REC Silicon ASA - Second quarter 2016 results
(Thomson Reuters ONE) -
Fornebu, Norway - July 21, 2016: REC Silicon ASA (REC Silicon) reported revenues
of USD 71.1 million, compared to USD 68.8 million in the previous quarter. The
company also reported a second quarter cash balance of USD 91.3 million. The
corresponding EBITDA during the second quarter was a loss of USD 14.3 million
compared to a loss of USD 13.4 million in the previous quarter.
REC Silicon's average solar grade polysilicon sales price during the second
quarter increased by 9.7% from the previous quarter. Q2 polysilicon sales of
3,634MT were in line with company expectations. Finished goods inventory
decreased by 1,963MT during the second quarter, compared to a 1,925MT inventory
reduction in the previous quarter.
Silane III was successfully restarted in May and Silane IV is currently in
restart. Second quarter polysilicon production was 1,671MT.
Average silicon gas sales prices decreased by 2.8% during the second quarter
compared to the previous quarter. Silicon gas sales volume increased to 610MT
compared to 531MT for the prior quarter.
Tore Torvund, REC Silicon's CEO, said, "Because sales were in line with
expectations, inventory was reduced to desired levels and we were able to
restart production in Moses Lake. With greater utilization of the company's FBR
production assets, REC Silicon will be able to realize an industry leading cash
cost by Q4 of this year. Further, during the first half of this year we have
successfully improved the financial stability of the company as evidenced by the
current cash balance and the repayment of USD 21 million of the company's debt."
For more information, please see the attached second quarter 2016 report.
Morning Program:
The Company will give a presentation at 8:00 am CET today at Høyres Hus
Konferansesenter, Stortingsgaten 20, Oslo, Norway. The presentation will be in
English.
A live webcast from the presentation can be accessed at www.recsilicon.com or
the following link: http://webtv.hegnar.no/presentation.php?webcastId=36174352
It will also be possible to listen to the presentation through a conference
call. Please make sure to dial in 5-10 minutes prior to scheduled start time on
one of the following numbers:
Norway: +47 2100 2610
Norway (Toll Free): 800 51084
UK: +44 (0)203 043 2002
USA: +1 800 263 0877
Other international: +44 (0)203 043 2002
Please provide confirmation code 1584790 and state your name, company and
country of residence.
Afternoon Program:
REC Silicon will host an analyst conference call later the same day at 3:00 p.m.
CET. Please make sure to dial in at least 5-10 minutes ahead of time to complete
your registration.
Norway: +47 2100 2610
Norway (Toll Free): 800 51084
UK: +44 (0)203 043 2002
USA: +1 888 339 3482
Other international: +44 (0)203 043 2002
Please provide confirmation code 3970418 and state your name, company and
country of residence.
For further information, please contact:
Chris Bowes, Investor Relations
REC Silicon ASA
Phone: +1 509 793 8127
Email: chris.bowes(at)recsilicon.com
Nils O. Kjerstad
IR Contact Europe
Phone: +47 9135 6659
Email: nils.kjerstad(at)crux.no
About REC Silicon
REC Silicon is a leading producer of advanced silicon materials, delivering
high-purity polysilicon and silicon gas to the solar and electronics industries
worldwide. We combine 30 years of experience and proprietary technology with the
needs of our customers, with annual production capacity of more than 20,000 MT
of polysilicon from our two US-based manufacturing plants. Listed on the Oslo
Stock Exchange (ticker: REC), the Company is headquartered in Fornebu, Norway.
For more information, go to: www.recsilicon.com
This information is subject to the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.
REC Silicon Q2 2016 presentation:
http://hugin.info/136555/R/2029784/754862.pdf
REC Silicon Q2 2016 report:
http://hugin.info/136555/R/2029784/754861.pdf
This announcement is distributed by GlobeNewswire on behalf of
GlobeNewswire clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: REC Silicon ASA via GlobeNewswire
[HUG#2029784]
Unternehmensinformation / Kurzprofil:
Datum: 21.07.2016 - 06:50 Uhr
Sprache: Deutsch
News-ID 484502
Anzahl Zeichen: 5030
contact information:
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Kategorie:
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