REC Silicon - Second quarter 2018 results
19 Juillet 2018 - 6:55AM
Fornebu, Norway - July 19,
2018: REC Silicon ASA (REC Silicon) reported second quarter 2018
revenues of USD 58.9 million, down from USD 69.6 million in the
previous quarter. The corresponding EBITDA during the second
quarter was a loss of USD 9.6 million compared to a positive USD
14.6 million in the previous quarter. Polysilicon sales
volume for the quarter was 2,077 MT, a 28.5 percent decrease from
the first quarter, while inventory increased by 401 MT.
REC Silicon reported a cash balance of USD 42.4 million on June 30,
2018. This represents a decrease of USD 69.6 million compared to
March 31, 2018. The company refinanced its outstanding debt during
the quarter with a net repayment of USD 59.5 million. Cash outflows
from operations was USD 7.1 million for the quarter.
Silicon gas sales volumes for the second quarter were 918 MT, an
increase of 2.4 percent compared to the first quarter. Prices were
2.1 percent higher than first quarter. Second quarter semiconductor
polysilicon production was 267 MT, in line with guidance of 270
MT.
FBR capacity utilization was decreased to approximately 25 percent
in early June resulting in cash costs of USD 13.4/kg, compared to
USD 9.40/kg in the first quarter. FBR production was 2,078 MT, a
1,049MT decrease compared to the first quarter.
The Yulin JV plant continued to operate at reduced capacity
utilization during the second quarter. The plant produced
approximately 1,000 MT of granular polysilicon during the quarter.
Year-to-date, the plant has produced a total of 1,800 MT compared
to a target of 8,000 MT for 2018.
REC Silicon reported impairment charges of USD 340.4 million due to
the market disruption from the curtailment of solar incentives in
China, as well as continued trade barriers that prevent access to
primary markets inside China. As previously announced on July 1,
2018, REC Silicon reduced its Moses Lake workforce by approximately
30 percent.
President and CEO, Tore Torvund, said, "Although our semiconductor
and silane gas business in Butte remains strong, it is regrettable
that we had to reduce our headcount by 85 highly-skilled employees.
Despite having the most advanced polysilicon manufacturing
technology; REC Silicon has no access to the largest market for
polysilicon in China due to the 57 percent duty imposed by China.
We need the United States and Chinese governments to cooperate in
ending the solar trade dispute between the two countries to prevent
additional job losses and to enhance the value of the solar
industry in the United States and China."
For more information, please see the attached second quarter 2018
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 with the following link:
http://webtv.hegnar.no/presentation.php?webcastId=92016267
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
the scheduled start time on one of the following numbers:
Norway (Tollfree/Freephone): 800 51025
Norway (Local) +47 2100 2613
United Kingdom (Tollfree/Freephone): 0800 358 6374
United Kingdom (Local): +44 (0)330 336 9104
United States/Canada (Tollfree/Freephone): 800-289-0462
United States (Local): +1 323-794-2442
Other international: +44 (0)330 336 9104
Please provide confirmation code 873909 and state your name,
company and country of residence.
For further information, please contact:
James A. May II, Chief Financial Officer
REC Silicon ASA
Phone: +1 509 989 1023
Email: james.may@recsilicon.com
Nils O. Kjerstad
IR Contact Europe
Phone: +47 9135 6659
Email: nils.kjerstad@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 over 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 2018 report
REC Silicon Q2 2018 presentation
This
announcement is distributed by Nasdaq Corporate Solutions on behalf
of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the
information contained therein.
Source: REC Silicon ASA via Globenewswire
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