Tomahawk, WI 11/06/2013 (BasicsMedia) – New Hampshire GT advanced Technology Inc. released its Q3 earnings which indicate a slump in income in the Polysilicon business accompanied with ongoing challenges facing the solar photo voltaic equipment sales. The company revenue for the Polysilicon business fell by an astonishing 70% to only clock at $28.6 million for the third quarter. This is a massive decline that is sure to affect the company’s total revenue for the entire fiscal year. GT total revenue for the third quarter stood at $40.3 million an amount that includes $28.6 million for the Polysilicon business, 4.4 million in Photovoltaic business and $7.3 million in Sapphire.

Third quarter revenue was a massive decline from second quarter revenue of $168.3 million and $110.1 million for the third quarter the last financial year (FY12). The company’s total revenue for the first 9 months of FY13 currently stood at $266.4 million; this is a massive decline considering the company recorded $631.2 million for the same period in 2012. The company’s gross profit for the third quarter was also greatly impacted by the trading patterns of the quarter as it hit a low of $17.8 million translating to 44.1% of revenue. This is a decline considering the company in the second quarter recorded profits totaling $58.6 million and $35 million in the third quarter a year ago.

GT Advanced Technologies Inc (NASDAQ:GTAT) revenue for the first nine months in FY12 stood at $247.6 million compared to $90.0 million for the first nine months of this fiscal year. GT GAAP net income for the third quarter was a loss at $19.4 million compared to $18.1 million for the second quarter and $692 for the third quarter in FY12. The first nine months saw the company record a GAAP net income loss of $10.2 million as compared to an income of $106 million for the first nine months of FY12. The net income for Q3 was also a loss of $38.1 million as compared to second quarter earnings of $11.9 million and same quarter FY12 of $2.3 million.

GT per share earnings for Q3 on diluted basis was a loss of $0.16 compared to earnings per share of $0.15 in the second quarter. The company recorded new orders for the third quarter of approximately $7 million with $3 million for PV segment and $4million for the Sapphire orders. The company’s backlog stood at $658 million as of September 28 with $301 million going to the Polysilicon segment, $2 million in the PV segment and $355 million in Sapphire segment.

GT Advanced Technologies Inc (NASDAQ:GTAT) cash and cash equivalent on its balance sheet totaled $258.5 million with a total debt of $261.3 million. Operating income for the third quarter stood at $33.5 million. The company due to the backlog recorded $62million in deferred revenue. GT used a total of $96 million for paying down its credit facility so as to terminate its credit agreement to eliminate restrictions that would affect its ability to pursue Sapphire materials.

DISCLAIMER: This content is neither an offer nor recommendation to buy or sell any security. We hold no investment licenses and are thus neither licensed nor qualified to provide investment advice. The content in this report or email is not provided to any individual with a view toward their individual circumstances. While all information is believed to be reliable, it is not guaranteed by us to be accurate. Individuals should assume that all information contained in our newsletter is not trustworthy unless verified by their own independent research. Also, because events and circumstances frequently do not occur as expected, there will likely be differences between the any predictions and actual results. Always consult a real licensed investment professional before making any investment decision. Be extremely careful, investing in securities carries a high degree of risk; you may likely lose some or all of the investment.