http://investor.gtat.com/releasedetail.cfm?ReleaseID=827655
During 2013, the company made the strategic decision to forego ASF equipment sales while building out its new sapphire materials capacity. This decision has had, and will have, a clear negative impact on the company's fourth quarter and full year results for 2013 and near term future results.
Revenue for the fourth quarter came in at $32.6 million including $2.5 million in polysilicon, $11.3 million in photovoltaic (PV), and $18.8 million in sapphire. This compares to revenue in the third quarter of $40.3 million and $102.3 million in the fourth quarter of fiscal 2012. Revenue for the year ended December 31, 2013 was $299.0 million compared to $733.5 million for the year ended December 31, 2012.
At the end of the fourth quarter, the balance sheet had cash, cash equivalents and restricted cash of $593.0 million and debt of $283.9 million. This compares to $418.1 million of cash and cash equivalents at the end of the fourth quarter of calendar 2012 which included $297.0 million of total debt. During the fourth quarter, the company received the first of a series of prepayments under its multi-year sapphire material supply agreement with Apple. Additionally, the company completed a concurrent common stock and convertible debt offering in December 2013 that resulted in net proceeds of approximately $290.0 million. The company also paid off an outstanding term loan of $96.0 million.
As of December 31, 2013, the company's total backlog was $602.2 million comprised of equipment orders only. This included $298.7 million in the polysilicon segment, $11.3 million in the PV segment and $292.1 million in the sapphire segment. New orders during the fourth quarter of calendar 2013 were $23.8 million. The company adjusted backlog down by approximately $47.3 million during the quarter primarily related to an arrangement with an ASF customer that was modified. All orders for sapphire material have been and will continue to be excluded from backlog going forward.
Business Outlook
The company expects that 2014 will be a transformational year, one in which it builds a sapphire materials business while continuing to invest in the new technologies that will drive its equipment business in 2015 and beyond.
The company expects that revenue and profitability will be back end loaded, with its sapphire materials business ramping as the year progresses, and with improving financial performance during the second half of 2014.
On an annualized basis, during 2014, the company expects revenues to range from $600 million to $800 million, with approximately 15% of total revenues occurring in the first half of the year. The company expects that its sapphire segment will account for more than 80% of total revenue in 2014..... |
