REC Silicon - Third Quarter 2018 Results

Fornebu, Norway - October 24, 2018: REC Silicon ASA (REC Silicon) reported third quarter 2018 revenues of USD 43.7 million, down from USD 58.9 million in the previous quarter. The corresponding EBITDA during the third quarter was a loss of USD 6.1 million compared to a loss of USD 9.6 million in the previous quarter.  Polysilicon sales volume for the quarter was 1,113 MT, a 46.4 percent decrease from the second quarter, while inventory increased by 503 MT.

REC Silicon reported a cash balance of USD 41.0 million on September 30, 2018. This represents a decrease of USD 1.4 million compared to June 30, 2018. Cash outflows from operations was USD 1.7 million for the quarter.

Silicon gas sales volumes for the third quarter were 865 MT, a decrease of 5.8 percent compared to the second quarter. Silane gas prices were 1.3 percent higher than second quarter. Third quarter semiconductor polysilicon production was 296 MT, in line with guidance of 300 MT. 

FBR facility in Moses Lake continued operated at approximately 25 percent throughout the third quarter. FBR production was 1,170 MT, compared to 2,027 MT during the second quarter when the facility operated at approximately 50 percent capacity during May and for part of June. Lower volumes resulted in higher FBR cash costs which were USD 15.1/kg compared to guidance of USD 15.9/kg.

For more information, please see the attached third quarter 2018 report and presentation.

Morning Program:
The company will give a presentation at 8:00 am CET today at H√łyres Hus Konferansesenter, Stortingsgaten 20, Oslo, Norway. The presentation will be in English.

A live webcast of the presentation can be accessed at www.recsilicon.com or with the following link: http://webtv.hegnar.no/presentation.php?webcastId=97451338

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 Dial-in (Tollfree/Freephone): 800 17131
Norway, Oslo (Dial-in Local): +47 2350 0187
United Kingdom (Dial-in Tollfree/Freephone): 0800 279 4827
United Kingdom (Local Dial-in Local): +44 (0)330 336 9401
United States (Los Angeles Dial-in Local): +1 323-794-2558
United States/Canada (Dial-in Tollfree/Freephone): 800-289-0459
Other international: +44 (0)330 336 9401

Please provide confirmation code 8177504 and state your name, company and country of residence.

For further information, please contact:
James A. May II, Chief Financial Officer
Phone: +1 509 989 1023
Email: james.may@recsilicon.com

Nils O. Kjerstad
IR Contact
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 Q3 2018 reportREC Silicon Q3 2018 presentation
Attachments:
REC Silicon Q3 2018 report
REC Silicon Q3 2018 presentation