GT Solar International, Inc. (NASDAQ: SOLR) ( "GT Solar"), a global provider of specialized equipment and technology for the solar power industry, today reported results for its first quarter of fiscal year 2010, which ended June 27, 2009 . Revenue for the first fiscal quarter totaled $ 71.8 million, compared with $ 57.1 million in the first quarter of fiscal year 2009. Revenue for the first fiscal quarter included $ 19.9 million in the PV segment and $ 51.9 million in the polysilicon segment.
Gross profit for the quarter totaled $ 35.0 million, or 49 percent of revenue, compared to $ 24.3 million, or 43 percent of revenue, for the first quarter of fiscal year 2009. Operating margin for the quarter was 21.7 percent, compared to 14 percent in the first quarter of fiscal 2009. The company had net income of $ 7.8 million in the first quarter of fiscal 2010 versus $ 5.1 million for the same quarter of fiscal 2009. Earnings per share in the first quarter on a fully-diluted basis were $ 0.05, versus $ 0.03 for the same quarter last year.
At quarter's end, the company's backlog was $ 1.12 billion, with $ 330 million in the PV segment and $ 785 million in the polysilicon segment. Net bookings for the quarter were $ 9.8 million.
Management Commentary
"We saw a number of positive developments in the first quarter including solid profitability, increases in our cash position and deferred revenue balance, new PV bookings and the acceptance of another GT turnkey wafer fabrication line," said Tom Zarrella, president and chief executive officer . "As planned, we completed shipment of a significant portion of the reactor-based backlog that is expected to be recognized as revenue in the second half of the year.
"The company is focused on improving operating efficiencies, maintaining cash and a strong balance sheet, strengthening customer relationships and ensuring that our R & D continues to advance GT Solar's technology leadership," said Zarrella. "We are confident that, with our cash management practices, lean cost structure, and flexible business model, we will be in a position to deliver enhanced earnings performance when the industry's growth returns. "
Business Outlook
The company indicated today that it is on track with its guidance provided last quarter for fiscal year ending April 3, 2010, for revenue of $ 450 million to $ 550 million and fully-diluted earnings per share of $ 0.45 to $ 0.60.
Conference Call, Webcast
The company will host a live conference call and webcast at 5:00 pm Eastern Time today with Tom Zarrella, president and chief executive officer, and Rich Johnson, vice president of finance.
To listen to the conference call, callers in the United States and Canada may dial 1-888-396-2384. International callers may dial 1-617-847-8711. The conference call passcode is SOLR. A link to the live audio webcast of the company's earnings conference call may be found under 'Events' at http://investor.gtsolar.com/.
A telephone replay will be available through November 4, 2009. To listen to the replay, callers in the United States and Canada may dial 1 - 888-286-8010. International callers may dial 1 - 617-801-6888. The replay passcode is 33310487.
About GT Solar International, Inc.
GT Solar International, Inc. (NASDAQ: SOLR) is a leading global provider of specialized manufacturing equipment and technology essential for the production of photovoltaic wafers, cells and modules and polysilicon utilized in the solar power industry. The company's principal products are directional solidification systems and chemical vapor deposition reactors and related equipment. For more information about GT Solar, please visit the company's website at www.gtsolar.com.
