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.
Vietnam plans to invest 10 billion U.S. dollars building a petrochemical Commonwealth
It is reported that the Vietnamese state-owned oil company Petrovietnam has decided to build the country's largest petrochemical Commonwealth. The consortium will invest more than 10 billion U.S. dollars, will include a refinery and a chemical plant. The first construction work started in 2011, is expected to put into operation in 2014.
Petrovietnam will choose in the autumn of foreign joint venture partners to operate the refinery, chemical plant for the company has decided to Thailand Siam Cement Group and other partners work together to invest in the construction. It was learned that the Commonwealth will be built in about 100 km from Ho Chi Minh City Department of Ba Ria-Vung Tau province of Long Son district.
It is reported that the refinery will be Vietnam's third oil refinery, the design of crude oil processing capacity of 20 million barrels / day of crude oil imports from all. The Commonwealth will produce gasoline, diesel and liquefied petroleum gas. Petrovietnam is currently being conducted with a number of foreign companies to negotiate the final joint. Will in the third quarter or fourth quarter at the end of the beginning of the decision.
At present in Vietnam, almost all of petrochemical products from Singapore, Thailand and Taiwan. Vietnam if the current two existing refineries, and the third set of new oil refineries at full capacity production, Vietnam's petrochemical products needed to achieve self-sufficiency.
Aug. 4, 2009
Petrovietnam will choose in the autumn of foreign joint venture partners to operate the refinery, chemical plant for the company has decided to Thailand Siam Cement Group and other partners work together to invest in the construction. It was learned that the Commonwealth will be built in about 100 km from Ho Chi Minh City Department of Ba Ria-Vung Tau province of Long Son district.
It is reported that the refinery will be Vietnam's third oil refinery, the design of crude oil processing capacity of 20 million barrels / day of crude oil imports from all. The Commonwealth will produce gasoline, diesel and liquefied petroleum gas. Petrovietnam is currently being conducted with a number of foreign companies to negotiate the final joint. Will in the third quarter or fourth quarter at the end of the beginning of the decision.
At present in Vietnam, almost all of petrochemical products from Singapore, Thailand and Taiwan. Vietnam if the current two existing refineries, and the third set of new oil refineries at full capacity production, Vietnam's petrochemical products needed to achieve self-sufficiency.
Aug. 4, 2009
Saudi Aramco oil production in June to reach 12 million barrels per day
Riyadh, July 28 message, the local media today quoted the Saudi Arabia National Oil Company (Saudi Aramco) chief executive officer Khalid Saleh Law as saying that three new oil fields as a result of the project put into production, Saudi Aramco's oil in June Nissan can be reached 12 million barrels a day.
Law Saleh said that the project is one of the Shaybah oilfield expansion project. The other two projects are Nuayyim Rice Hu oil and oil field. Law Saleh said that the decline in global oil demand is temporary, and oil consumption will eventually increase to resume. If the global downturn in demand for investment in the oil sector failed to capacity, then, global oil production capacity to reduce and in the future lead to rapid increases in oil prices, it will cause the global economy and a wider range of oil crisis.
Law Saleh said that the decline in demand for crude oil of Saudi Arabia have more spare production capacity and to focus on Saudi Arabia oil production from non-associated natural gas field in development.
Jul. 29, 2009
Law Saleh said that the project is one of the Shaybah oilfield expansion project. The other two projects are Nuayyim Rice Hu oil and oil field. Law Saleh said that the decline in global oil demand is temporary, and oil consumption will eventually increase to resume. If the global downturn in demand for investment in the oil sector failed to capacity, then, global oil production capacity to reduce and in the future lead to rapid increases in oil prices, it will cause the global economy and a wider range of oil crisis.
Law Saleh said that the decline in demand for crude oil of Saudi Arabia have more spare production capacity and to focus on Saudi Arabia oil production from non-associated natural gas field in development.
Jul. 29, 2009
Iraq demands BP and PetroChina to raise Rumaila oil output
According to media in Baghdad on July 23 reported that Iraq has been looking for international partners to develop the country's vast oil reserves, the world's No. 3 largest oil reserves in the hope that the country's largest oil field in Iraq Rumaila oil fields in the next 6 years to improve 2.
July 22, Iraqi Oil Minister Hussein Shahristani met in Baghdad largest oil company in Europe, No. 2 BP (BP) and the Chinese state-owned oil giant China National Petroleum Corporation (PetroChina) representatives, the two sides Rumaila field to discuss raising oil production plans. BP and PetroChina Shahristani request Rumaila oil fields to oil production from the current 95 million barrels per day to 2.85 million barrels per day.
Shahristani June 30 in the first post-war Iraq oil and gas field before the start of the auction said that Iraq will be through the development of six oil fields and two gas fields to the country's oil output from 2.4 million barrels to 400 million barrels per day. Iraq plans to hold its end of the year the sale of two tender to permit Iraq to increase oil production further to 600 million barrels per day.
According to the Iraqi Oil Ministry spokesman Assem Jihad said Joachim, Rumaila oil field development project partners will be in August this year to sign a service contract.
Jul. 24, 2009
July 22, Iraqi Oil Minister Hussein Shahristani met in Baghdad largest oil company in Europe, No. 2 BP (BP) and the Chinese state-owned oil giant China National Petroleum Corporation (PetroChina) representatives, the two sides Rumaila field to discuss raising oil production plans. BP and PetroChina Shahristani request Rumaila oil fields to oil production from the current 95 million barrels per day to 2.85 million barrels per day.
Shahristani June 30 in the first post-war Iraq oil and gas field before the start of the auction said that Iraq will be through the development of six oil fields and two gas fields to the country's oil output from 2.4 million barrels to 400 million barrels per day. Iraq plans to hold its end of the year the sale of two tender to permit Iraq to increase oil production further to 600 million barrels per day.
According to the Iraqi Oil Ministry spokesman Assem Jihad said Joachim, Rumaila oil field development project partners will be in August this year to sign a service contract.
Jul. 24, 2009
U.S. Energy Secretary would like to maintain the stability of oil prices
Media Washington, July 18 reports, July 16, the U.S. government's energy minister, Steven Chu (Chu) called for an end to "volatile" oil prices, he believes that the volatility of oil prices to a large extent with the "far-sighted "relating to the speculation.
U.S. Energy Secretary called for more stable oil market to avoid any potential to endanger the economic recovery. Steven Zhu said that he had in six months oil prices more than 30 U.S. dollars a barrel from the low quickly elevated to the rank of more than 70 U.S. dollars per barrel was "disappointed."
U.S. Energy Secretary in an interview with reporters, made these remarks. He believes that oil prices caused in such a short period of time mainly due to sharp rise in the "visionary" market speculation rather than the basic principles. He said: "I have said over and over again, I will continue to do that, we are now the only hope is that the stability of oil prices as soon as possible."
Although the minister refused to Steven Chu of an appropriate price, but, he said that 150 U.S. dollars a barrel last summer's oil price is "high-shocking."
According to the Swiss financial company UBS said, the price of crude oil in the second half of this year is likely to reach 65 U.S. dollars a barrel, and then in 2010 to reach 70 U.S. dollars a barrel.
Jul. 20, 2009
U.S. Energy Secretary called for more stable oil market to avoid any potential to endanger the economic recovery. Steven Zhu said that he had in six months oil prices more than 30 U.S. dollars a barrel from the low quickly elevated to the rank of more than 70 U.S. dollars per barrel was "disappointed."
U.S. Energy Secretary in an interview with reporters, made these remarks. He believes that oil prices caused in such a short period of time mainly due to sharp rise in the "visionary" market speculation rather than the basic principles. He said: "I have said over and over again, I will continue to do that, we are now the only hope is that the stability of oil prices as soon as possible."
Although the minister refused to Steven Chu of an appropriate price, but, he said that 150 U.S. dollars a barrel last summer's oil price is "high-shocking."
According to the Swiss financial company UBS said, the price of crude oil in the second half of this year is likely to reach 65 U.S. dollars a barrel, and then in 2010 to reach 70 U.S. dollars a barrel.
Jul. 20, 2009
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