Maybe things aren’t all that bad over at GT Solar International Inc. (NASDAQ: SOLR). The recently public company posted earnings after the close posted net income of $5.1 million and earnings of $0.03 on revenues of $57.1 million. Its gross margin was 42.6%. Unfortunately becauyse of the recent public offering we are not going to count or weight First Call estimates with much credibility. These numbers compare to a net loss of $5.0 million for the same quarter last year and a loss of -$0.04 EPS. This was also a 272% revenue rise from the year before.
The new solar player is also providing guidance:
- September Q2-2009 revenues $120 to 130 million and $0.12 to $0.15 EPS;
- Fiscal March-2009 revenues $600 to $650 million and $0.70 to $0.75 EPS.
Part of the quote from CEO Tom Zarella is as follows: "….we increasedour investment in R&D and approached completion of our previouslyannounced factory expansion. Our backlog remains strong and we continueto see a robust order pipeline in both of our major product areas. Ourbalance sheet and cash flow provide us with more than ample capital tofuel our growth objectives.”
This was just in time for the company to have the law firm of MilbergLLP announce that it was investigating possible illegal conduct asalleged in proposed class action lawsuits filed in the United StatesDistrict Court for the District of New Hampshire.
Shares were up almost 4% today at $14.07, which is well above itssub-$10.00 recent lows after coming public. Shares are up another 6.6%at $15.00 in active after-hours trading.
Jon C. Ogg
August 26, 2008
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