Solar International, a provider of specialized equipment and technology for the solar power industry, today reported results for its fiscal year 2009 third quarter, which ended December 27, 2008. Revenues for the third fiscal quarter totalled $205.2 million, up 46 percent from $140.2 million in the second fiscal quarter and compared with $14.7 million in the third quarter of fiscal year 2008. Revenues for the third fiscal quarter included $109.4 million in the photovoltaic (“PV”) segment of the business, which consists of Directional Solidification System (DSS) furnaces and related products, and $95.8 million in the polysilicon segment of the business, which consists of Chemical Vapour Deposition (CVD) reactors and related products. As anticipated, the third quarter revenues for the polysilicon segment included $91.5 million of revenue recognized from the first contract with DC Chemical.
Gross profit increased to $89.5 million, or 43.6 percent of revenues, compared to $1.7 million, or 11.8 percent of revenues in the third quarter of fiscal year 2008. Operating margin was 34.6 percent, compared to negative 60.4 percent in the third quarter of fiscal 2008. The company had net income of $43.1 million in the third quarter of fiscal 2009 versus a loss of $4.5 million for the same quarter of fiscal 2008. Earnings per share on a fully diluted basis were $0.30 versus a $0.03 loss for the same quarter last year. At quarter's end, the company's backlog exceeded $1.3 billion with $493 million in the PV business and $837 million in the polysilicon business. Bookings for the quarter were $120.8 million. This included $63.0 million of bookings in the PV segment and $57.8 million in the polysilicon segment.
“Our third quarter results reflect the resilience of our business model with strong revenue performance, excellent operating and gross margins, and solid profitability” said Tom Zarrella, GT Solar's president and chief executive officer. “While we have seen an impact on some of our customers, whose ability to grow in the near term has been affected by the economic downturn, we continue to experience growth with a number of customers in both segments of our business. We are also encouraged by recent new customer additions, particularly by the interest we are seeing from new well-capitalized entrants in the solar industry.
“With our strong financial performance, healthy balance sheet and no debt, we believe that GT Solar is well-positioned to maintain its leadership position in the solar industry. Our industry is making progress in bringing solar power closer to parity with conventional energy sources and we continue to be a major force in that effort through our technology innovation, cost effectiveness and execution.”
Gross profit increased to $89.5 million, or 43.6 percent of revenues, compared to $1.7 million, or 11.8 percent of revenues in the third quarter of fiscal year 2008. Operating margin was 34.6 percent, compared to negative 60.4 percent in the third quarter of fiscal 2008. The company had net income of $43.1 million in the third quarter of fiscal 2009 versus a loss of $4.5 million for the same quarter of fiscal 2008. Earnings per share on a fully diluted basis were $0.30 versus a $0.03 loss for the same quarter last year. At quarter's end, the company's backlog exceeded $1.3 billion with $493 million in the PV business and $837 million in the polysilicon business. Bookings for the quarter were $120.8 million. This included $63.0 million of bookings in the PV segment and $57.8 million in the polysilicon segment.
“Our third quarter results reflect the resilience of our business model with strong revenue performance, excellent operating and gross margins, and solid profitability” said Tom Zarrella, GT Solar's president and chief executive officer. “While we have seen an impact on some of our customers, whose ability to grow in the near term has been affected by the economic downturn, we continue to experience growth with a number of customers in both segments of our business. We are also encouraged by recent new customer additions, particularly by the interest we are seeing from new well-capitalized entrants in the solar industry.
“With our strong financial performance, healthy balance sheet and no debt, we believe that GT Solar is well-positioned to maintain its leadership position in the solar industry. Our industry is making progress in bringing solar power closer to parity with conventional energy sources and we continue to be a major force in that effort through our technology innovation, cost effectiveness and execution.”
