Sandvika, February 12, 2014: REC Silicon ASA reported fourth quarter 2013 revenues from continuing operations of NOK 743 million and EBITDA from continuing operations of NOK 164 million. Net debt has been reduced to NOK 1.9 billion, down from NOK 2.6 billion in the third quarter after sale of REC Solar.
On October 25, 2013 REC Solar was sold. Revenues and EBITDA for REC Solar have been re-presented as discontinued operations.
REC Silicon US Operations reported fourth quarter revenues of NOK 752 million up from NOK 738 million in the previous quarter. EBITDA in the fourth quarter was NOK 187 million up from NOK 80 million in the previous quarter. Improvements in EBITDA can be primarily attributed to strong, stable operations resulting in higher volumes at lower cost. In addition, REC Silicon experienced increased average polysilicon selling prices and increased silicon gas sales volumes.
Despite the introduction of anti-dumping duties on solar grade polysilicon imported to China, polysilicon demand continues to strengthen and prices continue to increase.
Tore Torvund, CEO of REC Silicon ASA said, "I am pleased that our efforts to improve quality and reduce cost continue to strengthen our competitive position. Together with slightly increased demand for solar polysilicon, these efforts have led to an improvement in REC Silicon ASA's EBITDA in the last quarter."
Silicon gas sales volumes increased by 17 percent compared to the previous quarter. This increase reflects strong market demand and increased spot sales due to supply restrictions caused by recent accidents at competitor facilities.
Financial items for continuing operations were negative NOK 19 million, mainly reflecting interest expenses and fair value adjustments of the convertible bonds.
The loss from total operations was NOK 161 million in the fourth quarter, compared to a loss of NOK 1,578 million in the previous quarter. The reduced loss mainly reflects the impairments of the REC Solar disposal group at the end of the third quarter.
Basic EPS from total operations was positive NOK 0.07 in the fourth quarter 2013, compared to negative NOK 0.68 in the previous quarter.
For more information, please see the attached fourth quarter 2013 report.
On the release day, Tore Torvund, CEO of REC Silicon ASA will give a presentation together with other members of the management team. The presentation will take place at 08:00 hrs Norwegian time/CET at the conference centre KS Agenda in Haakon VII's gate 9, 0114 Oslo (www.ksagenda.no).
The presentation, held in English, will be broadcasted live over the internet, and can be accessed from: www.recsilicon.com.
It will also be possible to listen to the presentation through a conference call. Please make sure to dial in 10 minutes prior to scheduled start time on one of the following numbers:
Norway Toll Free: 800 56 053
UK Toll Free: 0800 279 4841
USA Toll Free: 1877 280 1254
International Toll: +44 (0)20 3427 1915
Confirmation code: 7773031
REC Silicon ASA will also host an analyst conference call with possibilities for questions and answers later the same day at 15:00 CET. Please make sure to dial in at least 5 minutes ahead of time to finalize your registration.
International dial in: +47 2316 2787
Please provide confirmation code 9022192 and state your name, company and country of residence.
For further information, please contact:
James A. May II, CFO,
+1 (509) 989-1023 or
+47 991 66 293
About REC Silicon ASA
REC Silicon ASA is a leading producer of advanced silicon materials, delivering high-purity polysilicon and silicon gas to the solar and electronics industries worldwide. We combine 25 years of experience and proprietary technology with the needs of our customers and 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 Moses Lake, Washington and employs approximately 740 people.
For more information, go to: www.recsilicon.com
This information is subject of the disclosure requirements acc. to §5-12 vphl (Norwegian Securities Trading Act)
REC Silicon ASA Q4 2013 ReportREC Silicon ASA Q4 2013 Presentation
REC Silicon ASA Q4 2013 Report
REC Silicon ASA Q4 2013 Presentation