STR Holdings Announces Preliminary Second Quarter 2013 Results
31 Juli 2013 - 10:01PM
STR Holdings, Inc. (NYSE:STRI) today announced that it expects to
record diluted non-GAAP loss per share of $(0.09) and net sales of
approximately $7.7 million for the second quarter of 2013 compared
to $11.2 million in the first quarter of 2013. Excluding sales to
First Solar, the Company's net sales increased 20% compared to the
first quarter of 2013. The Company's cash balance as of June 30,
2013 was approximately $72 million. The Company has yet to receive
approximately $6 million of anticipated tax refunds.
The Company was notified in July that one of its European
customers, Conergy SolarModule GmbH & Co. KG, filed an
insolvency petition that resulted in the Company taking
approximately $2.1 million of bad debt and inventory-related
charges in the second quarter of 2013. The Company is working with
the insolvency administrator to determine if any amounts will be
recoverable and expects the customer to resume operations during
the third quarter. Net sales to this customer were $3.5 million and
$5.9 million during the six months ended June 30, 2013 and the year
ended December 31, 2012, respectively.
The updated second quarter outlook reflects the Company's
current estimates as of the date of this press release and is
subject to change based upon further review by management and its
independent accountants.
The Company expects to announce results for the second quarter
of 2013 and provide updated annual 2013 guidance on August 7,
2013.
About STR Holdings, Inc.
STR Holdings, Inc. is a global provider of encapsulants to the
photovoltaic module industry. Further information about STR
Holdings, Inc. can be obtained via the Company's website at
www.strsolar.com.
Forward-Looking Statements
This press release and any oral statement made in respect of the
information in this press release contain forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995. Such statements are subject to inherent risks
and uncertainties. These forward-looking statements present the
Company's current expectations and projections relating to its
financial condition, results of operations, plans, objectives,
future performance and business and are based on assumptions that
the Company has made in light of its industry experience and
perceptions of historical trends, current conditions, expected
future developments and other factors management believes are
appropriate under the circumstances. However, these forward-looking
statements are not guarantees of future performance or financial or
operating results. In addition to the risks and uncertainties
discussed in this press release, the Company faces risks and
uncertainties that include, but are not limited to, the following:
(1) customer concentration in our business and our relationships
with and dependence on key customers; (2) technological changes in
the solar energy industry or our failure to develop and introduce
or integrate new technologies could render our encapsulants
uncompetitive or obsolete, particularly in China; (3) our ability
to increase our market share; (4) product pricing pressures and
other competitive factors; (5) excess capacity in the solar supply
chain; (6) the extent to which we may be required to write–off
accounts receivable, inventory or other assets; (7) trade
complaints and lawsuits diminishing the growth of the solar
industry; (8) demand for solar energy in general and solar modules
in particular; (9) the extent and duration of the current downturn
in the global economy; (10) the impact negative credit markets may
have on us or our customers or suppliers; (11) the timing and
effects of the implementation of government incentives and policies
for renewable energy, primarily in China and the United States;
(12) the effects of the announced reductions to solar
incentives in Germany and Italy; (13) operating new
manufacturing facilities and increasing production capacity at
existing facilities; (14) volatility in commodity costs, such
as resin or paper used in our encapsulants, and our ability to
successfully manage any increases in these commodity costs;
(15) our dependence on a limited number of third–party
suppliers for raw materials for our encapsulants and materials used
in our processes; (16) our reliance on vendors and potential
supply chain disruptions, including those resulting from bankruptcy
filings by customers or vendors; (17) potential product
performance matters and product liability; (18) our ability to
protect our intellectual property; (19) the impact of changes
in foreign currency exchange rates on financial results, and the
geographic distribution of revenues and earnings;
(20) maintaining sufficient liquidity in order to fund future
profitable growth and long–term vitality; (21) outcomes of
litigation and regulatory actions; and (22) the other risks
and uncertainties described under "Risk Factors" and "Management's
Discussion and Analysis of Financial Condition and Results of
Operations" and in subsequent periodic reports on Forms 10–K, 10–Q
and 8–K. You are urged to carefully review and consider the
disclosure found in our filings which are available on
http://www.sec.gov or http://www.strsolar.com. Should one or more
of these risks or uncertainties materialize, or should any of these
assumptions prove to be incorrect, actual results may vary
materially from those projected in these forward‑looking
statements. We undertake no obligation to publicly update any
forward‑looking statement contained in this release, whether as a
result of new information, future developments or otherwise, except
as may be required by law.
CONTACT: STR Holdings, Inc.
Joseph C. Radziewicz
Vice President and Chief Financial Officer
(860) 758-7325
joseph.radziewicz@strholdings.com
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