GT Advanced Technologies, a leading global provider of polysilicon production technology, and sapphire and silicon crystalline growth systems and materials, has announced its financial results for the second quarter of calendar 2012.
 
Revenue for the second quarter of calendar 2012 exceeded the company’s previously issued guidance at $167.3 million, compared to $353.9 million in the first quarter of calendar 2012 and $231.1 million in the second quarter of calendar 2011. Revenue by business segment for the second quarter of calendar 2012 was $121.5 million in polysilicon, $9.4 million in photovoltaic (PV), and $36.3 million in the sapphire segment, which was primarily ASF™ equipment revenue.
 
Gross profit for the second quarter of calendar 2012 was $60.2 million, or 36.0 percent of revenue, compared to $152.3 million, or 43.0 percent of revenue in the first quarter of calendar 2012 and $113.4 million, or 49.1 percent of revenue for the second quarter of calendar 2011.
 
Operating margin for the second quarter of calendar 2012 was 14.7 percent of revenue, compared to 32.8 percent of revenue in the first quarter of calendar 2012 and 34 percent of revenue in the second quarter of calendar 2011.
 
In the second quarter of calendar 2012, the company had net income of $14.8 million, compared to $79.1 million in the first quarter of calendar 2012 and $52.1 million for the second quarter of calendar 2011.
 
Non-GAAP net income was $19.2 million in the second quarter of calendar 2012, compared to $83.9 million in the first quarter of calendar 2012 and $56.1 million for the second quarter of calendar 2011.
 
Earnings per share on a fully-diluted basis was $0.12 in the second quarter of calendar 2012, compared to $0.65 for the first quarter of calendar 2012 and $0.41 for the second quarter of calendar 2011.
 
Non-GAAP earnings per share on a fully-diluted basis was $0.16 in the second quarter of calendar 2012, compared to $0.69 for the first quarter of calendar 2012 and $0.44 for the second quarter of calendar 2011.
 
At the end of the second quarter of calendar 2012, cash and cash equivalents was $332.4 million and the company had $145 million of debt. This compares to $350.9 million of cash and cash equivalents at the end of the first quarter of calendar 2012 which included $75 million of debt and $473.4 million of cash and cash equivalents at the end of the second quarter of calendar 2011 which included $95.6 million of debt.
 
As of June 30, 2012, the company’s backlog was $1.6 billion. This included approximately $758.6 million in the polysilicon segment, $137.8 million in the PV segment and $697.5 million in the sapphire segment. Included in the total backlog was approximately $149.3 million of deferred revenue.
 
New orders for the second quarter of calendar 2012 were $13.8 million and included $0.4 million of polysilicon orders, $8.5 million of PV orders and $4.9 million in sapphire orders. The company had $31.9 million of negative adjustments to backlog related to the termination of a single ASF sapphire contract which the company had previously indicated it anticipated due to the customer’s failure to perform.