STR Holdings Announces Preliminary Fourth Quarter 2013 Results
30 Januar 2014 - 10:02PM
STR Holdings, Inc. (NYSE:STRI) today announced that it expects to
record revenue of approximately $6.5 to $6.7 million for the fourth
quarter of 2013, which would be its first sequential quarterly
sales increase in nine quarters. Projected Adjusted EBITDA for the
fourth quarter of 2013 is expected to be ($3.4) to ($3.9)
million compared to ($4.6) million in the third quarter of 2013.
The Company's cash balance as of December 31, 2013 is estimated to
approximate $58 million and its stockholders' equity is anticipated
to approximate $111 million.
The updated outlook reflects the Company's current estimates as
of the date of this press release and is subject to change based on
further review by management and customary year-end audit performed
by its independent accountants. The Company expects to report final
2013 financial results in its Annual Report on Form 10-K, which is
anticipated to be filed with the Securities and Exchange Commission
in March 2014.
Adjusted EBITDA represents net loss from continuing operations
before interest income and expense, income tax benefit,
depreciation, restructuring, asset impairment, stock-based
compensation and certain non-recurring income and expenses from the
results of operations.
About STR Holdings, Inc.
STR Holdings, Inc. is a 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.
CONTACT: STR Holdings, Inc.
Joseph C. Radziewicz
Vice President and Chief Financial Officer
(860) 763-7014, x7437
joseph.radziewicz@strholdings.com
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