GT Solar Signs US $70M Polysilicon Equipment Deal

GT Solar International Inc. has signed contracts with a total value of more than US $70 million with a leading Asian polysilicon manufacturer, whose name was not disclosed, for new CVD equipment and related polysilicon production services.

“We are pleased to announce this new order for our polysilicon production equipment to one of Asia’s leading producers,” said Tom Gutierrez, president and CEO of GT Solar. “The polysilicon market is ultimately a commodity market that will eventually be dominated by large, low-cost players. As polysilicon prices continue to decline, our polysilicon reactors, production services and process know-how play a significant role in helping our customers achieve the scale and cost structures they need to remain competitive in a price-sensitive market.”

Earlier this this month, the company reported results for its fourth quarter and fiscal year 2010, which ended April 3, 2010. Revenue for the fourth fiscal quarter totaled $194.7 million, compared with $173.6 million in the third fiscal quarter and $138.5 million in the fourth quarter of fiscal year 2009.

Revenue for the fourth fiscal quarter included $130.6 million in the polysilicon segment and $64.1 million in the Photovoltaic (PV) segment. Revenue for fiscal year 2010 finished at $544.2 million, versus $541.0 million dollars for fiscal year 2009. Revenue for fiscal year 2010 included $357.5 million in the polysilicon segment and $186.7 million in the PV segment.

Gross profit for the fourth quarter totaled $73.1 million, or 37.5 percent of revenue, compared to $76.7 million, or 44.2 percent of revenue in the third fiscal quarter and $39.5 million, or 28.5 percent of revenue for the fourth quarter of fiscal year 2009. Gross profit for fiscal year 2010 was $219.0 million, or 40.2 percent of revenue, compared to $214.7 million, or 39.7 percent of revenue, for fiscal year 2009.

Operating margin for the quarter was 28.4 percent of revenue, compared to 33.2 percent of revenue in the third fiscal quarter and 15.3 percent in the fourth quarter of fiscal 2009. Operating margin for fiscal year 2010 was 26.5 percent of revenue, consistent with fiscal year 2009.

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