Today's Top SOA Links
From the Wires
GT Advanced Technologies Provides Q4 CY12 Guidance Range, CY13 Preliminary Outlook
By: Business Wire
Dec. 18, 2012 08:33 AM
GT Advanced Technologies (NASDAQ: GTAT) today announced its guidance range for the fourth quarter ending December 31, 2012 and provided its preliminary outlook for fiscal year 2013 ending December 31, 2013.
For Q4CY12 and CY12 the company provided the following guidance:
The company will report final Q4CY12 and CY12 results in February 2013.
For the company’s new fiscal year ending December 31, 2013, it provided the following preliminary outlook:
“Our outlook reflects the soft market conditions and very tight lending environment in the solar and LED industries that we serve, as well as the overall challenging macroeconomic environment. We have taken actions to size our business in accordance with the environment and expect to remain profitable in CY13,” said Tom Gutierrez, president and chief executive officer. “While current market conditions are unlikely to improve over the next twelve months, we remain confident about our long term future and we expect to exit this downturn as a stronger more diversified company with market leading positions in several growth industries.”
The company held a webcasted conference call earlier today to discuss its CY12 and CY13 outlook. A replay of the call can be accessed through March 11, 2013 at http://investor.gtat.com/ (Select ‘Events’) or by dialing 617.801.6888 (Passcode: 83589413.)
About GT Advanced Technologies Inc.
GT Advanced Technologies Inc. is a diversified technology company with innovative crystal growth equipment and solutions for the global solar, LED and electronics industries. Our products accelerate the adoption of new advanced materials that improve performance and lower the cost of manufacturing. For additional information about GT Advanced Technologies, please visit www.gtat.com.
Use of Non-GAAP Financial Measures
In addition to providing financial measurements based on generally accepted accounting principles in the United States of America (GAAP), GT Advanced Technologies is providing additional financial metrics that are not prepared in accordance with GAAP (non-GAAP). We believe that the inclusion of these non-GAAP financial measures helps investors to gain a meaningful understanding of our past performance and future prospects, consistent with how management measures and forecasts company performance, especially when comparing such results to previous periods or forecasts. Our management uses these non-GAAP measures, in addition to GAAP financial measures, as the basis for measuring our core operating performance and comparing our performance to prior periods and to the performance of our competitors. Management also uses these measures in its financial and operational decision-making.
We define "non-GAAP net income" as GAAP net income excluding share-based compensation expense, amortization of acquired intangible assets, acquisition and acquisition related expenses, contingent consideration, the non-cash portion of interest expense, restructuring costs and any other potential impairments related to goodwill, intangible assets & long-lived assets.
We define "non-GAAP earnings per share on a fully-diluted basis" as our non-GAAP net income divided by our weighted average shares outstanding on a fully-diluted basis.
We consider non-GAAP net income to be an important indicator of our operational strength and performance of our business because it eliminates the effects of events that are not part of the Company's core operations.
Certain of the information in this press release relate to the Company’s future expectations, plans and prospects for its business and industry that constitute "forward-looking statements" for the purposes of the safe-harbor provisions of the Private Securities Litigation Reform Act of 1995, including but not limited to: financial guidance (including expected ranges of financial results) related to the fourth quarter of calendar year 2012, calendar year 2012 and the fiscal year ending December 31, 2013 (including guidance (or range of results) for each of these periods related to: revenue, percentage of revenue attributable to the Company’s three business segments, gross margin (which excludes the effect of charges for the the fourth quarter of calendar year 2012 with respect to the gross margin for such quarter and the calendar year 2012); the expected charge related to the write down of the majority of its DSS inventory and other inventory related charges in the the fourth quarter of calendar year 2012, the potential impairment related to goodwill, long-lived assets & other intangibles for the PV business that could impact the 2012 December quarter;anticipated expenses for the fourth quarter of calendar year 2012 and for the full calendar year 2012 (excluding the impact of potential impairments), including operating expenses, research and development expenses, capital expenditures and effective tax rate; non-GAAP earnings per share for the fourth quarter of calendar year 2012 and for the full calendar year 2012; Company’s expected cash balance at December 31, 2012; Company’s guidance (preliminary outlook) for fiscal year ending December 31, 2013, including expected revenue, percentage of revenue attributable to the Company’s three business segments, gross margin, operating expenses (including for research and development expenses), capital expenditures, non-GAAP earnings per share and cash balance at December 31, 2013; expected year-ending backlog, expected continued soft market conditions and very tight lending environment in the solar and LED industries and the continued challenging macroeconomic environment; the effect of actions aimed at sizing the business to the environment; whether the Company is profitable in calendar year 2013; Company does not expect current market conditions to improve over the next twelve months; Company is targeting key areas of development including new sapphire applications and next generation solar technology, as well as diversification programs into silicon carbide and gallium nitride, which the Company believes will contribute to the Company’s long term growth.These forward-looking statements are not a guarantee of performance and are subject to a number of uncertainties and other factors, many of which are outside the Company's control, which could cause actual events to differ materially from those expressed or implied by the statements. Other factors that may cause actual events to differ materially from those expressed or implied by our forward-looking statements include the impact of continued decreased demand and/or excess capacity in the markets for the output of our solar and sapphire equipment, general economic conditions and the tightening credit market having an adverse impact on demand for the Company’s products, the possibility that changes in government incentives may reduce demand for solar products, which would, in turn, reduce demand for our equipment, technological changes could render existing products or technologies obsolete, the Company may be unable to protect its intellectual property rights, competition from other manufacturers may increase, exchange rate fluctuations and conditions in the credit markets and economy may reduce demand for the Company's products and various other risks as outlined in GT Advanced Technologies Inc.'s filings with the Securities and Exchange Commission, including the statements under the heading "Risk Factors" in the company's quarterly report on Form 10-Q for the fiscal quarter ended September 29, 2012. Statements in this press release should be evaluated in light of these important factors. The statements in this press release represent GT Advanced Technologies Inc.'s expectations and beliefs as of the date of this press release. GT Advanced Technologies Inc. anticipates that subsequent events and developments may cause these expectations and beliefs to change. GT Advanced Technologies Inc. is under no obligation to, and expressly disclaims any such obligation to, update or alter its forward-looking statements, whether as a result of new information, future events, or otherwise.
Web 2.0 Latest News
Subscribe to the World's Most Powerful Newsletters
Subscribe to Our Rss Feeds & Get Your SYS-CON News Live!
SYS-CON Featured Whitepapers
Most Read This Week