REC Silicon ASA – Second quarter 2016 results
REC Silicon ASA (REC Silicon) reported revenues of USD 71.1 million, compared to USD 68.8 million in the previous quarter. The company also reported a second quarter cash balance of USD 91.3 million. The corresponding EBITDA during the second quarter was a loss of USD 14.3 million compared to a loss of USD 13.4 million in the previous quarter.REC Silicon’s average solar grade polysilicon sales price during the second quarter increased by 9.7% from the previous quarter. Q2 polysilicon sales of 3,634MT were in line with company expectations. Finished goods inventory decreased by 1,963MT during the second quarter, compared to a 1,925MT inventory reduction in the previous quarter.
Silane III was successfully restarted in May and Silane IV is currently in restart. Second quarter polysilicon production was 1,671MT. Average silicon gas sales prices decreased by 2.8% during the second quarter compared to the previous quarter. Silicon gas sales volume increased to 610MT compared to 531MT for the prior quarter.
Tore Torvund, REC Silicon’s CEO, said, “Because sales were in line with expectations, inventory was reduced to desired levels and we were able to restart production in Moses Lake. With greater utilization of the company’s FBR production assets, REC Silicon will be able to realize an industry leading cash cost by Q4 of this year. Further, during the first half of this year we have successfully improved the financial stability of the company as evidenced by the current cash balance and the repayment of USD 21 million of the company’s debt.”
For more information, please see the attached second quarter 2016 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 the following link: http://webtv.hegnar.no/presentation.php?webcastId=36174352
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 scheduled start time on one of the following numbers:
Norway: +47 2100 2610
Norway (Toll Free): 800 51084
UK: +44 (0)203 043 2002
USA: +1 800 263 0877
Other international: +44 (0)203 043 2002
Please provide confirmation code 1584790 and state your name, company and country of residence.
Afternoon Program:
REC Silicon will host an analyst conference call later the same day at 3:00 p.m. CET. Please make sure to dial in at least 5-10 minutes ahead of time to complete your registration.
Norway: +47 2100 2610
Norway (Toll Free): 800 51084
UK: +44 (0)203 043 2002
USA: +1 888 339 3482
Other international: +44 (0)203 043 2002
Please provide confirmation code 3970418 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
Email: chris.bowes@recsilicon.com
Nils O. Kjerstad
IR Contact Europe
Phone: +47 9135 6659
Email: nils.kjerstad@crux.no
