STR Holdings, Inc. (NYSE:STRI) today announced its financial
results for the third quarter of 2013 and provided an update on its
business and its strategic plan.
Third Quarter 2013 Financial Summary:
- Net sales of $6.2 million
- Initial next-generation EVA encapsulant sales of $2.7
million
- Diluted GAAP loss per share from continuing operations of
$(0.14); Diluted non-GAAP loss per share from continuing operations
of $(0.12) which included an unfavorable income tax impact of
($0.04)
- Finished the quarter with $62.2 million in cash and no
debt
Strategy Update
China
Last quarter, the Company announced that its next-generation EVA
encapsulant product launch was delayed due to feedback from some
prospective customers that a feature of its product was not
optimally matched to their lamination process. During the third
quarter, the Company refined its next-generation encapsulant to
broaden its process window. Following favorable results from
subsequent customer evaluations, the Company has delivered
production-scale orders of its next-generation encapsulants to
certain module manufacturers, including certain of its China Tier
One module manufacturer prospects. The Company has also received
repeat orders for its next-generation products and is seeking
production-scale orders from Chinese module manufacturers during
the fourth quarter of 2013.
Since the Company's product launch was delayed, and in order to
conserve cash, the Company has idled the renovation of its leased
facility in China. However, to meet anticipated demand for its
next-generation products, the Company will seek to outsource the
production of its next-generation encapsulant to one or more
China-based manufacturers.
Closing of Malaysian Facility and Other Cost-Reduction
Efforts
In light of the continued shift in module manufacturing to
mainland China, and the requirement within this growing market for
just-in-time delivery, the Company intends to cease production at
its Johor, Malaysia facility by the end of the first quarter of
2014. The Company expects to incur approximately $0.5 to $0.7
million of associated non-recurring cost during the fourth quarter
of 2013 and further expects to generate approximately $2.0 million
of associated annual pre-tax savings.
During the third quarter of 2013, the Company reduced its
headcount at its Connecticut facilities. The Company incurred $0.3
million of related severance expense, and is expected to generate
approximately $1.3 million of associated annual pre-tax savings. In
October 2013, the Company also streamlined its operations and
eliminated the positions of Chief Operating Officer, Vice President
of Human Resources, Chief Technology Officer and Vice President of
Finance, effective November 15, 2013, transferring responsibilities
to others in the organization. The Company expects to incur
approximately $0.8 million of related severance and other benefits
during the fourth quarter of 2013 and further expects to generate
approximately $1.1 million of associated annual pre-tax
savings.
On-Going Assessment of Our Business and Strategic
Alternatives
The Company is actively monitoring and evaluating its short-term
financial and operational performance, including sales levels for
new products and its ability to enter into satisfactory outsource
arrangements with China-based manufacturers. In addition, the
Company's Strategic Transaction Committee, together with its
independent advisors and the Company's senior management team,
continues to actively review, analyze and make recommendations to
the STR Board of Directors regarding potential strategic
alternatives. For additional information and a discussion of
related risks and uncertainties, please see our filings with the
Securities and Exchange Commission, including our Quarterly Report
on Form 10-Q for the quarter ended September 30, 2013.
Financial Results
Net sales for the quarter ended September 30, 2013 were $6.2
million of which $2.7 million related to initial sales of our
next–generation EVA encapsulant to new and existing customers. This
represents a decline of approximately 20% sequentially and 73% from
Q3 2012. On a year-over-year basis, volume declined in the third
quarter of 2013 by approximately 64% and our average sale price
("ASP") declined by approximately 19%. On a sequential basis, the
decrease was driven by a volume decline of approximately 13% and a
7% decrease in ASP. The decline in sales volume was mainly due to
the final scale down of First Solar as a customer and one of the
Company's largest customers filed an insolvency petition in July
2013. As such, shipments were reduced to this customer as it
restarted production towards the end of the third quarter of 2013.
These negative impacts more than offset initial net sales generated
from the Company's next-generation EVA encapsulant to new
customers.
Gross profit for the third quarter of 2013 was a loss of $(0.8)
million, or (13.2)% of sales, compared to $0.4 million, or 4.6% of
sales, for the second quarter of 2013. Gross profit as a percentage
of net sales decreased for the three-month period ended September
30, 2013, compared to the three-month period ended June 30, 2013,
mainly as a result of a 7% ASP decrease and lower absorption of
fixed costs allocated with the sales volume decline.
Selling, general and administrative expenses for the third
quarter of 2013 were $4.6 million compared to $4.3 million in the
second quarter of 2013. The increase was driven by a $0.4 million
increase in restructuring charges and a $0.3 million increase in
professional fees. These increases were offset by a $0.2 million
decrease in non-cash, stock-based compensation and benefits from
recent cost–reduction efforts.
Net loss from continuing operations for the third quarter of
2013 was $(5.9) million, or $(0.14) per diluted share. This
compares to a net loss from continuing operations of $(4.5)
million, or $(0.11) per diluted share, for the second quarter of
2013 and a net loss from continuing operations of $(3.6) million,
or $(0.09) per diluted share, for the third quarter of 2012.
Non-GAAP net loss from continuing operations for the third
quarter of 2013, which excludes certain tax-effected adjustments
(as disclosed following the non-GAAP reconciliation table at the
end of this press release), was $(5.1) million, or $(0.12) per
diluted share. The Company recorded a $(0.04) negative impact in
the third quarter of 2013 relating to its projected annual
effective tax rate due to lower-than-anticipated profitability at
its Malaysia facility where it possess a tax holiday. This compares
to non-GAAP net loss from continuing operations of $(3.9) million,
or $(0.09) per diluted share, for the second quarter of 2013 and
non-GAAP net loss from continuing operations of $(1.1) million, or
$(0.03) per diluted share, for the third quarter of 2012.
Liquidity
The Company finished the quarter with $62.2 million of cash and
no debt. During the third quarter of 2013, the Company's cash
balance was reduced by $10.0 million primarily due to negative
EBITDA and a $4.9 million negative working capital impact,
primarily associated with the delay of its next-generation
encapsulant product launch. As of September 30, 2013, the Company
believes it has sufficient inventory to execute its product launch
and expects to recover its working capital investment as it
fulfills anticipated customer orders.
As of September 30, 2013, the Company also had $9.6 million of
income tax receivables, of which approximately $7.0 million relates
to income tax returns filed in 2012.
Guidance
As a reminder and as disclosed on its last conference call, the
Company is no longer providing quarterly and annual guidance for
sales, non-GAAP EPS or cash.
Third Quarter Conference Call and
Presentation
Due to continued cost-reduction efforts, the Company will not
host a quarterly conference call. The Company will continue to
report its financial results and other events in the normal course
of filing its Form 10-K, 10-Q and 8-K's with the Securities and
Exchange Commission.
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) the potential impact of pursuing strategic alternatives; (2)
the potential impact of any merger or acquisition transactions or
the dissolution and liquidation of our Company; (3) our potential
inability to obtain satisfactory orders from Chinese module
manufacturers for our new encapsulant products or to enter into
satisfactory outsource arrangements with China-based encapsulant
manufacturers on a timely basis or at all; (4) customer
concentration in our business and our relationships with and
dependence on key customers; (5) 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; (6) incurring
losses for the foreseeable future; (7) our operations being subject
to political and economic uncertainties in China; (8) limited legal
recourse in China if disputes arise; (9) the potential inability to
protect our intellectual property during the outsourcing of our
products; (10) our ability to increase our market share; (11)
product pricing pressures and other competitive factors; (12)
excess capacity in the solar supply chain; (13) the extent to which
we may be required to write off accounts receivable, inventory or
other assets; (14) trade complaints and lawsuits diminishing the
growth of the solar industry; (15) demand for solar energy in
general and solar modules in particular; (16) the extent and
duration of the current downturn in the global economy; (17) the
impact negative credit markets may have on us or our customers or
suppliers; (18) the timing and effects of the implementation of
government incentives and policies for renewable energy, primarily
in China and the United States; (19) the effects of the announced
reductions to solar incentives in Germany and Italy;
(20) operating new manufacturing facilities and increasing
production capacity at existing facilities; (21) 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; (22) our dependence on a limited number of
third-party suppliers for raw materials for our encapsulants and
materials used in our processes; (23) our reliance on vendors
and potential supply chain disruptions, including those resulting
from bankruptcy filings by customers or vendors;
(24) potential product performance matters and product
liability; (25) our ability to protect our intellectual
property; (26) the impact of changes in foreign currency
exchange rates on financial results, and the geographic
distribution of revenues and earnings; (27) maintaining
sufficient liquidity in order to fund future profitable growth and
long-term vitality; (28) outcomes of litigation and regulatory
actions; and (29) 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.
|
|
STR Holdings,
Inc. |
CONDENSED CONSOLIDATED
INCOME STATEMENTS |
All amounts in
thousands except shares and per share amounts |
|
|
|
|
|
|
Three Months Ended
September 30, |
Nine Months Ended
September 30, |
|
2013 |
2012 |
2013 |
2012 |
|
(Unaudited) |
(Unaudited) |
(Unaudited) |
(Unaudited) |
|
|
|
|
|
Net sales |
$ 6,219 |
$ 23,092 |
$ 25,189 |
$ 79,294 |
Cost of sales |
7,040 |
22,510 |
26,352 |
75,127 |
|
|
|
|
|
Gross (loss) profit |
(821) |
582 |
(1,163) |
4,167 |
|
|
|
|
|
Selling, general and administrative
expenses |
4,570 |
4,781 |
13,012 |
17,044 |
Research and development expense |
703 |
1,063 |
2,316 |
3,254 |
(Recovery) provision for bad debt
expense |
(138) |
47 |
2,100 |
497 |
Goodwill impairment |
-- |
-- |
-- |
82,524 |
Operating loss |
(5,956) |
(5,309) |
(18,591) |
(99,152) |
|
|
|
|
|
Other (loss) income |
(246) |
(1,070) |
(390) |
5,771 |
Loss from continuing operations
before income tax benefit |
(6,202) |
(6,379) |
(18,981) |
(93,381) |
Income tax benefit from continuing
operations |
(268) |
(2,800) |
(4,346) |
(5,250) |
Net loss from continuing
operations |
(5,934) |
(3,579) |
(14,635) |
(88,131) |
|
|
|
|
|
Discontinued operations: |
|
|
|
|
Earnings from discontinued
operations before income tax expense |
-- |
-- |
-- |
-- |
Income tax expense from discontinued
operations |
-- |
(4,246) |
-- |
(4,246) |
Net earnings from discontinued
operations |
-- |
4,246 |
-- |
4,246 |
|
|
|
|
|
Net (loss) earnings |
$ (5,934) |
$ 667 |
$ (14,635) |
$ (83,885) |
|
|
|
|
|
GAAP net (loss) earnings per
share: |
|
|
|
|
Basic from continuing
operations |
$ (0.14) |
$ (0.09) |
$ (0.35) |
$ (2.13) |
Basic from discontinued
operations |
$ -- |
$ 0.11 |
$ -- |
$ 0.10 |
Total basic GAAP
net (loss) earnings per share |
$ (0.14) |
$ 0.02 |
$ (0.35) |
$ (2.03) |
|
|
|
|
|
Diluted from continuing
operations |
$ (0.14) |
$ (0.09) |
$ (0.35) |
$ (2.13) |
Diluted from discontinued
operations |
$ -- |
$ 0.11 |
$ -- |
$ 0.10 |
Total diluted GAAP
net (loss) earnings per share |
$ (0.14) |
$ 0.02 |
$ (0.35) |
$ (2.03) |
|
|
|
|
|
(1) Non-GAAP net (loss) earnings per
share: |
|
|
|
|
Basic from continuing
operations |
$ (0.12) |
$ (0.03) |
$ (0.29) |
$ 0.05 |
Basic from discontinued
operations |
$ -- |
$ 0.11 |
$ -- |
$ 0.10 |
Total basic non-GAAP net (loss)
earnings per share |
$ (0.12) |
$ 0.08 |
$ (0.29) |
$ 0.15 |
|
|
|
|
|
Diluted from continuing
operations |
$ (0.12) |
$ (0.03) |
$ (0.29) |
$ 0.05 |
Diluted from discontinued
operations |
$ -- |
$ 0.11 |
$ -- |
$ 0.10 |
Total diluted non-GAAP net
(loss) earnings per share |
$ (0.12) |
$ 0.08 |
$ (0.29) |
$ 0.15 |
|
|
|
|
|
Weighted-average common shares
outstanding: |
|
|
|
|
Basic shares outstanding
GAAP |
41,695,010 |
41,439,827 |
41,598,103 |
41,277,975 |
(2) Diluted shares outstanding
GAAP |
41,695,010 |
41,439,827 |
41,598,103 |
41,277,975 |
Stock options |
-- |
-- |
-- |
-- |
Restricted common stock |
-- |
-- |
-- |
151 |
(2) Diluted shares outstanding
non-GAAP |
41,695,010 |
41,439,827 |
41,598,103 |
41,278,126 |
|
|
|
|
|
(1) Please refer to the
reconciliation of non-GAAP measures included in this press
release. |
(2) Please refer to the
reconciliation of diluted shares outstanding for non-GAAP net
(loss) earnings per share included in this press release. |
|
|
STR Holdings,
Inc. |
CONDENSED CONSOLIDATED
BALANCE SHEETS |
All amounts in
thousands |
|
|
|
|
September 30,
2013 |
December 31,
2012 |
|
(Unaudited) |
(Unaudited) |
ASSETS |
|
|
CURRENT ASSETS |
|
|
Cash and cash equivalents |
$ 62,249 |
$ 81,985 |
Accounts receivable, net |
2,983 |
5,316 |
Inventories, net |
10,661 |
8,585 |
Other current assets |
13,538 |
10,732 |
Total current assets |
89,431 |
106,618 |
|
|
|
Property, plant and equipment,
net |
28,669 |
27,750 |
Other noncurrent assets |
13,688 |
12,796 |
Total assets |
$ 131,788 |
$ 147,164 |
|
|
|
LIABILITIES AND STOCKHOLDERS'
EQUITY |
|
|
CURRENT LIABILITIES |
|
|
Accounts payable |
$ 3,124 |
$ 2,893 |
Accrued liabilities |
7,401 |
10,376 |
Other current liabilities |
747 |
-- |
Income taxes payable |
848 |
917 |
Total current liabilities |
12,120 |
14,186 |
|
|
|
Long-term
liabilities |
4,819 |
5,539 |
Total liabilities |
16,939 |
19,725 |
|
|
|
STOCKHOLDERS' EQUITY |
|
|
Stockholders' equity |
114,849 |
127,439 |
Total liabilities and stockholders'
equity |
$ 131,788 |
$ 147,164 |
|
|
STR Holdings,
Inc. |
CONDENSED CONSOLIDATED
STATEMENTS OF CASH FLOWS |
All amounts in
thousands |
|
|
|
|
|
|
Three Months Ended
September 30, |
Nine Months Ended
September 30, |
|
2013 |
2012 |
2013 |
2012 |
|
(Unaudited) |
(Unaudited) |
(Unaudited) |
(Unaudited) |
OPERATING ACTIVITIES |
|
|
|
|
Net (loss) earnings |
$ (5,934) |
$ 667 |
$ (14,635) |
$ (83,885) |
Net earnings from discontinued
operations |
-- |
4,246 |
-- |
4,246 |
Net loss from continuing operations |
(5,934) |
(3,579) |
(14,635) |
(88,131) |
Adjustments to reconcile net (loss) earnings
to net cash (used in) provided by operating activities: |
|
|
|
|
Depreciation |
487 |
2,042 |
1,503 |
6,157 |
Goodwill impairment |
-- |
-- |
-- |
82,524 |
Amortization of intangibles |
-- |
2,107 |
-- |
6,323 |
Amortization of deferred financing costs |
12 |
55 |
46 |
218 |
Write-off of deferred debt costs |
143 |
844 |
143 |
844 |
Stock-based compensation expense |
563 |
704 |
1,677 |
3,682 |
Loss on disposal of property, plant and
equipment |
-- |
2 |
-- |
2 |
(Recovery) provision for bad debt
expense |
(138) |
47 |
2,100 |
497 |
Deferred income tax (benefit) |
(125) |
(1,244) |
(187) |
(3,055) |
Changes in operating assets and
liabilities |
(4,859) |
(1,961) |
(9,462) |
19,138 |
Other, net |
12 |
250 |
310 |
365 |
Net cash (used in) provided by continuing
operations |
(9,839) |
(733) |
(18,505) |
28,564 |
Net cash provided by (used in) discontinued
operations |
-- |
-- |
834 |
(5,786) |
Total net cash (used in) provided by
operating activities |
(9,839) |
(733) |
(17,671) |
22,778 |
|
|
|
|
|
INVESTING ACTIVITIES |
|
|
|
|
Capital expenditures |
(402) |
(1,052) |
(2,159) |
(10,477) |
Net cash used in continuing operations |
(402) |
(1,052) |
(2,159) |
(10,477) |
Net cash used in discontinued operations |
-- |
-- |
-- |
-- |
Total net cash used in investing
activities |
(402) |
(1,052) |
(2,159) |
(10,477) |
|
|
|
|
|
FINANCING ACTIVITIES |
|
|
|
|
Net cash provided by (used in) continuing
operations |
4 |
(24) |
18 |
1 |
Net cash used in discontinued operations |
-- |
-- |
-- |
-- |
Total net cash provided by (used in)
financing activities |
4 |
(24) |
18 |
1 |
|
|
|
|
|
Effect of exchange rate changes on cash |
213 |
243 |
76 |
(471) |
|
|
|
|
|
Net change in cash and cash
equivalents |
(10,024) |
(1,566) |
(19,736) |
11,831 |
Cash and cash equivalents, beginning of
period |
72,273 |
72,191 |
81,985 |
58,794 |
Cash and cash equivalents, end of period |
$ 62,249 |
$ 70,625 |
$ 62,249 |
$ 70,625 |
|
|
|
|
|
* Free cash flow from continuing
operations |
$ (10,241) |
$ (1,785) |
$ (20,664) |
$ 18,087 |
|
|
|
|
|
* Please refer to the
reconciliation of non-GAAP measures included in this press
release. |
|
|
STR Holdings,
Inc. |
RECONCILIATION OF
NON-GAAP MEASURES |
All amounts in
thousands except shares and per share amounts |
|
|
|
|
|
|
Three Months Ended
September 30, |
Nine Months Ended
September 30, |
|
2013 |
2012 |
2013 |
2012 |
|
(Unaudited) |
(Unaudited) |
(Unaudited) |
(Unaudited) |
Non-GAAP (Loss) Earnings Per
Share |
|
|
|
|
Net loss from continuing operations |
$ (5,934) |
$ (3,579) |
$ (14,635) |
$ (88,131) |
Adjustments to net loss from continuing
operations: |
|
|
|
|
Amortization of
intangibles |
-- |
2,107 |
-- |
6,323 |
Amortization of deferred
financing costs |
155 |
899 |
189 |
1,062 |
Stock-based compensation
expense |
563 |
704 |
1,677 |
3,682 |
Restructuring |
491 |
-- |
2,155 |
-- |
Goodwill impairment |
-- |
-- |
-- |
82,524 |
Tax effect of non-GAAP
adjustments |
(397) |
(1,254) |
(1,328) |
(3,639) |
Non-GAAP net (loss) earnings from continuing
operations |
$ (5,122) |
$ (1,123) |
$ (11,942) |
$ 1,821 |
|
|
|
|
|
Non-GAAP net (loss) earnings per share: |
|
|
|
|
Basic from continuing operations |
$ (0.12) |
$ (0.03) |
$ (0.29) |
$ 0.05 |
Diluted from continuing operations |
$ (0.12) |
$ (0.03) |
$ (0.29) |
$ 0.05 |
|
|
|
|
|
Weighted-average common shares
outstanding: |
|
|
|
|
Basic |
41,695,010 |
41,439,827 |
41,598,103 |
41,277,975 |
(1) Diluted |
41,695,010 |
41,439,827 |
41,598,103 |
41,278,126 |
|
|
|
|
|
(1) Please refer to the
reconciliation of diluted shares outstanding for non-GAAP net
(loss) earnings per share included in this press release. |
|
|
|
|
|
|
Three Months
Ended September 30, |
Nine Months Ended
September 30, |
|
2013 |
2012 |
2013 |
2012 |
|
(Unaudited) |
(Unaudited) |
(Unaudited) |
(Unaudited) |
Free Cash Flow from Continuing
Operations |
|
|
|
|
Cash flow (used in) provided by operations
from continuing operations |
$ (9,839) |
$ (733) |
$ (18,505) |
$ 28,564 |
Less: |
|
|
|
|
Capital expenditures |
(402) |
(1,052) |
(2,159) |
(10,477) |
Free cash flow |
$ (10,241) |
$ (1,785) |
$ (20,664) |
$ 18,087 |
Non-GAAP Financial Measures
To supplement the Company's condensed consolidated financial
statements, which statements are prepared and presented in
accordance with generally accepted accounting principles in the
United States of America (GAAP), the Company uses non-GAAP
financial measures to facilitate better understanding of its
operating results. In this press release, there are two non-GAAP
financial metrics mentioned: Non-GAAP (loss) earnings per share
from continuing operations (EPS) and free cash flow from continuing
operations as defined below:
Non-GAAP EPS: The Company believes that
non-GAAP EPS from continuing operations provides meaningful
supplemental information regarding its performance by excluding
certain expenses that may not be indicative of the core business
operating results and may help in comparing current period results
with those of prior periods as well as with its peers.
Non-GAAP EPS from continuing operations is defined as net (loss)
earnings from continuing operations not including the tax effected
impact of deferred financing costs, stock-based compensation,
intangible asset amortization expense, restructuring and goodwill
impairment divided by the weighted-average common shares
outstanding. Please refer to the Company's Form 10-K filed with the
Securities and Exchange Commission (SEC) on March 15, 2013, as well
as prior SEC filings, for detailed discussion on some of these
adjustments that have been recorded in previous periods.
Although the Company uses non-GAAP EPS from continuing
operations as a measure to assess the operating performance of its
business, non-GAAP EPS from continuing operations has significant
limitations as an analytical tool because it excludes certain
material costs. Because non-GAAP EPS from continuing operations
does not account for these expenses, its utility as a measure of
its operating performance has material limitations. Because of
these limitations, the Company does not view non-GAAP EPS from
continuing operations in isolation and uses other metrics to
measure operating performance such as, but not limited to, net
sales, gross margin, operating (loss) income, adjusted EBITDA, and
net (loss) earnings from continuing operations.
STR Holdings,
Inc. |
RECONCILIATION OF
NON-GAAP SHARES OUTSTANDING |
|
|
|
Three Months Ended
September 30, |
Nine Months Ended
September 30, |
|
2013 |
2012 |
2013 |
2012 |
|
(Unaudited) |
(Unaudited) |
(Unaudited) |
(Unaudited) |
Weighted-average shares
outstanding |
|
|
|
|
Basic shares outstanding
GAAP |
41,695,010 |
41,439,827 |
41,598,103 |
41,277,975 |
Diluted shares outstanding
GAAP |
41,695,010 |
41,439,827 |
41,598,103 |
41,277,975 |
Stock options |
-- |
-- |
-- |
-- |
Restricted common stock |
-- |
-- |
-- |
151 |
Diluted shares outstanding
non-GAAP |
41,695,010 |
41,439,827 |
41,598,103 |
41,278,126 |
Diluted GAAP shares outstanding: Due to the
loss from continuing operations for the three and nine months ended
September 30, 2013, diluted weighted-average common shares
outstanding for purposes of our diluted GAAP loss per share does
not include 83 and 153 shares of unvested restricted common stock
respectively, as these potential awards do not share in any net
loss generated by the Company and are anti-dilutive.
Due to a loss from continuing operations during the nine months
ended September 30, 2012, the diluted weighted-average common
shares outstanding for purposes of our diluted GAAP loss per share
does not include 151 shares of unvested restricted common stock
respectively, as these potential awards do not share in any loss
generated by the Company and are anti-dilutive.
Diluted non-GAAP Shares Outstanding: Due to a
net loss from continuing operations during the three and nine
months ended September 30, 2013, the diluted weighted-average
common shares outstanding for purposes of its diluted GAAP loss per
share does not include 83 and 153 shares of unvested restricted
common stock respectively, as these potential awards do not share
in any loss generated by the Company and are anti-dilutive.
Free Cash Flow from Continuing Operations: The
Company believes free cash flow from continuing operations is an
important measure of its overall liquidity and its ability to fund
future growth and provide a return to shareowners. Free cash flow
is defined as operating cash flow from continuing operations
excluding cash invested for capital expenditures. A limitation of
using free cash flow versus the GAAP measure of cash provided by
operating activities as a means for evaluating the Company's
business is that free cash flow does not represent the total
increase or decrease in the cash balance from operations for the
period because it excludes cash used for capital expenditures
during the period.
CONTACT: STR Holdings, Inc.
Joseph C. Radziewicz
Vice President and Chief Financial Officer
+1 (860) 758-7325
joseph.radziewicz@strholdings.com
STR (CE) (USOTC:STRI)
Historical Stock Chart
Von Jun 2024 bis Jul 2024
STR (CE) (USOTC:STRI)
Historical Stock Chart
Von Jul 2023 bis Jul 2024