STR Holdings - Solar-IPO - 500 Beiträge pro Seite

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alter Thread: Thread: Specialized Technology Resources - Folienlieferant von Sunpower, Firstsolar und Co.

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STR Holdings: Debut Doesn't Wow Investors
by: Greentech Media November 08, 2009 | about: STRI
Greentech Media


By Ucilia Wang

STR Holdings (NYSE: STRI) became the first solar company in more than a year to go public, but its debut on Friday hasn't wowed investors.

The Enfield, Conn., company priced its stock at $10 per share, lower than the $11 to $13 range it had anticipated just a day earlier. Two weeks ago, the company had expected the range to fall between $13 and $15 per share.

Halfway into the first-day trading, STR's shares have inched up $10.82 per share. UPDATE: The shares rose 31 percent to close at $13.10 per share Friday.

STR made its debut on the day when the U.S. government reported a greater job cut in October than economists had anticipated. The unemployment rate has surpassed 10 percent for the first time since 1983.

Construction, manufacturing and retail sectors saw the biggest job losses last month. The bad news has caused major indexes to fall, and raised questions about whether the U.S. economy is recovering as well as some had thought.

Could it dampen investors' appetite for greentech IPOs?

Watertown, Mass.-based A123 Systems (NSDQ: AONE), a lithium-ion battery maker gunning for the plug-in hybrid car market, carried out a successful IPO recently. It went public in September and saw its stock jump 50 percent during the first day of trading on the Nasdaq Stock Exchange.

A123's shares fell about 5 percent to reach $16.75 per share in recent trading

Aside from STR, another solar company recently filed papers to go public. Trony Solar, an amorphous-silicon thin film maker in China, is hoping to raise up to $200 million an initial public offering in the United States.

STR has put 12.3 million shares up for sale, and expects to close the offering on Nov. 12, the company said. Of the 12.3 million shares, 3.3 million are being offered by the company and the 9 million are coming from stockholders.

The company will not get any proceeds from sales by those stockholders, who include members of the STR's board of directors and other executives, as well as an affiliate of Credit Suisse Securities.

The underwriters have an option to buy an additional 1.84 million shares from those stockholders.

STR has been around since 1944 and makes encapsulants that are sold under the brand PhotoCap. The encapsulants are used to protect solar cells inside panels from moisture and other elements.

The materials developer said it was the first to develop ethylene-vinyl-acetate (EVA) encapsulant for solar panel manufacturing in the 1970s, with help from researchers of what was then the predecessor to the U.S. Department of Energy.

The protective layers play a big role in making sure the solar panels could last for more than two decades. Solar panel makers typically provide warranties for 20 to 25 years.

The company, led by CEO Dennis Jilot, also provides quality testing, audit and inspection services to retailers, raw material makers and manufacturers.

STR sold about 2.5 gigawatts' worth of encapsulants in 2008, the company said. That gave it a 36 percent share of the global market, said STR.

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STR Holdings Looks to Light Up Investors with IPO 1 comment
by: SA Editor Abbi Adest November 04, 2009 | about: STRI
Abbi Adest picture Abbi Adest



STR Holdings (STRI), a provider of solar module encapsulants and quality assurance services for consumer products, is planning to float its IPO this week. The company originally filed for this IPO back in August of 2008.

Business Overview (from prospectus)

We are a global leader in each of our businesses: solar power module encapsulant manufacturing and consumer product quality assurance. Our solar business is a leading global provider of encapsulants, which are specialty extruded sheets and film that hold a solar module together and protect the embedded semiconductor circuit. Encapsulants are a critical component used in solar modules.

We supply solar module encapsulants to many of the major solar module manufacturers, including BP Solar (BP), First Solar, Inc. (FSLR), Solarwatt AG, SunPower Corporation (SPWRA) and United Solar Ovonic LLC. We believe we were the primary supplier of encapsulants to each of our top 10 customers in the first six months of 2009, which we believe is due to our superior product performance and customer service. Our encapsulants are used in both crystalline and thin-film solar modules.

Offering: 12.3 million shares at $13 - $15 per share. Net proceeds of approximately $25.4 million will be used to repay debt.

Lead Underwriters: Credit Suisse (CS), Goldman Sachs (GS), Cowen & Company

Financial Highlights:

Net sales decreased $19.1 million, or 13.9%, to $117.7 million for the six months ended June 30, 2009 from $136.7 million for the six months ended June 30, 2008 as a result of a decrease in our solar sales, partially offset by increased sales in our quality assurance business... Cost of sales decreased $1.0 million, or 1.2%, to $77.2 million for the six months ended June 30, 2009 from $78.1 million for the six months ended June 30, 2008... Gross profit decreased $18.1 million, or 30.9%, to $40.5 million for the six months ended June 30, 2009 from $58.6 million for the six months ended June 30, 2008 primarily due to the sales decline in our solar segment. Selling, general and administrative and the provision for bad debt expenses decreased $0.6 million, or 2.8%, to $21.6 million for the six months ended June 30, 2009 from $22.2 million for the six months ended June 30, 2008.

Competition:

We compete with a number of encapsulant manufacturers, including Bridgestone, Etimex and Mitsui (MITSY). We also face limited competition from suppliers of non-EVA encapsulants. Over the years, various encapsulant materials have been used in solar modules, including PVB and silicone rubber. Some of our competitors are large, global companies with substantial financial, manufacturing and logistics resources and strong customer relationships. Also, low-cost solar module manufacturers are emerging in Asia, primarily in China, which compete with our customers. As the China solar market matures, other encapsulant providers from China and the greater Asian markets will compete with us.

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auch bereits in den PPVX aufgenommen...

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Prospekt: http://www.sec.gov/Archives/edgar/data/1473597/0001047469090…

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Eben den ersten Kauf in Deutschland getätigt...

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Nov. 17, 2009 03:08 UTC
CORRECTING and REPLACING STR Holdings Reports Third Quarter 2009 Financial Results
CORRECTION...by STR Holdings, Inc.

ENFIELD, Conn.--(BUSINESS WIRE)-- In the Reconciliation of Non-GAAP Measures, please note the addition of the Tax effect of the Non-GAAP adjustments erroneously omitted, thereby reducing Non-GAAP Net Income and Non-GAAP earnings per share for each period presented. This is also reflected in The Condensed Consolidated Income Statement under the Non-GAAP earnings per share as well as in the operating highlights.

The corrected release reads:

STR HOLDINGS REPORTS THIRD QUARTER 2009 FINANCIAL RESULTS

STR Holdings, Inc. (NYSE: STRI) today announced its consolidated financial results for the quarter and nine months ended September 30, 2009.

Third Quarter 2009 consolidated financial and operating highlights include:

* Solar Net Sales rose 19% to $35.4 million, on a quarterly sequential basis
* Quality Assurance Net Sales increased 13% to $32.0 million from the 2008 third quarter
* Operating Cash Flow of $15.7 million significantly exceeded Net Income

During the third quarter of 2009, the Company’s Solar segment net sales declined by $12.8 million, or 27%, compared to the third quarter of 2008. Solar segment adjusted EBITDA for the third quarter of 2009 was $16.5 million, compared with $21.9 million a year ago.

During 2009, the Company’s Solar segment has been negatively impacted by an oversupply of inventory in the Solar module supply chain. However, on a sequential basis, third quarter 2009 Solar sales rose 19% to $35.4 million as a result of increased sales in the United States and Europe as overall solar industry conditions have shown improvement during the quarter in key end markets including California, Germany and Italy.

STR’s Quality Assurance segment net sales for the third quarter of 2009 rose $3.6 million, or 13%, from the same quarter last year due to increased testing volume in the United States and Asia. Quality Assurance adjusted EBITDA rose to $7.1 million, up from $5.6 million a year ago.

“This quarter’s financial results reflected double digit improvement in our sequential top-line performance as well as significant growth in our cash flow generation,” stated Chairman, President and Chief Executive Officer Dennis L. Jilot. “And, while it came as no surprise that we saw a year over year decline in our Solar segment sales, we are now seeing signs that economic conditions are improving. At the same time, we recently began shipping from our new Malaysian plant, making us the only encapsulant provider with manufacturing and distribution capabilities in North America, Europe and Asia. As such, STR is well positioned to capitalize on the solar industry’s global expansion, including the emerging China market.”

Selling, general and administrative expense for the third quarter of 2009 declined by $2.3 million, or 19% compared to the corresponding third quarter of 2008. This reduction was primarily due to lower professional fees and lower annual incentive compensation expense.

On November 12, 2009, the Company closed its initial public offering (IPO) of 12.3 million shares of common stock at $10 per share. Prior to the closing of the IPO, the Company converted from a limited liability company to a corporation and all of the Company’s outstanding units were converted into 36.7 million shares of common stock and 1.3 million shares of restricted common stock. The impact of this issuance has been applied on a retrospective basis to determine earnings per share (EPS) for each of the periods presented.

Net income for the third quarter of 2009 was $7.9 million, or $0.21 on a diluted EPS basis, compared with $8.9 million, or $0.24 on a diluted EPS basis for the corresponding 2008 period. Diluted non-GAAP EPS for the third quarter of 2009 totaled $0.28. This compares with $0.30 on a diluted non-GAAP EPS basis, for the third quarter of 2008. (See discussion of Non-GAAP Financial Measures and the reconciliation table below for details).

During the third quarter of 2009, the Company generated $15.7 million of operating cash flow, up 19% from $13.2 million of the same quarter last year. Free Cash Flow, which is defined as operating cash flow less capital expenditures, increased 137%, or $7.4 million, from the third quarter of 2008. This increase in free cash flow was primarily due to lower spending on capacity expansion and improved working capital performance. (See discussion of Non-GAAP Financial Measures and the reconciliation table below for details).

STR’s Executive Vice President and Chief Financial Officer Barry A. Morris stated, “Even in recessionary times, STR continues to deliver strong cash flow to fund future growth and provide liquidity. We will continue to focus on maintaining effective cost controls and managing working capital in order to increase shareholder value as we have demonstrated this quarter.”

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Dec. 4, 2009 21:00 UTC
STR to Present at the Macquarie Capital Wind & Solar: Getting Connected Conference

ENFIELD, Conn.--(BUSINESS WIRE)-- STR Holdings, Inc. (NYSE:STRI) today announced that the Company’s President and Chief Executive Officer Dennis L. Jilot and Executive Vice President and Chief Financial Officer Barry A. Morris will be presenting at the Macquarie Capital Wind & Solar: Getting Connected Conference to be held on Thursday, December 10, 2009, at The Barclay InterContinental hotel in New York, NY. STR's presentation is currently scheduled for 9:35 a.m. Eastern Time.

An audio version of the presentation will be webcast live on December 10th. A link to the audio presentation will be available on the Investor Relations section of STR’s website at www.strholdings.com. For those who are not available to listen to the live webcast of the presentation, the presentation will be archived for a period of 90 days at the above website.

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ENFIELD, Conn. (TheStreet) -- Recent bullish trading in the solar sector has attracted plenty of skeptics.

Chief among them has been Hapoalim Securities' Gordon Johnson, widely considered the most prominent bear among solar analysts. So when he initiated coverage of a solar company with a buy rating Thursday, it should have provided investors who share his dim view of the space with a counterargument about potential profitability there.

Or maybe it simply means that skeptics should do a double take, and take Johnson's temperature.

Johnson initiated coverage of STR(STRI Quote), a company that makes a solar encapsulant used to protect solar cells from the effects of weather. That means STR's technology is agnostic -- its product can be used by the competing thin-film and polysilicon companies.

STR went public on Nov. 5, raising $123 million by offering 12.3 million shares at $10, below the anticipated range of $13 to $15, with Credit Suisse(CS Quote) and Goldman Sachs(GS Quote) acting as lead managers on the deal.

When STR emerged from its quiet period on Dec. 15, Goldman initiated coverage at hold, with a price target of $15.

STR shares have already surpassed the Goldman target, gaining more than 80% since the IPO. On Thursday afternoon, the shares were trading at around $18, boosted by the call from Johnson, who put a $21 price targe on the stock.

The solar "arms dealer," as Johnson refers to STR, is sheltered from many of the perceived market negatives that Johnson is well known for hammering. Overcapacity in the solar sector, for example, would do nothing to harm STR's business. Further, being an STR bull doesn't require investors to take stance on the thin film-polysilicon war.

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March 17, 2010 20:00 UTC
STR Holdings Reports Fourth Quarter and 2009 Financial Results

- Fourth Quarter Earnings Growth Driven by Improved Solar Market -

ENFIELD, Conn.--(BUSINESS WIRE)-- STR Holdings, Inc. (NYSE: STRI) today announced financial results for the fourth quarter and year ended December 31, 2009.

2009 Fourth Quarter Highlights include:

* Consolidated net sales rose 6.1% to $79.9 million compared with $75.4 million in the fourth quarter of 2008
* Diluted EPS of $0.23 vs. $0.09 a year ago; non-GAAP diluted EPS of $0.42 vs. $0.15 a year ago
* Solar net sales rose 42.3% to $50.3 million on a quarterly sequential basis and 4.2% compared with the same quarter last year
* Quality Assurance net sales of $29.6 million rose 9.4% compared with the fourth quarter of 2008
* Solar adjusted EBITDA rose 45.6% to $24.0 million on a quarterly sequential basis and 55.6% compared with the same quarter last year
* Operating cash flow of $11.2 million exceeded net income.

Fourth Quarter Financial Results

Solar segment net sales for the fourth quarter ended December 31, 2009 increased 42.3% on a quarterly sequential basis to $50.3 million and rose 4.2% from $48.3 million a year ago.

Solar segment adjusted EBITDA for the fourth quarter of 2009 was $24.0 million, up 45.6% from $16.5 million on a quarterly sequential basis as a result of a 43% increase in sales volume, improved labor efficiencies and favorable fixed cost absorption. Compared to the fourth quarter of 2008, Solar segment adjusted EBITDA is up 55.6% from $15.4 million. This is partially due to a $4.2 million charge to cost of goods sold in 2008 for a product performance claim related to a product that the Company discontinued in 2006.

Chairman, President and Chief Executive Officer Dennis L. Jilot stated, “As macro-economic conditions continue to improve, we are pleased with our solar segment’s fourth quarter results. Our revenue grew sequentially by 42.3% as expected reductions to solar subsidies in Germany and Italy and a favorably mild winter in Europe drove stronger-than-anticipated demand during the quarter. As the only encapsulant provider with manufacturing and distribution capabilities in North America, Europe and Asia, STR’s global footprint continues to be a key differentiator for us. This quarter, utilization of our Malaysian plant enabled us to increase our market penetration in Asia, including an increase in sales volume in China. Gross margin improved to 43.8%, a 550 basis point expansion from the third quarter of 2009.”

STR’s Quality Assurance (QA) segment net sales for the fourth quarter of 2009 rose 9.4% to $29.6 million, compared with $27.1 million a year ago as a result of increased testing for toy and private label markets as well as increased demand for its Responsible Sourcing social accountability services. QA adjusted EBITDA rose 8.0% to $5.8 million, from $5.4 million a year ago.

Selling, general and administrative expense for the fourth quarter of 2009 rose 132.0% to $18.8 million, compared with the same quarter last year. This increase was primarily the result of a $2.6 million one-time payment in connection with the termination of a 2007 advisory services agreement with DLJ Merchant Banking Partners, and an increase of approximately $5.1 million in non-cash stock-based compensation expense mainly due to the issuance of stock options to replace certain pre-IPO incentive units as a result of the change in capital structure from a limited liability company to a corporation.

Net income for the fourth quarter of 2009 rose 174.5% to $8.9 million or $0.23 on a diluted EPS basis, compared with $3.2 million, or $0.09 on a diluted EPS basis during the fourth quarter of 2008.

Non-GAAP net income for the fourth quarter of 2009 rose 194.3% to $16.5 million, or $0.42 on a diluted EPS basis. This compared with non-GAAP net income of $5.6 million, or $0.15 on a diluted EPS basis, for the fourth quarter of 2008, (See discussion of non-GAAP financial measures and the reconciliation table below for details).

During the fourth quarter of 2009, the Company generated $11.2 million of operating cash flow, up 28.9% from $8.7 million a year ago. Free cash flow, which is defined as operating cash flow less capital expenditures, increased 279%, or $10.7 million from the fourth quarter of 2008 mainly as a result of increased earnings, lower spending on capacity expansion and improved working capital performance.

STR’s Executive Vice President and Chief Financial Officer Barry A. Morris stated, “Our capital expenditures for 2009 totaled $17.8 million. We entered 2010 with our solar capacity utilization at approximately 55% and based on our growth projections, we anticipate beginning to fund our 2011 capacity expansion needs during the first half of 2010. Our strong balance sheet and operating cash flows give us the ability to internally fund expansion currently under development and provide us with flexibility in our pursuit of shareholder value creation.”

Financial Results for the year ended December 31, 2009:

* Total net sales were $264.9 million, compared with $288.6 million a year ago. Solar net sales were $149.5 million, down $32.8 million from $182.3 million a year ago, primarily attributable to an industry-wide over-supply of module inventory that resulted from unfavorable macro-economic conditions as well as the fourth quarter 2008 cut to the solar subsidy in Spain. QA net sales totaled $115.4 million, up from $106.3 million for 2008 due to strong demand and benefit from the increased regulatory environment
* Gross profit on a consolidated basis was $98.0 million, compared with $113.9 million in 2008
* Net income on a consolidated basis was $23.0 million, or $0.61 per diluted share, compared with $28.1 million, or $0.75 per diluted share, for 2008
* Non-GAAP net income for 2009 was $38.3 million, or $1.02 per diluted share, compared with $37.9 million, or $1.01 per diluted share for 2008
* Operating cash flow amounted to $47.9 million for the full year 2009, compared to $47.7 million for 2008.

Business Outlook

Mr. Jilot added, “Looking at the fourth quarter of 2009 and the first quarter of 2010, the anticipated changes to solar incentives in Germany and Italy have accelerated sales throughout the solar module supply chain. While we believe this is a long-term positive development for the industry, we expect that it could cause atypical sequential growth for STR compared with historical quarterly sales patterns. Overall, STR has a positive outlook for 2010 supported by our continued momentum into Asia, ambitious goals for clean energy in the United States, and the overall decline in module prices that we expect will increase end-user volume.”

The Company is providing the following first quarter and full year 2010 financial guidance, which it will discuss in greater detail on the conference call:

(Amounts in millions, except per share amounts)
Quarter Ending March 31, 2010 Low High
Solar net sales $

52.0
$

55.0
QA net sales

25.0


26.0
Total net sales 77.0 81.0
Diluted non-GAAP EPS $ 0.23 $ 0.25

Year Ending December 31, 2010 Low High
Solar net sales $ 185.0 $ 200.0
QA net sales 125.0 130.0
Total net sales 310.0 330.0
Diluted non-GAAP EPS $ 1.05 $ 1.10


Conference Call

STR will discuss these results for the fourth quarter and year ended December 31, 2009, as well as provide its business outlook for the first quarter and year ended December 31, 2010 in a conference call scheduled today, at 4:15 p.m. EDT. Dennis L. Jilot, Chairman, President and Chief Executive Officer and Barry A. Morris, Executive Vice President and Chief Financial Officer will host the call. Investors interested in participating in the live call from the U.S. should dial 866-700-0161 and enter passcode: 21726879. Those calling from outside the U.S. should dial 617-213-8832 and use the same passcode. A telephone replay will be available approximately two hours after the call concludes through Wednesday, March 31, 2010 by dialing 888-286-8010 from the U.S., or 617-801-6888 from international locations, and entering passcode: 86593293. There also will be a simultaneous live webcast available on the Investor Relations section of the Company’s website at http://www.strholdings.com. The webcast will be archived on the website for 365 days.

About STR Holdings, Inc.

STR Holdings, Inc. is a diversified global leader providing high quality, superior performance solar encapsulants to the photovoltaic module industry. It is also one of the world’s top providers of quality assurance testing, audit, inspection and responsible sourcing services. STR works with over 5,100 manufacturers, importers, raw materials suppliers and retailers around the globe to ensure that they have the highest level of confidence in the quality and safety of their products and the social standards of the supply chain producing them. Further information about STR Holdings, Inc. can be obtained via the Company’s website at http://www.strholdings.com.

Forward Looking Statements

This press release and any oral statement made in respect of the information in this press release contains 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 release, the Company faces risks and uncertainties that include, but are not limited to, the following: (i) demand for solar energy in general and solar modules in particular; (ii) the timing and effects of the implementation of recently announced government incentives and policies for renewable energy, primarily in China and the United States; (iii) the effects of the recently announced proposed cut to solar incentives in Germany and Italy; (iv) customer concentration in the Company’s solar business and our relationships with key customers; (v) the continual operation of the Company’s Malaysian plant which commenced shipments in August 2009; (vi) the need to utilize its existing $20 million revolving credit facility, and the ability to further access the credit markets on acceptable terms; (vii) maintaining sufficient liquidity in order to fund future profitable growth and long term vitality; (viii) the continuing effects of the ongoing recession on sales; (ix) pricing pressures and other competitive factors; (x) the impact of the current negative credit markets may have on the Company or its customers or suppliers; (xi) loss of professional accreditations and memberships; (xii) the extent to which the Company may be required to write-off accounts receivable or inventory; (xiii) the Company’s reliance on vendors and potential supply chain disruptions, including those resulting from bankruptcy filings by customers or vendors; (xiv) any potential inflation of commodity costs, including paper and resin used in the Company’s encapsulants, and the Company’s ability to successfully manage any increases in these commodity costs; (xv) potential product performance matters, product liability or professional liability claims and the Company’s ability to manage them; (xvi) the impact of changes in foreign currency exchange rates on financial results, and the geographic distribution of revenues and earnings; (xvii) the impact of changes in interest rates in relation to the Company’s variable rate debt; (xviii) the impact of events that cause or may cause disruption in the Company inspection, testing, manufacturing, distribution and sales networks such as war, terrorist activities, and political unrest; (xix) the extent and duration of the current recession in the global economy, including the timing of expected economic recovery in the United States and abroad; (xx) outcomes of litigation and regulatory actions; (xxi) our ability to protect our intellectual property and (xxii) the other risks and uncertainties described under “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in the Company’s prospectus filed with the SEC on November 9, 2009 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.strholdings.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. The Company undertakes 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.

STR Holdings, Inc.
CONDENSED CONSOLIDATED INCOME STATEMENTS
All amounts in thousands except shares and per share amounts

Three Months Ended December 31, 2009 Three Months Ended December 31, 2008 Twelve Months Ended December 31, 2009 Twelve Months Ended December 31, 2008
(Unaudited) (Unaudited) (Unaudited) (Unaudited)

Net sales - Solar $ 50,329 $ 48,304 $ 149,521 $ 182,311
Net sales - Quality Assurance 29,620 27,075 115,424 106,267
Total net sales 79,949 75,379 264,945 288,578

Cost of sales - Solar 28,309 34,310 91,213 103,717
Cost of sales - Quality Assurance 19,500 17,619 75,759 70,930
Total cost of sales 47,809 51,929 166,972 174,647

Gross profit 32,140 23,450 97,973 113,931

Selling, general and administrative expenses 18,798 8,104 48,785 41,592
Bad debt expense 31 1,224 1,403 1,950
Earnings on equity-method investments (90 ) (104 ) (317 ) (178 )
Operating income 13,401 14,226 48,102 70,567

Other income (expense) (3,051 ) (8,135 ) (15,071 ) (24,592 )
Income before income tax expense 10,350 6,091 33,031 45,975
Income tax expense 1,491 2,864 10,042 17,870
Net income $ 8,859 $ 3,227 $ 22,989 $ 28,105

Basic and diluted net income per share
Basic $ 0.23 $ 0.09 $ 0.63 $ 0.78
Diluted $ 0.23 $ 0.09 $ 0.61 $ 0.75

* Non-GAAP earnings per share:
Basic $ 0.43 $ 0.15 $ 1.04 $ 1.05
Diluted $ 0.42 $ 0.15 $ 1.02 $ 1.01

Weighted average shares outstanding:
Basic 38,200,485 36,284,696 36,638,402 36,083,982
add: dilutive effect of stock options - - - -
add: dilutive effect of restricted common stock 842,446 1,147,827 876,388 1,327,783
Diluted 39,042,931 37,432,523 37,514,790 37,411,765

* Please refer to the reconciliation of Non-GAAP measures included in this release.


STR Holdings, Inc.
CONDENSED CONSOLIDATED BALANCE SHEETS
All amounts in thousands except share / unit amounts

December 31, 2009 December 31, 2008
(Unaudited) (Unaudited)
ASSETS
CURRENT ASSETS
Cash, cash equivalents and short-term investments $ 70,150 $ 27,868
Accounts receivable, trade, net 33,744 36,454
Inventories 12,267 18,771
Other current assets 8,962 7,145
Total current assets 125,123 90,238

Property, plant and equipment, net 68,895 62,516
Intangibles assets, net 439,522 450,965
Other noncurrent assets 12,320 17,203
Total assets $ 645,860 $ 620,922

LIABILITIES, CONTINGENTLY REDEEMABLE UNITS AND STOCKHOLDERS' / UNITHOLDERS' EQUITY

CURRENT LIABILITIES
Current portion of long-term debt $ 1,981 $ 2,015
Interest rate swap liability 4,018 -
Other current liabilities 33,986 45,055
Total current liabilities 39,985 47,070
Long-term debt, less current portion 238,525 255,506
Interest rate swap liability - 6,013
Other long-term liabilities 96,080 97,436
Total liabilities 374,590 406,025

CONTINGENTLY REDEEMABLE UNITS - 2,930

STOCKHOLDERS' / UNITHOLDERS' EQUITY
Stockholders' / unitholders' equity 271,270 211,967

Total liabilities, contingently redeemable units and stockholders' / unitholders' equity
$ 645,860 $ 620,922


STR Holdings, Inc.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
All amounts in thousands

Three Months Ended December 31, 2009 Three Months Ended December 31, 2008 Twelve Months Ended December 31, 2009 Twelve Months Ended December 31, 2008
(Unaudited) (Unaudited) (Unaudited) (Unaudited)
OPERATING ACTIVITIES
Net income $ 8,859 $ 3,227


$ 22,989 $ 28,105

Adjustments to reconcile net income to net cash provided by operating activities

Depreciation 3,055 3,441


11,878 9,745
Amortization of intangibles 2,876 2,876


11,503 11,503
Amortization of deferred financing costs 659 272


1,522 1,150
Stock-based compensation expense 5,456 406


7,308 1,752
Unrealized (gain) loss on interest rate swap (1,092 ) 2,910


(1,995 ) 3,025
Earnings in equity investments (90 ) (104 )


(317 ) (178 )
Loss (gain) on disposal of property, plant and equipment 57 (3 )


67 (3 )
Provision for bad debt expense 31 1,224


1,403 1,950
Provision for deferred taxes (1,200 ) (3,871 )


(1,773 ) (4,392 )
Changes in operating assets and liabilities (7,363 ) (1,655 )


(4,727 ) (4,990 )
Net cash provided by operating activities 11,248 8,723


47,858 47,667

INVESTING ACTIVITIES (4,391 ) (12,555 )


(18,834 ) (35,288 )

FINANCING ACTIVITIES 13,785 (1,517 )


11,382 (5,271 )

Effect of exchange rate changes on cash (833 ) 354


875 (420 )
Net increase in cash and cash equivalents 19,809 (4,995 )


41,281 6,688
Cash and cash equivalents, Beginning of period 49,340 32,863


27,868 21,180
Cash and cash equivalents, End of period $ 69,149 $ 27,868


$ 69,149 $ 27,868

* Free cash flow $ 6,858 $ (3,832 ) $ 30,025 $ 12,379

* Please refer to the reconciliation of Non-GAAP measures included in this release.


STR Holdings, Inc.
RECONCILIATION OF NON-GAAP MEASURES
All amounts in thousands except shares and per share amounts

Three Months Ended December 31, 2009 Three Months Ended December 31, 2008 Twelve Months Ended December 31, 2009 Twelve Months Ended December 31, 2008

(Unaudited) (Unaudited) (Unaudited) (Unaudited)
Non-GAAP Earnings Per Share
Net income $ 8,859 $ 3,227 $ 22,989 $ 28,105
Add:
Amortization of intangibles 2,876 2,876 11,503 11,503
Amortization of deferred financing costs 659 272 1,522 1,150
Stock-based compensation expense 5,456 406 7,308 1,752
Termination of monitoring agreement 2,622 - 2,622 -
Tax effect of non-GAAP adjustments (3,926 ) (1,158 ) (7,674 ) (4,655 )
Non-GAAP net income $ 16,546 $ 5,623 $ 38,270 $ 37,855

Non-GAAP earnings per share:
Basic $ 0.43 $ 0.15 $ 1.04 $ 1.05
Diluted $ 0.42 $ 0.15 $ 1.02 $ 1.01

Weighted average shares outstanding:
Basic 38,200,485 36,284,696 36,638,402 36,083,982
add: dilutive effect of stock options - - - -
add: dilutive effect of restricted common stock 842,446 1,147,827 876,388 1,327,783
Diluted 39,042,931 37,432,523 37,514,790 37,411,765

Three Months Ended December 31, 2009 Three Months Ended December 31, 2008 Twelve Months Ended December 31, 2009 Twelve Months Ended December 31, 2008

(Unaudited) (Unaudited) (Unaudited) (Unaudited)
Free Cash Flow
Cash flow from operations $ 11,248 $ 8,723 $ 47,858 $ 47,667
Less:
Capital expenditures (4,390 ) (12,555 ) (17,833 ) (35,288 )

Free cash flow $ 6,858 $ (3,832 ) $ 30,025 $ 12,379


Non-GAAP Financial Measures

To supplement the Company’s condensed consolidated financial statements, which statements are prepared and presented in accordance with accounting principles generally accepted in the United States of America (GAAP), the Company uses two non-GAAP financial measures called non-GAAP earnings per share (EPS) and free cash flow. The Company defines non-GAAP EPS as net income not including the impact of amortization of deferred financing costs, stock-based compensation, intangible asset amortization expense, termination of monitoring agreement and associated tax effect divided by the weighted average shares outstanding. It should be noted that diluted weighted average shares are determined on a GAAP basis and the resulting share count is used for computing both GAAP and non-GAAP diluted EPS. Free cash flow is defined as cash flow from operations less capital expenditures. The Company uses these non-GAAP financial measures for financial and operational decision making and as a means to evaluate period-to-period comparisons.

Management believes that non-GAAP EPS provides meaningful supplemental information regarding the Company’s performance by excluding certain expenses that may not be indicative of the core business operating results and may help in comparing current-period results with those of prior periods as well as with its peers.

The Company believes free cash flow is an important measure of its overall liquidity and its ability to fund future growth and provide a return to shareowners. Free cash flow does not reflect, among other things, mandatory debt service, other borrowing activity, discretionary dividends on the Company’s common stock and acquisitions.

[R-BgO]

April 5, 2010 13:01 UTC
STR Holdings, Inc. Affirms Full Year and First Quarter Guidance, Reports Shift in Anticipated Segment Mix

ENFIELD, Conn.--(BUSINESS WIRE)-- STR Holdings, Inc. (NYSE:STRI), today announced that it affirmed its 2010 full year guidance of total net sales of $310 million to $330 million and 2010 diluted non-GAAP earnings per share (EPS) of $1.05 to $1.10. The Company anticipates that, due to recent strength in the global solar market and reductions in anticipated orders by certain key clients in its Quality Assurance business, the projected revenue mix between segments is expected to change from its previous full year guidance with higher anticipated Solar net sales in the range of $195 million to $205 million and lower anticipated Quality Assurance net sales in the range of $115 million to $125 million. Diluted GAAP EPS ranges for its 2010 full year are $0.73 to $0.78.

The Company also announced that it affirmed its first quarter guidance of total net sales of $77 million to $81 million and first quarter diluted non-GAAP EPS of $0.23 to $0.25. Projected first quarter revenue mix is expected to change from its previous guidance to a range of $53 million to $55 million for Solar net sales and a range of $24 million to $26 million for Quality Assurance net sales. Diluted GAAP EPS ranges for its 2010 first quarter are $0.12 to $0.14.

[R-BgO]

April 5, 2010 12:22 UTC
STR Holdings, Inc. Announces Proposed Secondary Public Offering on Behalf of Selling Stockholders

ENFIELD, Conn.--(BUSINESS WIRE)-- STR Holdings, Inc. (NYSE: STRI), today announced a proposed secondary offering of 6,500,000 shares of its common stock. The shares will be sold by certain stockholders. In connection with the proposed offering, the selling stockholders will grant to the underwriters an option to purchase up to 975,000 additional shares.

STR Holdings will not receive any proceeds from the proposed offering.

Credit Suisse and Goldman, Sachs & Co. will act as joint book-running managers for the offering. When available, a copy of the preliminary prospectus relating to the proposed offering may be obtained from Credit Suisse Securities (USA) LLC, Attn: Prospectus Department, One Madison Avenue 1B, New York, New York, 10010; telephone [phone]; or Goldman, Sachs & Co., Attention: Prospectus Department, 200 West Street, New York, New York 10282; telephone [phone], facsimile [phone] or by emailing [e-mail].

A registration statement relating to these securities has been filed with the Securities and Exchange Commission but has not yet become effective. These securities may not be sold nor may offers to buy these securities be accepted prior to the time the registration statement becomes effective. This press release shall not constitute an offer to sell or a solicitation of an offer to buy nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

[R-BgO]

Antwort auf Beitrag Nr.: 39.275.009 von R-BgO am 05.04.10 16:17:32

12.04.2010 13:24
STR Holdings, Inc. Commences Secondary Public Offering on Behalf of Selling Stockholders


STR Holdings, Inc. (NYSE:STRI), today commenced a secondary offering of 7,000,000 shares of its common stock on behalf of certain stockholders. In connection with the offering, the selling stockholders will grant to the underwriters an option to purchase up to 1,050,000 additional shares.

STR Holdings will not receive any proceeds from the proposed offering.

Credit Suisse and Goldman, Sachs&Co. are acting as joint book-running managers for the offering. Cowen and Company, Lazard Capital Markets and Macquarie Capital are co-managers of the offering. The offering of these securities is being made only by means of a prospectus, copies of which may be obtained from Credit Suisse Securities (USA) LLC, Attn: Prospectus Department, One Madison Avenue 1B, New York, New York, 10010; telephone [phone]; or Goldman, Sachs&Co., Attention: Prospectus Department, 200 West Street, New York, New York 10282; telephone [phone], facsimile [phone] or by emailing [e-mail].

[R-BgO]

Antwort auf Beitrag Nr.: 39.314.399 von R-BgO am 12.04.10 13:27:36

April 15, 2010
STR Holdings, Inc. Announces Pricing of Secondary Public Offering on Behalf of Selling Stockholders

ENFIELD, Conn.--(BUSINESS WIRE)-- STR Holdings, Inc. (NYSE: STRI), today announced that the secondary offering of 7,000,000 shares of its common stock on behalf of certain stockholders has been priced at $18.75 per share. The closing of the offering is expected to take place on April 21, 2010, subject to customary closing conditions. In addition, the selling stockholders have granted the underwriters an option to purchase up to 1,050,000 additional shares at the public offering price.

STR Holdings will not receive any proceeds from the offering.

Credit Suisse and Goldman, Sachs & Co. are acting as joint book-running managers for the offering. Cowen and Company, Lazard Capital Markets and Macquarie Capital are co-managers of the offering. The offering of these securities is being made only by means of a prospectus, copies of which may be obtained from Credit Suisse Securities (USA) LLC, Attn: Prospectus Department, One Madison Avenue 1B, New York, New York, 10010; telephone [phone]; or Goldman, Sachs & Co., Attention: Prospectus Department, 200 West Street, New York, New York 10282; telephone [phone], facsimile [phone] or by emailing [e-mail].

A registration statement relating to these securities has been filed with and declared effective by the Securities and Exchange Commission. This press release shall not constitute an offer to sell or a solicitation of an offer to buy nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

[R-BgO]

April 30, 2010 13:29 UTC
STR Holdings, Inc. Announces Plan to Double Size of Its Malaysia Plant

ENFIELD, Conn.--(BUSINESS WIRE)-- STR Holdings, Inc. (NYSE: STRI) today announced it has commenced work on Phase II of its expansion plan at the Company’s solar encapsulant facility in Johor, Malaysia to service its growing customer base in Asia.

Phase II will double the size of the Company’s existing production and warehouse space in Malaysia, providing floor space for total capacity of up to 4.0 GW. It is scheduled for completion by the end of the first quarter of 2011.

Dennis L. Jilot, Chairman, President and Chief Executive Officer of STR Holdings, stated, “Commencement of Phase II of our expansion plans in Malaysia is a direct response to the growing global demand for STR’s solar encapsulants, especially from our Asia-based customers, and is a further step in the execution of our well-defined Plus China’ growth strategy. Located in one of the best shipping lanes in the world, Malaysia is an ideal regional hub, allowing us to provide customers with reduced shipping costs, quicker lead times and a dependable supply chain while also expanding STR’s raw material sourcing options.”

The Company expects to complete its Phase I expansion by the end of the second quarter of 2010, within the facility’s existing footprint. Capacity at the Malaysia facility is currently being increased from 1.0 GW to 2.0 GW. Upon completion, STR Solar will have overall global manufacturing capacity of 6.35 GW strategically located on three continents.

Robert S. Yorgensen, President - STR Solar added, “The addition and expansion of the Malaysian facility has been a tremendous benefit to STR. It enables us to enhance our already best-in-class service to our existing customers, while at the same time, improving our competitive position by helping us reach new customers in this rapidly growing geographical market.”

[R-BgO]

July 13, 2010 12:30 UTC
STR Holdings, Inc. Completes Phase I Expansion and Announces Additional 1.0 GW Capacity Expansion at Its Malaysia Plant

ENFIELD, Conn.--(BUSINESS WIRE)-- STR Holdings, Inc. (NYSE: STRI) announced today that the 1.0 GW expansion of its Malaysia plant has become operational to meet the growing global market demand for its industry-leading PhotoCap® solar encapsulant materials. Total production capacity at the Malaysia facility has now been doubled to 2.0 GW, bringing the Company’s global installed capacity to 6.35 GW.

“Increasing the production capacity at our Malaysia facility is an important part of our strategic effort to grow our business in Asia and further our ‘One plus China’ growth strategy,” said Dennis L. Jilot, Chairman, President and Chief Executive Officer of STR Holdings. “We continue to experience strong growth in Asia and our capacity expansion will aid in increasing our market share in this region, both with existing and new customers.”

The Company also reports that it has placed orders for an additional 1.0 GW of production capacity to be installed during the third quarter of 2011, bringing the total installed capacity in Malaysia to 3.0 GW. The Company previously announced a building expansion to double the size of its existing production and warehouse space in Malaysia, providing floor space for total capacity of up to 4.0 GW. It is scheduled for completion by the end of the first quarter of 2011.

[R-BgO]

Aug. 3, 2010 13:02 UTC
STR Holdings Announces $19 Million Investment in U.S. Manufacturing Expansion and Relocation

Company Signs Purchase Agreement to Acquire a 275,000 Square Foot Facility in East Windsor, CT and Plans to Expand U.S. Manufacturing Capacity to 3.0 GW

ENFIELD, Conn.--(BUSINESS WIRE)-- STR Holdings, Inc. (NYSE: STRI), a leading global provider of high quality, superior performance solar encapsulants to the photovoltaic module industry, today announced plans to expand its U.S. manufacturing capacity to 3.0 GW and relocate the majority of its U.S. manufacturing facilities to a 275,000 square foot plant located in East Windsor, CT. The facility also will be home to U.S.-based product management and sales teams and house a new 10,000 square foot research and development laboratory.

The Company will cease manufacturing at its facilities in Enfield and Somers, CT after moving its existing equipment into the new facility during the next 15 to 18 months. The closing on the purchase of the new facility is contingent upon completion of due diligence and satisfaction of certain other customary conditions, which the Company expects to complete by the end of the third quarter of 2010. The Company also expects to install an additional 1.0 GW of production equipment (presently on order) during the third quarter of 2011. The majority of the approximately $19 million for these expansion projects is expected to be incurred in 2010 and the early part of 2011.

The Company said that the new facility could accommodate future expansion of up to 5.5 GW of total capacity. “This building meets our critical requirements,” said Robert S. Yorgensen, President of STR Solar. “It is very close to our existing properties, so our highly trained and valued workforce will not be disrupted by the move; it provides ample space for the growth we anticipate in the coming years, and it has an exceptional space for our new, state-of-the-art research and development laboratory, which is a key strategic imperative for maintaining our leadership in technical innovation.”

Dennis L. Jilot, Chairman, President and Chief Executive Officer of STR Holdings, added, “As the solar market continues to grow worldwide, and demand for our industry leading encapsulants increases, we are taking the necessary steps to increase production capacity to accommodate anticipated demand.”

The Company also announced it will relocate its U.S. corporate headquarters, currently located at 10 Water Street in Enfield, CT, to a new office complex located at 1699 King Street in Enfield. The existing 10 Water Street location will become a stand-alone facility for STR Quality Assurance, providing space for growth in that key business.

[kalan67]

Antwort auf Beitrag Nr.: 39.920.140 von R-BgO am 03.08.10 15:36:29

Hallo R-BgO
ich habe noch alte Epod int inc Aktien .Die haben immer noch nicht mit neuen Epodsolar Aktien umgetauscht. Was soll ich tun?
Danke voraus

[R-BgO]

STR Holdings, Inc. (NYSE: STRI) today announced financial and operating performance for the second quarter and six months ended June 30, 2010.

Second Quarter 2010 Financial Highlights:

* Consolidated net sales for the quarter rose 62.3% to $96.7 million from a year ago; Solar segment's net sales rose 126% to $67.0 million, from $29.6 million a year ago;
* Diluted EPS of $0.36 vs. $0.08 a year ago; non-GAAP diluted EPS of $0.44 vs. $0.15 a year ago;
* Increased 2010 consolidated revenue guidance by $25.0 million to $352.5 million and diluted non-GAAP EPS by $0.24 to $1.40, at the midpoint of the ranges.

Consolidated Financial Results

Consolidated net sales for the quarter ended June 30, 2010 rose 62.3% to $96.7 million, compared with $59.6 million in the second quarter of 2009. For the first six months of 2010, net sales rose 49.9% to $176.4 million, compared with $117.7 million in the same period a year ago.

Second quarter 2010 consolidated gross profit rose 93.1% to $39.4 million, compared with $20.4 million in the second quarter of 2009. Year-to-date 2010 consolidated gross profit rose 71.5% to $69.5 million, compared with $40.5 million in the first six months of 2009.

SG&A expense for the second quarter ended June 30, 2010 was $13.1 million, up from $9.5 million last year, due to increased staffing and infrastructure costs required to support the Company's growth and operating as a public company, as well as increased non-cash stock-based compensation. Year to date, SG&A was $29.1 million, up from $20.4 million a year ago. As a percentage of net sales, quarterly SG&A improved 245 basis points, while year to date improved 88 basis points.

Net income for the second quarter of 2010 rose 380.1% to $15.0 million, or $0.36 on a diluted EPS basis. This compared with net income of $3.1 million, or $0.08 per diluted share, for the second quarter of 2009. Year to date net income totaled $22.8 million, or $0.55 per diluted share, up 265% from $6.2 million, or $0.17 on a diluted EPS basis, for the same period in 2009.

On a non-GAAP basis, which excludes the tax effected impact of intangible asset amortization expense, non-cash stock-based compensation, amortization of deferred financing costs and secondary offering expense, non-GAAP net income for the second quarter of 2010 rose 227% to $18.4 million, or $0.44 per diluted share. This compared with non-GAAP net income of $5.6 million, or $0.15 per diluted share, for the second quarter of 2009. Year-to-date 2010 non-GAAP net income increased 179.1% to $31.2 million, or $0.75 per diluted share. This compared with non-GAAP net income of $11.2 million, or $0.30 per diluted share, in the first six months of last year.

Solar Segment

Solar net sales for the quarter ended June 30, 2010 increased 126% from a year ago to $67.0 million from $29.6 million. On a sequential quarterly basis, net sales rose 22.2% due to a 31% increase in volume offset by negative foreign exchange impact of the Euro and marginally lower pricing.

Solar segment gross profit for the second quarter of 2010 increased 206.2% to $28.7 million, representing 42.8% of net sales, compared with $9.4 million, or 31.6% of net sales a year ago. The increase in Solar's gross profit margin as a percentage of net sales was driven by improved labor efficiencies, avoidance of one-time inventory write-offs and favorable fixed cost absorption resulting from strong sales volume growth, which more than offset lower pricing and increased raw material costs. Adjusted EBITDA rose 168.5% to $31.2 million, compared with $11.6 million a year ago.

"Solar's global sales and earnings growth continued to be robust in the second quarter," said Dennis L. Jilot, Chairman, President and Chief Executive Officer. "This quarter's performance benefited from strong growth across all geographies. Our near-term visibility and the current trends in our business give us a high degree of confidence that our full-year results will be stronger than previously anticipated. The increase in our guidance reflects our view that the slowdown in business in the second half of the year resulting from reductions in the feed-in tariffs in Germany and Italy will not be as significant as we previously anticipated."

Quality Assurance Segment

For the second quarter of 2010, Quality Assurance (QA) net sales were relatively flat at $29.7 million compared with $29.9 million a year ago, essentially in-line with previously announced expectations. QA adjusted EBITDA was $4.5 million, compared with $7.0 million a year ago. Cost reduction measures implemented in the latter part of the first quarter as well as in the second quarter began to provide impact and will provide further benefit over the remainder of the year.

Liquidity

During the second quarter of 2010, the Company generated $9.8 million of operating cash flow, compared with $8.8 million a year ago. Free cash flow, which is defined as operating cash flow less capital expenditures, increased 61.6%, or $2.4 million from the second quarter of 2009.

STR's Executive Vice President and Chief Financial Officer Barry A. Morris stated, "We have recently added additional capacity, bringing our total capacity to 7.5 GW. Importantly, our 2011 capacity expansion is underway and will be funded from existing cash and strong operating cash flow. Year to date, our capital expenditures have totaled $6.6 million of the approximate $40 million we anticipate investing in 2010."

Business Outlook

The Company today provided guidance for the third quarter of 2010 and increased its previously announced full-year 2010 financial guidance as follows:

(Amounts in millions, except per share amounts)


Quarter ending September 30, 2010
Low High
Solar net sales $ 55 $ 61
Quality Assurance net sales 30 32
Total net sales $ 85 $ 93

Diluted non-GAAP EPS $ 0.32 $ 0.37

[R-BgO]

STR Holdings Completes Acquisition of US Manufacturing Facility

Company Closes on Purchase of 275,000 Square Foot Facility in East Windsor, CT

ENFIELD, Conn.--(BUSINESS WIRE)-- STR Holdings, Inc. (NYSE: STRI), a leading global provider of high quality, superior performance solar encapsulants to the photovoltaic module industry, today announced that it closed on its previously announced acquisition of land and a 275,000 square foot building located in East Windsor, CT. STR will relocate the majority of its U.S. manufacturing to the new location. In addition, the facility will house U.S.-based product management and sales teams, as well as a new 20,000 square foot research and development laboratory. The facility acquisition enables STR to complete the planned expansion of its Connecticut manufacturing capacity to approximately 3.0 GW in 2011.

The Company continues to anticipate installing 1.2 GW of new production equipment in Connecticut during the third quarter of 2011 and will cease manufacturing at its current facilities in Enfield and Somers, CT after moving its existing equipment into the new facility during the next 9 to 12 months. The Company estimates spending approximately $19 million to complete the expansion, $5 million of which will be spent in 2010, with the balance incurred in 2011.

Dennis L. Jilot, Chairman, President and Chief Executive Officer of STR Holdings, stated, “The acquisition of our new East Windsor facility marks another important milestone for STR Solar. This facility will provide ample space to increase Connecticut production capacity up to approximately 6.0 GW in support of our continued strong growth and to enable us to increase our industry-leading innovation with a newly dedicated, state-of-the-art research and development facility.”

[R-BgO]

Gute Zahlen; Kurs sehr deutlich zurückgekommen...:

STR Holdings, Inc. Reports Fourth Quarter and Full-Year 2010 Results
- STR Solar maintains gross margin percentage -
- Company continues to increase its net sales in Asia -
ENFIELD, Conn., Mar 10, 2011 (BUSINESS WIRE) --

STR Holdings, Inc. (NYSE: STRI) today announced financial and operating performance for the fourth quarter and year ended December 31, 2010.

Fourth Quarter 2010 Financial Highlights:

Consolidated net sales increased 22.1% to $97.6 million, from $79.9 million in 2009. Solar segment net sales increased 37.3% to $69.1 million, from $50.3 million in 2009;
Solar gross margin as percentage of net sales improved 13 basis points sequentially as manufacturing efficiencies offset raw material inflation;
Diluted EPS of $0.31 vs. $0.23 a year ago; non-GAAP diluted EPS of $0.39 vs. $0.42 a year ago. The prior year diluted EPS and non-GAAP diluted EPS included a $0.07 benefit from special items that affects comparability;
Free cash flow of $9.0 million generated during the quarter.
Full-Year 2010 Financial Highlights:

Consolidated net sales increased 40.3% to $371.8 million, from $264.9 million in 2009. Solar segment net sales increased 73.4% to $259.2 million from $149.5 million in 2009;
Solar gross profit as a percentage of net sales increased 243 basis points to 41.4% compared to 39.0% in 2009;
Operating income increased 78.2% to $85.7 million, from $48.1 million in 2009 and as a percentage of net sales improved 489 basis points to 23.0%;
Net income increased 114.5% to $49.3 million or $1.17 per diluted share from $23.0 million or $0.61 per diluted share in 2009;
Non-GAAP net income increased 67.6% to $64.1 million or $1.52 per diluted share from $38.3 million or $1.02 per diluted share in 2009.
Solar Segment

"We are delighted to report yet another strong quarter for our Solar segment to finish off a remarkable 2010," said Dennis L. Jilot, Chairman, President and Chief Executive Officer. "Our continued growth in the fourth quarter was primarily driven by sales to customers in Asia. Growing 176% from the fourth quarter of 2009, this region now accounts for 43% of our Solar revenue compared to 22% a year ago. We have recently made our first shipment to another world class Chinese solar manufacturer in 2011 and are currently working through contract negotiations. Additionally, we have increased existing share in 2011 with our current tier 1 Chinese customers as well as with another large Asian module manufacturer."

Solar net sales for the quarter ended December 31, 2010 increased 37.3% to $69.1 million from $50.3 million in 2009. On a quarterly sequential basis, net sales rose 1.2% from what was a very strong third quarter primarily due to foreign exchange, while ASPs were essentially unchanged.

Solar segment gross profit for the fourth quarter of 2010 increased 26.6% to $27.9 million, compared with $22.0 million a year ago. On a quarterly sequential basis, Solar segment gross margin as a percentage of net sales increased by 13 basis points from the third quarter of 2010. This increase was the result of improved manufacturing performance achieved at the Malaysia plant, as well as continued productivity gains at all facilities, which helped to further offset increased raw material cost.

"We maintained our Solar gross margins sequentially in the fourth quarter by maintaining price and through our continued emphasis on improving our manufacturing processes," said Robert S. Yorgensen, President of STR Solar. "Looking forward, we'll continue to work very hard to control our internal costs, improve our manufacturing efficiency and optimize our supply chain. Additionally, in order to partially offset increasing commodity prices, we have implemented a resin surcharge policy effective April 1st."

In January 2011, two courts of law found in favor of STR in its trade secret litigation with JPS Elastomerics (JPS). The Massachusetts Federal Court dismissed the complaint filed by JPS in the third quarter of 2010 against STR for anti-trust and unfair competition. Additionally, the Massachusetts State Superior Court came to a final ruling on the original dispute between the Company and JPS, which has been pending since 2007. On January 24, 2011, the State Court awarded the Company the right to recover from JPS a total of $8.2 million dollars, plus interest. This amount includes monetary and punitive damages awards and reimbursement of attorney fees and costs. An injunction was also imposed on JPS prohibiting its manufacture of low-shrink EVA encapsulants for five years as well as a permanent injunction barring JPS from using STR trade secrets. JPS has appealed each of these decisions. Therefore, the Company has neither included this in its 2011 guidance nor will it record any award until collection on the judgment in ensured.

In December, STR Solar closed on its purchase of a 275,000 square foot facility in East Windsor, Connecticut. This facility will consolidate all Connecticut operations and provide floor space for up to 5.5 GW of capacity to support anticipated growth in the North American market. It will also house a state-of-the-art Research and Development facility, which will be leveraged to improve STR's technological expertise and industry leadership. Additionally, the previously announced facility expansion in Malaysia, which will double existing floor space, is nearly complete and the capacity increase is on-schedule to commence production by the end of the third quarter of 2011. This plant is being expanded to address strong demand, and to support the anticipated growth in the Asian market. Further, the Company plans to install an additional 1.2 GW of new production equipment by the end of the fourth quarter of 2011. These capacity projects, when completed, will bring STR's global capacity to approximately 11 GW by the end of 2011.

Quality Assurance Segment

For the fourth quarter of 2010, Quality Assurance (QA) net sales of $28.5 million were in line with previously announced expectations and lower by $1.1 million compared with $29.6 million a year ago. The decline in sales is the result of global economic softness and previously announced business losses from certain clients early in 2010. Sequentially, QA net sales were 3.3% lower than the third quarter of 2010 mainly due to seasonality in the consumer retail buying cycle.

Consolidated Financial Results

Consolidated net sales for the quarter ended December 31, 2010 rose 22.1% to $97.6 million, compared with $79.9 million in the fourth quarter of 2009. For the full-year 2010, net sales rose 40.3% to $371.8 million, compared with $264.9 million in 2009.

Fourth quarter 2010 consolidated gross profit rose 15.0% to $37.0 million, compared with $32.1 million in the fourth quarter of 2009. Year to date, 2010 consolidated gross profit rose 47.1% to $144.1 million, compared with $98.0 million in 2009. As a percentage of net sales, year-to-date 2010 gross profit increased 177 basis points from 2009.

SG&A expense for the fourth quarter ended December 31, 2010 was $14.6 million, down from $18.8 million last year, primarily as a result of a $4.2 million reduction in non-cash, stock-based compensation. Year to date, SG&A was $58.0 million, up from $48.8 million a year ago. This increase is primarily attributable to increased staffing and infrastructure costs to support the Company's growth, increased research and development expense and higher legal costs associated with the JPS matter. As a percentage of net sales, year-to-date 2010 SG&A improved 280 basis points from 2009 to 15.6%.

Operating income for the fourth quarter of 2010 increased 70.7% to $22.9 million compared to $13.4 million in 2009. Year to date, operating income grew 78.2% to $85.7 million from $48.1 million in 2009 on 40.3% sales growth.

Net income for the fourth quarter of 2010 rose 49.0% to $13.2 million, or $0.31 on a diluted EPS basis. This compared with net income of $8.9 million, or $0.23 per diluted share, for the fourth quarter of 2009. Year to date, net income totaled $49.3 million, or $1.17 per diluted share, up 114.5% from $23.0 million, or $0.61 on a diluted EPS basis, for the same period in 2009.

Non-GAAP net income, which excludes the tax effected impact of intangible asset amortization expense, non-cash stock-based compensation, amortization of deferred financing costs and secondary offering expense, for the fourth quarter of 2010 amounted to $16.4 million, or $0.39 per diluted share. This compared with non-GAAP net income of $16.5 million, or $0.42 per diluted share, for the fourth quarter of 2009. Year to date, 2010 non-GAAP net income increased 67.6% to $64.1 million, or $1.52 per diluted share. This compared with non-GAAP net income of $38.3 million, or $1.02 per diluted share, during the 12 months ended 2009.

The 2009 net income and non-GAAP net income as well as diluted EPS and non-GAAP diluted EPS were positively affected by discrete tax items in the fourth quarter that provided a four cent benefit to both diluted EPS metrics. Also, the fourth quarter of 2009 had a lower share count compared with the current quarter due our initial public offering occurring in late 2009. The lower share count resulted in a three cent benefit to both fourth quarter diluted EPS metrics.

Consolidated Balance Sheet Results

During the fourth quarter of 2010, the Company generated $18.4 million of operating cash flow, and finished the year with cash of $106.6 million. Free cash flow, which is defined as operating cash flow less capital expenditures, increased nearly $2.2 million from the fourth quarter of 2009.

"In 2010, we continued our track record of strong free cash flow generation," said Barry A. Morris, STR's Executive Vice President and Chief Financial Officer, "We were also able to use our healthy balance sheet to proactively increase our raw material inventory to support our continued growth, help mitigate short-term inflation and reduce supply risk. As we enter 2011, our balance sheet is strong and we have the ability to fund our capacity projects as well as pursue other areas of growth."

[R-BgO]

Specialized Technology Resources Rating Raised to ‘B1’ From ‘B2’

ENFIELD, Conn.--(BUSINESS WIRE)-- Specialized Technology Resources, Inc. (STR), a wholly-owned subsidiary of STR Holdings, Inc. (NYSE: STRI), today announced that Moody’s Investor Services (Moody’s) raised its ratings on STR, including raising the corporate family rating to 'B1' from 'B2'. The rating outlook is stable.

At the same time, Moody’s raised the issue-level rating on the Company's first-lien bank term loan to ‘Ba3’ from ‘B1’ and second-lien bank term loan to 'B3' from 'Caa1'.

"The ratings upgrade reflects STR's continued strong operating performance, ample liquidity and established global footprint," said Moody’s credit analyst Suzanne Wingo.

“We are pleased to have our credit rating upgraded by Moody’s. We will continue driving our financial performance to generate the operating cash flow that will enable future growth,” stated Barry A. Morris, STR’s Executive Vice President and Chief Financial Officer.

[R-BgO]

aufgestockt

[Stoni_I]

Zahlen in mein Bewertungsmodell eingetippt.

Ergebnis: Aktie bei 16 Dollar viel zu teuer. Und da ich das amerikanische Rechtssystem nicht verstehe, mir auch zu undurchsichtig.

Da bleibe ich lieber bei den vergleichsweise sehr niedrig bewerteten und im Prime Standard notierten Anbietern von Solarzubehör, die ebenso vom erwarteten Mengenwachstum der Solarmodule profitieren sollten.

[R-BgO]

Antwort auf Beitrag Nr.: 41.576.282 von Stoni_I am 30.05.11 15:19:38

wer soll das denn sein?

Du meinst hoffentlich nicht Centrosolar, oder?

======================

June 23, 2011 20:05 UTC
STR Holdings, Inc. Provides Updated Guidance for Second Quarter 2011

ENFIELD, Conn.--(BUSINESS WIRE)-- STR Holdings, Inc. (NYSE: STRI), today provided an update on its financial guidance for the second quarter of 2011.

For the second quarter, the Company now expects to report consolidated net sales in the range of $98 to $101 million. The Company’s prior guidance for its second quarter consolidated net sales was $104 to $110 million. The Company now expects its Solar business to generate net sales of $68 to $69 million, compared to previous guidance of $74 to $78 million. The Company continues to expect STR Quality Assurance to generate net sales of $30 to $32 million for the second quarter. The Company now anticipates diluted non-GAAP earnings per share of approximately $0.30 to $0.32. The prior guidance for the second quarter for diluted non-GAAP EPS was $0.38 to $0.42.

Mr. Dennis L. Jilot, Chairman, President and Chief Executive Officer stated, “We are obviously very disappointed to have to lower our guidance this quarter, especially considering that our strong first quarter performance had continued through early June. Due to the uncertainty of incentive programs in Italy and Germany, which took longer to resolve than anticipated, lower solar module demand has resulted in excess inventory and overcapacity throughout the Solar supply chain. Late in the second quarter, these industry-wide conditions caused our customers to slow their build rates and reduce purchase orders issued to us. It is also important to note that the slowdown appears to be broad-based, rather than customer-specific.”

The main factors driving the lower projected diluted non-GAAP EPS are anticipated lower sales volume in the Solar segment and the resultant unfavorable cost absorption. Due to the quickness of the reduction of scheduled orders, which mainly impacted June sales, the Company will not be able to implement new initiatives to improve gross margin prior to the end of the second quarter. Barry A. Morris, Executive Vice President and Chief Financial Officer said, “Although the steep climb in resin costs has abated, a portion of the increased resin costs impacted our earnings during the quarter. We will discuss these items in more detail at our regularly scheduled earnings call, as well as the impact of new product introductions and cost-reduction initiatives.”

Estimated diluted non-GAAP EPS gives effect to the following adjustments to net earnings: additions of $2.9 million for intangible asset amortization expense, $0.3 million for amortization of deferred financing costs and $1.3 million of stock-based compensation, reduced by the projected tax effect of $1.5 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, changes in the markets for our products and services and/or changes in operating conditions. Due to the lack of clarity regarding second half 2011 global demand, the Company is not addressing its full year guidance at this time.

[R-BgO]

STR Holdings, Inc. Reports Second Quarter 2011 Results

ENFIELD, Conn.--(BUSINESS WIRE)-- STR Holdings, Inc. (NYSE: STRI) today announced financial and operating performance for the second quarter and six months ended June 30, 2011.

Second Quarter 2011 Financial Summary:

Q2 diluted GAAP EPS of $0.23; Q2 diluted non-GAAP EPS of $0.30 in-line with guidance;
Q2 consolidated net sales of $102.4 million, up 5.9% from prior year;
Q2 Solar shipments down 13.5% sequentially; production down 17.5% sequentially;
Q2 Solar gross margin of 34.7%, down 690 bps sequentially primarily due to unfavorable cost absorption;
Q2 Quality Assurance sales of $30.7 million in-line with guidance.
Consolidated Financial Results

Consolidated net sales for the quarter ended June 30, 2011, rose 10.2% to $102.4 million, compared with $92.9 million in the first quarter of 2011 and rose 5.9% compared to $96.7 million in the second quarter of 2010.

Second quarter 2011 consolidated gross profit rose 1.5% to $33.9 million, compared with $33.4 million in the first quarter of 2011 and decreased 13.8% compared with $39.4 million in the second quarter of 2010.

Selling, general and administrative (SG&A) expense for the second quarter ended June 30, 2011, was $15.3 million, up from $14.6 million sequentially and $13.1 million year over year. This increase is primarily due to higher professional fees and labor expense.

Operating income for the second quarter of 2011 decreased 5.8% sequentially and 32.0% year over year to $17.5 million due to lower gross margin and higher SG&A and bad debt expenses.

Net earnings for the second quarter of 2011 were $9.7 million or $0.23 on a diluted EPS basis. This compared with net earnings of $10.8 million, or $0.26 per diluted share, for the first quarter of 2011 and $15.0 million, or $0.36 per diluted share for the second quarter of 2010.

Non-GAAP net earnings, which exclude the tax-effected impact of intangible asset amortization expense, non-cash stock-based compensation, amortization of deferred financing costs and secondary offering expense, for the second quarter of 2011 amounted to $12.7 million, or $0.30 per diluted share. This compared with non-GAAP net earnings of $13.9 million, or $0.33 per diluted share, for the first quarter of 2011 and $18.4 million, or $0.44 per diluted share for the second quarter of 2010.

Solar Segment

Solar’s net sales for the quarter ended June 30, 2011 were $71.7 million. This represents an increase of 7.0% from a year ago and 5.4% from the previous sequential quarter. The sales growth however, does not reflect the true sales pattern for the second quarter as a large number of shipments from the first quarter were recognized as revenue in the second quarter when they arrived at the customers’ destination. When looking at units shipped, second-quarter shipments decreased 13.5% sequentially and 1.5% year over year.

“The slowdown in global solar demand as a result of uncertainty in Italy’s feed-in-tariff policy and lower project IRRs across Europe impeded our Solar business’ growth in the second quarter of 2011,” said Dennis L. Jilot, STR’s Chairman, President and Chief Executive Officer. “The drop off in demand caused a substantial backlog of module inventories and as a result, our customers delayed their production in response to these industry dynamics, impacting demand for our product.”

Solar gross profit for the second quarter of 2011 was $24.9 million. This represents a decrease of 12.0% sequentially and 13.3% year over year. Sequentially, Solar production decreased 17.5%. This resulted in gross margin declining more than expected primarily due to unfavorable cost absorption associated with lower capacity utilization. Solar gross margin was 34.7%, a decrease of 690 basis points sequentially.

“The decline in our margin was primarily driven by unfavorable labor and fixed cost absorption associated with lower capacity utilization at some of our manufacturing facilities,” said Robert S. Yorgensen, President of STR Solar. “Looking forward, we are keenly focused on lowering our production costs and introducing new products that will enable us to grow our share by providing flexible price points and a range of product attributes.”

To address the change in the competitive landscape as a result of the rapidly-evolving solar market dynamics, the Company has revamped its product strategy to include a portfolio of differentiated products at various price and performance levels. These tailored products will continue to provide its customers with the high quality and long-term bankability of being STR ProtectedTM while enabling STR to grow its market share and help maintain its gross margin.

During the second quarter, STR Solar began the process of introducing a paperless product that will be available in all of the formulations it currently offers. The Company expects the savings generated from removing the cost of paper will allow the Company to sell this product at a lower price while protecting its gross margin. The Company believes this product will provide an option to certain module manufacturers who desire a less expensive solution in lieu of the increased throughput and improved yield afforded by our flagship products, but also want to retain the long-term quality benefits that STR’s encapsulants provide to their solar modules.

Additionally during the second quarter, STR Solar introduced a premium High-Light Transmission (HLT) encapsulant that broadens the spectrum of UV-light that reaches the module cell. This HLT formulation offers a strong value proposition as it can enhance a module’s output by as much as 1%.

Quality Assurance Segment

For the second quarter of 2011, Quality Assurance’s (QA) net sales of $30.7 million were in line with guidance. This represents a 3.6% increase from a year ago and 23.0% increase sequentially. This growth is driven by STR QA’s Responsible Sourcing and STR-Registrar business units and higher testing and inspection in the Asia Pacific region.

Mr. Jilot stated, “I am absolutely delighted with our QA’s performance this quarter. In addition to its sales growth, it has added one of the world’s premier consumer businesses as its client. Once we complete our initial ramp with this client, they have the potential to be one of our largest Quality Assurance accounts going forward.”

QA gross margin for the second quarter was 29.4%. This represents an 884 bps increase from the first quarter of 2011 as QA exited its seasonally slowest quarter. Compared to a year ago, QA gross margin is down 656 bps due to an unfavorable mix shift from product testing to inspection and auditing net sales, which has incremental labor and travel expense.

Business Outlook

“While we believe there is still a backlog of inventory in the channel, much of the uncertainty in Italy and Germany has been resolved. Continuing module ASP declines and higher project IRRs should stimulate end user demand toward the end of the third quarter when the excess inventories have cleared,” said Barry A. Morris, STR’s Executive Vice President and Chief Financial Officer. “Additionally, we believe there will be a strong pull-in effect during the fourth quarter ahead of the January 2012 feed-in-tariff reduction in Germany.”

[R-BgO]

's wird zum pure-play:


Aug. 16, 2011 12:00 UTC
STR Holdings, Inc. Announces Sale of Quality Assurance Segment to UL

Sale for $275 Million Cash Will Increase Financial Strength and Focus on Solar Business

ENFIELD, Conn.--(BUSINESS WIRE)-- STR Holdings, Inc. (NYSE: STRI) today announced the execution of a definitive purchase agreement with UL (Underwriters Laboratories) pursuant to which UL has agreed to purchase its Quality Assurance (QA) business for $275 million in cash, plus cash assumed. The transaction is expected to close no later than September 30, 2011, subject to the satisfaction of customary closing conditions.

“STR QA is a leader in the consumer products quality assurance market, contributing significantly to the success of STR Holdings over the years,” said Dennis L. Jilot, Chairman, President and Chief Executive Officer. “However, our solar encapsulant business has grown to be a leader in the rapidly growing photovoltaic industry. We believe that divesting the QA business increases shareholder value at STR Holdings, since it will enable us to focus exclusively on the solar market, strengthen our balance sheet, and provide greater financial flexibility to pursue growth strategies for our solar business. The proposed transaction provides full and fair value for the QA business and a meaningful return to our investors for this valuable asset.”

Mr. Jilot continued, “Of equal importance, our QA business now finds the perfect home with one of the leading names in its industry. The UL brand is known, trusted, and respected around the world and our QA team will continue its global leadership as part of UL. Both of our organizations are committed to a smooth transition that includes no disruptions to QA’s customers.”

“As part of expanding our footprint and global capabilities in the QA testing and inspection sectors, we are very enthusiastic about the incredible value STR brings to this partnership,” said Keith Williams, President and Chief Executive Officer of UL. “We are fully committed to building on the strong foundation established by STR’s Quality Assurance team and we look forward to combining our resources to further develop our position as a market leader.”

Under the terms of the agreement, UL will acquire STR’s Quality Assurance business, including its employees, facilities, contracts, and intellectual property. STR’s 10 Water Street location in Enfield, Connecticut will continue to be owned by a subsidiary of STR Holdings and will be leased to UL.

STR Holdings intends to use the proceeds, as well as a portion of its existing cash, to retire its outstanding credit facilities.

The Company expects the yearly interest expense and other cost savings resulting from this transaction to be accretive to its non-GAAP EPS by approximately $0.04 annually. Due to the timing of the transaction’s close, the Company does not expect to benefit from the accretion mentioned above until 2012.

The Company’s QA business will now be reported as a discontinued operation and the Company is required to recast its historical consolidated net sales and non-GAAP EPS to incorporate the change to its income statement classifications. Specifically, the Company will be required to present its previously-reported QA financial results as a discontinued operation while its historical interest expense must be reported in continuing operations. As such, the QA earnings will no longer be included in the Company’s non-GAAP earnings or non-GAAP EPS for the historical and future reporting periods. This requires the Company to recast and reset its previously-provided guidance as follows:

[solar-trottel]

Da werden dann irgendwann die großen Fische zugreifen:

- Qualitätsführer mit guten Margen , nun sehr guter EK-BAsis und dann auch noch nachhaltig Cash-Flo-Postiv in einem sehr stark wachsendem Markt.

Ich schätze auf DuPont (würde gut passen), Dow Chemicals oder Arkema, vielleicht sogar Total oder Exxon.

In weniger als 12 Monaten sidn die nicht mehr Herr im eigenen Hause.

Bei diesen Kursen verdammt attraktiv.

[R-BgO]

Oct. 17, 2011 20:05 UTC
STR Holdings, Inc. Comments on Third Quarter and Full Year 2011 Guidance

ENFIELD, Conn.--(BUSINESS WIRE)-- STR Holdings, Inc. (NYSE: STRI) today announced that it expects revenue for the third quarter of 2011 to be in line with previously published guidance of $51 to $57 million. Revenue from the Company’s recently divested Quality Assurance business will be presented in discontinued operations when results are reported.

The Company cautioned that third quarter non-GAAP earnings could be $.01 to $.02 per share lower than the previously published guidance range of $0.12 to $0.16 per share. The final determination of earnings per share is subject to a number of factors currently being estimated in accordance with normal accounting practices, including the effective tax rate and the appropriate level of bad debt reserves.

Due to the lack of clarity regarding global demand for solar products during the fourth quarter 2011, the Company is also withdrawing its previously published annual 2011 guidance. “As we advised during our second quarter earnings conference call, our guidance was based on expectations for increased demand due to a number of factors including increased demand generated from the clearing of solar panel inventory, a restoration of project financing in Europe, decreased module ASPs and a pull-in effect in advance of feed-in tariff reductions in Germany,” said Barry A. Morris, Executive Vice President and Chief Financial Officer. “We were not alone in this view. However, as has been widely reported, demand for solar modules has not yet recovered,” Morris said.

The Company expects to announce results for the third quarter of 2011 on or around November 2, 2011. At that time, the Company also intends to update its revenue and non-GAAP EPS guidance for 2011.

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, changes in the markets for our products and/or changes in operating conditions.

[R-BgO]

Nov. 3, 2011 20:01 UTC
STR Holdings, Inc. Reports Third Quarter 2011 Results

ENFIELD, Conn.--(BUSINESS WIRE)-- STR Holdings, Inc. (NYSE: STRI) today announced financial and operating performance for the third quarter and nine months ended September 30, 2011.

Third Quarter 2011 Financial Summary:

Quality Assurance (QA) segment now presented as discontinued operations
Q3 diluted GAAP EPS of $0.09; Q3 diluted non-GAAP EPS of $0.21
Q3 consolidated net sales of $56.2 million, down 17.6% from prior year
Third Quarter 2011 Operating Summary:

Strategic divestiture of Quality Assurance business for $275 million in cash
Transaction expected to be $0.05 accretive to EPS going forward
Repaid all outstanding debt of $237.6 million
New $150 million lower-interest rate revolving credit facility provides financial flexibility
Closed St. Augustine, FL manufacturing facility to improve efficiency of U.S. operations
Financial Results

Net sales for the quarter ended September 30, 2011 were $56.2 million. This represents a decrease of 21.5% sequentially and 17.6% from a year ago. These results were driven by a decrease in sales volume of 20.3% from the second quarter of this year and 15.5% from a year ago.

“Despite what many of us in the solar value chain anticipated after a soft second quarter, demand did not improve in the third quarter,” said Dennis L. Jilot, STR’s Chairman, President and Chief Executive Officer. “The European debt crisis has increased uncertainty surrounding government subsidy programs and exacerbated an already sluggish solar market. Even though module ASPs declined at a significant pace, it appears that project developers continued to wait for further price reductions, impacting global demand for solar modules and in turn, our encapsulants.”

Gross profit for the third quarter of 2011 was $14.6 million. As a percentage of sales, gross margin was 25.9%. This is compared to 34.7% in the second quarter of 2011. The sequential decline in gross margin is a result of several factors: lower sales volume and unfavorable customer mix; the accrual for an agreement with a customer for the return of product in conjunction with payment of overdue accounts receivable invoices, which does not qualify as a bad debt expense under GAAP and carried at zero value; a sequential decrease in production and low utilization that drove unfavorable cost absorption; and higher-cost resin purchased in the second quarter that was used in the third quarter. Going forward, the Company expects to see its raw material costs decrease as it has achieved some purchase price reductions.

Selling, general and administrative expense (SG&A) for the third quarter of 2011 was $6.8 million. This compares to $7.4 million in the second quarter of 2011 and $6.4 million in the third quarter of 2010. Sequentially, SG&A decreased 7.7% primarily as a result of decreases in labor and benefit costs. Compared to last year, SG&A increased 6.1% driven primarily by higher R&D and travel expense to support our expanding global business operations and continued development in Asia. As a percentage of sales, SG&A increased 183 basis points sequentially and 273 basis points year over year as a result of lower sales.

Lower gross profit and a non-cash asset impairment charge of approximately $1.9 million drove an operating profit of $6.4 million, compared to $16.7 million in the second quarter of 2011. The non-cash asset impairment was related to our real property at 10 Water Street in Enfield, CT, which was not included in the sale of the Company’s QA business to UL (Underwriters Laboratories, Inc.) and is being leased to them.

Net interest expense for the third quarter of 2011 was $3.7 million as a result of accelerated amortization of deferred financing costs associated with the Company’s retirement of its credit facilities in conjunction with the sale of its QA business to UL.

During the quarter, the Company recorded a net benefit of $0.03 to its non-GAAP EPS from one-time tax items including the reduction of state deferred tax liabilities associated with its post QA footprint and a favorable resolution of a foreign tax audit that more than offset a true-up adjustment made in conjunction with the filing of its 2010 tax return. Absent these one-time items, the Company’s tax rate was also lower than expected due to increased sales from Malaysia during the quarter. These items resulted in an income tax benefit being recorded during the third quarter.

Net earnings from continuing operations for the third quarter of 2011 were $3.8 million or $0.09 on a diluted EPS basis. This is compared with net earnings from continuing operations of $11.2 million, or $0.27 per diluted EPS for the second quarter of 2011 and $14.1 million or $0.33 per diluted share for the third quarter of 2010.

Non-GAAP net earnings from continuing operations, which excludes certain tax-effected adjustments (as disclosed after the non-GAAP reconciliation table at the end of this press release) for the third quarter of 2011 were $8.8 million or $0.21 on a diluted EPS basis. This is compared with non-GAAP net earnings of $12.0 million, or $0.28 per diluted share for the second quarter of 2011 and $14.8 million or $0.35 per diluted share for the third quarter of 2010.

Liquidity

The Company ended the third quarter of 2011 with $129.6 million in cash and no debt. STR anticipates making a tax payment in December of this year of approximately $102 million relating to the sale of QA.

The Company has included a consolidated condensed statement of cash flows in this press release. It is currently finalizing the classification between continuing operations and discontinued operations related to the sale of QA. The Company will include the final presentation of its consolidated statement of cash flows in its Form 10-Q filing.

Early in the fourth quarter, the Company obtained a new, four year, $150 million dollar revolving credit facility. This facility provides an attractive 2.0% to 2.5% spread on LIBOR-based loans and can be increased by $50 million dollars at the discretion of STR, subject to the satisfaction of certain conditions.

“I am delighted with the significant improvement to our balance sheet. This new credit facility, along with the strategic divestiture of QA and the payoff of our previous, higher-interest-rate credit facilities has strengthened our financial condition considerably,” said Barry A. Morris, Executive Vice President and Chief Financial Officer of STR Holdings. “These actions provide us with increased financial flexibility to continue to pursue our profitable growth strategy in the solar industry.”

[R-BgO]

STR Holdings Receives the Supplier Achievement Award from First Solar

ENFIELD, Conn.--(BUSINESS WIRE)-- STR Holdings, Inc. (NYSE:STRI - News) today announced the honor of being one of only three recipients of the First Solar (NASDAQ: FSLR) NOVA award, with which First Solar recognizes the premier suppliers that significantly support its mission. The award was bestowed at First Solar’s first annual Supplier Recognition Day, which was attended by approximately 60 companies that are considered critical suppliers to the company.

First Solar stated that collaboration with STR significantly contributed to the company's cost-per-watt roadmap, quality performance and supply risk reduction efforts.

“Our suppliers play an essential role in achieving our mission to create enduring value by enabling a world powered by clean, affordable solar electricity,” said Doug Duval, Vice President of Global Supply Chain for First Solar. “STR encapsulants have a track record of highest in-field performance. Being STR Protected™ means we can rely on the value they provide through the highest standards of quality and performance.”

Robert Yorgensen, President and Chief Executive Officer of STR added, “Our relationship with First Solar is a case study in the value that can be created with tight customer-vendor collaboration. We appreciate their recognition of our contribution to their success, and look forward to working closely together in the years ahead.”

[R-BgO]

Feb. 3, 2012 13:55 UTC
STR Holdings Announces Preliminary Fourth Quarter 2011 Results

ENFIELD, Conn.--(BUSINESS WIRE)-- STR Holdings, Inc. (NYSE:STRI - News) today announced that revenue is projected to approximate $36.5 million for the fourth quarter of 2011 and diluted non-GAAP EPS is projected to be in the range of ($0.04) to ($0.02). Projected revenue is below the Company’s guidance of $44 to $48 million. Projected diluted non-GAAP earnings per share is below the previously-announced guidance range of $0.09 to $0.12.

The projected diluted non-GAAP EPS range is below the previously estimated range mainly due to a sales volume shortfall, approximately $0.05 of non-recurring expenses and a higher than expected effective tax rate. “Although the solar industry appears to have temporarily benefitted from strong German installations in December, we believe that most of this demand was satisfied from existing module inventory,” said Barry A. Morris, Executive Vice President and Chief Financial Officer. “We are positioning ourselves to benefit from the anticipated recovery in demand later in 2012 by focusing our efforts on cost control and improving our working capital. During the quarter, we improved upon our already strong liquidity, finishing 2011 with approximately $59 million in cash.”

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 finalization of its year-end audit. The Company is currently assessing its goodwill and other intangible assets for impairment, which may result in a non-cash charge to GAAP earnings.

The Company expects to announce results for the fourth quarter of 2011 on March 13, 2012. At that time, the Company also intends to offer initial revenue and diluted non-GAAP EPS guidance for 2012.

[Stoni_I]

First Quarter 2012 Financial Summary:

Net sales were $31.1 million, at the high end of guidance range

Diluted GAAP loss per share from continuing operations of $(2.00); Q1 diluted non-GAAP EPS from continuing operations of $0.07

$82.5 million non-cash goodwill impairment included in GAAP loss

Trade secret misappropriation settlement benefit of $7.2 million

Operating cash flow from continuing operations of $21.1 million; Free cash flow of $15.6 million

Finished the quarter with $70.2 million in cash and no debt

http://ir.strholdings.com/phoenix.zhtml?c=222608&p=irol-news…

[R-BgO]

uly 23, 2012 13:07 UTC
STR Holdings Announces Preliminary Second Quarter 2012 Results


ENFIELD, Conn.--(BUSINESS WIRE[http://www.businesswire.com])-- STR Holdings, Inc. (NYSE:STRI) today announced that it expects diluted non-GAAP earnings per share (EPS) of $0.00 and to record revenue of approximately $25 million for the second quarter of 2012. Projected diluted non-GAAP EPS is within the previously-announced guidance range of $0.00 to $0.02. Projected revenue is below the Company’s guidance range of $31 to $33 million. Operating cash flow generation from continuing operations remained strong during the second quarter and is estimated to approximate $8 million. The Company’s cash balance as of June 30, 2012 is projected to approximate $72 million.
“Our aggressive cost reduction efforts helped us achieve the low-end of our non-GAAP EPS guidance range, despite softer-than-anticipated demand for our encapsulants,” said Robert S. Yorgensen, President and Chief Executive Officer. “These actions helped us to continue generating cash and we believe that our strong balance sheet and recent product introductions position us well for the future.”

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 finalization of quarterly review procedures by its independent accountants.

The Company expects to announce results for the second quarter of 2012 on August 8, 2012.

[R-BgO]

alle bis auf ein Erinnerungsstück rausgeworfen;

schätze, die hier drehen STR die Luft ab: http://firsteva.en.gongchang.com/about

[R-BgO]

Jan. 22, 2013 21:15 UTC

STR Holdings, Inc. Announces Loss of Key Customer, Operational Restructuring and Review of Strategic Alternatives


ENFIELD, Conn.--(BUSINESS WIRE)-- STR Holdings, Inc. (NYSE: STRI), believes that First Solar, Inc., a long-standing customer, will terminate its relationship with the Company in 2013. Though the exact timing remains uncertain, the Company expects that First Solar will begin a transition away from STR in the first quarter of 2013, completely cutting over to a new supplier during the course of the next few months.

As previously disclosed, First Solar is STR’s largest customer and such loss is likely to have a material adverse effect on the business and financial results of the Company. Sales to First Solar during 2012 were approximately $39 million.

Robert S. Yorgensen, President & Chief Executive Officer commented, “We have enjoyed a very long and prosperous relationship with First Solar. Their loyalty over the years is a testament to our value as a reliable supplier of excellent quality products and service, for which First Solar honored us with their Top Supplier Award just over a year ago.” Yorgensen continued, “We have had no claim for defective product from First Solar, nor have we had any returns, and the product we have been supplying for years has been according to specification. Unfortunately, I cannot elaborate on their decision to work with another supplier at this time. On a more positive note, we have recently added three new customers in China, two of which have qualified and ordered our next-generation encapsulants. While this new work won’t make up for the loss of First Solar’s business in the short-term, we believe it represents very important progress toward increasing our share of the burgeoning Chinese market.”

The Company will continue its comprehensive review of its cost structure, and expects to cease manufacturing operations at its East Windsor, Connecticut facility by the end of the first quarter of 2013, and make significant headcount reductions throughout the organization. The Company is assessing its long-lived assets for impairment and expects to incur significant restructuring charges in 2013. The Company will communicate its restructuring plan in more detail at a later date. The Company plans to service its North American customer base from its production facilities in Spain and Malaysia.

Joseph C. Radziewicz, Vice President & Chief Financial Officer, said, “While the loss of First Solar as a customer is certainly an unfortunate development for STR, we have already taken swift action to reduce our costs, which will help to preserve our strong balance sheet as well as our options going forward.”

Separately and unrelated to the loss of First Solar as a customer, the Company engaged UBS Investment Bank as its financial advisor in December 2012 to assist the Board of Directors with a review of the Company’s strategic alternatives.

As of December 31, 2012, the Company had $81.9 million of cash and no debt.

[Stoni_I]

Antwort auf Beitrag Nr.: 43.723.016 von R-BgO am 17.10.12 17:28:47

Sehr gute Vorahnung. Respekt!

[pickuru]

STR Holdings, Inc. Reports Fourth Quarter and Full–Year 2012 Results

http://finance.yahoo.com/news/str-holdings-inc-reports-fourt…

[pickuru]

Finished the quarter with $82.0 million in cash and no debt
STR Holdings, Inc.
Business Outlook

Year ending December 31, 2013 Ending cash balance $ 75.0 $ 78.0

aktuell bewertet mit Market Cap $ 88.04 million

[R-BgO]

MK noch 28 MEUR

[R-BgO]

STR Holdings Closes Sale of Controlling Interest to Zhenfa Energy Group and Declares Special Dividend

December 15, 2014


-- Zhenfa Energy to Strengthen STR Position in China --
-- Special Cash Dividend of $0.85 per Share to be paid on 1/2/15 --

ENFIELD, Conn., Dec. 15, 2014 (GLOBE NEWSWIRE) -- STR Holdings, Inc. (NYSE:STRI) ("STR" or the "Company") today announced that it sold approximately 27.6 million newly issued shares of common stock, representing a 51% interest in STR, for an aggregate purchase price of approximately $21.7 million to Zhen Fa New Energy (U.S.) Co., Ltd. ("Zhenfa"). As part of the transaction, the STR Board of Directors declared a special cash dividend of $0.85 per share payable to stockholders of record, excluding Zhenfa, as of December 26, 2014. The dividend payment date is January 2, 2015 and the ex-dividend date is January 5, 2015.

"This is a very exciting day for STR and its shareholders. Today we shift our focus from closing the transaction to opening new opportunities created by the synergy between STR and Zhenfa. As one of the top solar engineering, procurement and construction companies in China, and a leading solar independent power producer as well, Zhenfa is ideally positioned to directly benefit from the use of STR's market-leading encapsulant technology and also to advocate its use to Chinese module manufacturers. Zhenfa's substantial investment reflects their confidence in STR's ability to become profitable and grow in the rapidly expanding solar industry," stated Robert S. Yorgensen, STR's President and Chief Executive Officer.

In addition to expected improvements to its encapsulant business, the Company will explore other potential strategic opportunities together with Zhenfa.

Zha Zhengfa, founder and Chairman of Zhenfa's parent corporation, stated: "We have a great deal of respect for STR as a pioneer in solar encapsulants and as a company that continues to innovate important new technology. We will work together with them to raise their profile among Chinese module manufacturers and expect to use solar modules incorporating STR's encapsulants in our own solar power stations to protect our long-term economic interests. We see many opportunities for collaboration with STR and will give them our full support to grow the Company for the benefit of all shareholders."

[R-BgO]

wurde durch den reverse-split rausgebucht, lasse den Wert aber vorläufig noch in meiner watchlist

[R-BgO]

Antwort auf Beitrag Nr.: 48.986.099 von R-BgO am 05.02.15 11:20:03

Sie geben einfach nicht auf!

Noch gut 6 MUSD Quartalsumsatz und gross loss;

EK noch gut 40 MUSD, aber nicht mehr viel cash.

Market Cap 18,5 Mio. Aktien x 20c = 3,7 MEUR


WENN sie die Kurve kriegen sollten, dann gibt's Upside...

Glaub' ich aber nicht.

[R-BgO]

Antwort auf Beitrag Nr.: 52.415.322 von R-BgO am 16.05.16 12:43:19

ups! Kurs mal eben so verdoppelt...

Anlass des Besuchs: Feuer in China

http://www.pv-tech.org/news/strs-pv-encapsulant-material-pla…

[R-BgO]

ok, schmeiße sie jetzt aus meinem Excel raus

over-and-out