Fornebu, May 6, 2014: REC Silicon ASA reported first quarter 2015 revenues of USD 74.4 million and EBITDA of USD 24.8 million.
REC Silicon reported first quarter revenues of USD 74.4 million, compared to USD 126.2 million in the previous quarter. The corresponding EBITDA during the first quarter was USD 24.8 million compared to USD 38.0 million in the previous quarter. The decrease in EBITDA can be attributed to lower sales volumes and lower prices.
Second quarter production remained strong with total polysilicon production near guidance provided. The company realized FBR cash production cost of $10.7/kg compared to guidance of $11.5/kg.
"Continued strong and efficient operations coupled with safety as a top priority allowed us to meet overall polysilicon and silicon gas targets for the quarter," commented Tore Torvund, CEO.
Weak overall market conditions, disruption caused by the West Coast port slowdown in the US, and high production volumes resulted in inventory growth. Market conditions exhibit signs of oversupply while it is anticipated that the market will return to balance in the second half of 2015.
The Yulin JV Board approved the investment decision for the Expansion initiative in China and construction activities will begin during the second quarter of 2015. Mr. Torvund said, "Activities in the Yulin JV are progressing according to plan. The realization of this next generation FBR polysilicon plant will support the increasing demand in China's growing PV industry."
Profit from continuing operations was USD 46.7 million in the first quarter, compared to USD 119.0 million in the previous quarter. The decrease is caused primarily by lower, but substantial, currency gains caused by a stronger US dollar compared to the prior quarter.
Basic and diluted EPS from total operations was USD 0.02 in the first quarter 2015, compared to USD 0.02 in the previous quarter.
For more information, please see the attached first quarter 2015 report.
The Company will give a presentation at 08:00 a.m. CET today at Vika Atrium Konferansesenter, Munkedamsveien 45 Oslo, Norway. The presentation will be in English.
There will be a live webcast from the presentation which 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: +47 23 16 2787
UK Toll Free: +44 (0)20 3427 1900
USA Toll Free: +1-646-254-3361
International Toll: +44 (0)20 3427 1900
Please provide confirmation code 7393737 and state your name, company and country of residence.
REC Silicon will host an analyst conference call with possibilities for questions and answers later the same day at 3:00 p.m. CET. Please make sure to dial in at least five minutes ahead of time to complete your registration.
Norway Toll Free: +47 23 50 0485
UK Toll Free: +44 (0)20 3427 1921
USA Toll Free: +1-646-254-3387
International Toll: +44 (0)20 3427 1921
Please provide confirmation code 8707836 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
Nils O. Kjerstad
IR Contact Europe
Phone: +47 9135 6659
About REC Silicon
REC Silicon ASA is a leading producer of advanced silicon materials, supplying high-purity polysilicon and silicon gases to the solar and electronics industries worldwide. We combine 30 years' experience and best-in-class proprietary technology to deliver on customer expectations. Our two U.S. based plants have a capacity of more than 20,000 MT high-purity polysilicon. REC Silicon is headquartered in Moses Lake, Washington and employs approximately 720 people. Listed on the Oslo stock exchange under the ticker: REC.
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 Q1 2015 ReportREC Silicon Q1 2015 Presentation