STR Holdings, Inc. (NYSE:STRI) today announced its financial
results for the fourth quarter and full-year ended December 31,
2013.
Fourth Quarter 2013 Financial Summary:
- Net sales of $6.7 million in-line with pre-announcement
- Diluted GAAP loss per share from continuing operations of
$(0.09); Diluted non-GAAP loss per share from continuing operations
of $(0.05)
- Finished the quarter with $58.2 million in cash and no debt
in-line with pre-announcement
- Adjusted EBITDA of $(3.6) million in-line with
pre-announcement
2013 Financial Summary:
- Net sales of $31.9 million
- Diluted GAAP loss per share from continuing operations of
$(0.44); Diluted non-GAAP loss per share from continuing operations
of $(0.33)
Financial Results
Net sales for the quarter ended December 31, 2013 were $6.7
million. This represents a decrease of 58% from Q4 2012. On a
year-over-year basis, volume declined by approximately 46% and
average sales price ("ASP") declined by approximately 23%. However,
on a sequential basis, quarterly net sales increased 7%. The
sequential improvement was driven primarily by a volume increase of
approximately 13% and a 5% decline in ASP. The sales volume
increase on a sequential basis was the Company's first quarterly
increase in 9 quarters.
"Our fourth quarter sequential volume increase reflects progress
in the launch of our next-generation EVA encapsulants," said Robert
S. Yorgensen, STR's President and Chief Executive Officer. "In the
first quarter of 2014, we expect further improvement in quarterly
sales on positive market acceptance and sequential share
gains."
Gross loss for the fourth quarter of 2013 was $(1.1) million, or
(15.9)% of net sales, compared to $(0.8) million, or (13.2)% of net
sales, from the third quarter of 2013, primarily driven by $0.4
million of restructuring costs associated with the previously
announced plant shutdown in Malaysia and lower ASP.
Selling, general and administrative expenses for the fourth
quarter of 2013 were $5.3 million compared to $4.6 million in the
third quarter of 2013. The increase was driven by higher
restructuring expense of $1.3 million offset by $0.3 million of
lower non-cash stock based compensation expense and benefits
received from prior cost-reduction actions.
Net loss from continuing operations for the fourth quarter of
2013 was $(3.7) million, or $(0.09) per diluted share. This
compares to a net loss from continuing operations of $(5.9)
million, or $(0.14) per diluted share, for the third quarter of
2013 and net loss from continuing operations of $(123.4) million,
or $(2.97) per diluted share, for the fourth quarter of 2012. The
sequential improvement in net loss was driven by additional tax
benefit of $2.7 million and benefits from prior cost-reductions
that more than offset $1.7 million of higher restructuring charges
and a $0.2 million fixed asset impairment. The fourth quarter of
2012 included $172.9 million of non-cash long-lived asset
impairments.
Adjusted EBITDA for the fourth quarter of 2013 was $(3.6)
million, or (54.0)% of net sales, compared to $(4.6) million, or
(74.7)% of net sales, from the third quarter of 2013, primarily
driven by a $0.3 million decrease of research and development
expense and $0.4 million of decreased labor and benefits. This
compares to Adjusted EBITDA from continuing operations of $(3.4)
million for the fourth quarter of 2012 or (21.4)% of net sales.
Non-GAAP net loss from continuing operations for the fourth
quarter of 2013, which excludes certain tax-effected adjustments
(as disclosed following the non-GAAP reconciliation table at the
end of this press release), was $(1.9) million, or $(0.05) per
diluted share. This compares to non-GAAP net loss from continuing
operations of $(5.1) million, or $(0.12) per diluted share, for the
third quarter of 2013 and non-GAAP net loss from continuing
operations of $(3.7) million, or $(0.09) per diluted share, for the
fourth quarter of 2012.
"We continue to execute our turnaround strategy by implementing
our China Tolling Plan and reducing our cost structure," said
Joseph C. Radziewicz, STR's Vice President and Chief Financial
Officer. "Based upon these actions, we expect to grow our top-line
and improve our financial results as we progress through 2014 while
maintaining a healthy cash balance even after repurchasing
approximately $24.0 million of our common stock earlier this month
in the Dutch auction tender offer."
Balance Sheet and Liquidity
The Company finished the quarter with $58.2 million of cash and
no debt. As of December 31, 2013, the Company also had $11.8
million of income tax receivables, of which approximately $7.0
million relates to income tax returns filed in 2012.
Fourth Quarter Conference Call and
Presentation
The Company will not host a quarterly conference call. The
Company will continue to report its financial results and other
events in the normal course of filing its Form 10-K, 10-Q and 8-K's
with the Securities and Exchange Commission.
About STR Holdings, Inc.
STR Holdings, Inc. is a provider of encapsulants to the
photovoltaic module industry. Further information about STR
Holdings, Inc. can be obtained via the Company's website at
www.strsolar.com.
Forward-Looking Statements
This press release and any oral statement made in respect of the
information in this press release contain forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995. Such statements are subject to inherent risks
and uncertainties. This press release and any oral statement made
in respect of the information in this press release contain
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995. Such statements are
subject to inherent risks and uncertainties. These forward‑looking
statements present our current expectations and projections
relating to our financial condition, results of operations, plans,
objectives, future performance and business and are based on
assumptions that we has made in light of its industry experience
and perceptions of historical trends, current conditions, expected
future developments and other factors management believes are
appropriate under the circumstances. However, these forward‑looking
statements are not guarantees of future performance or financial or
operating results. In addition to the risks and uncertainties
discussed in this press release, we face risks and uncertainties
that include, but are not limited to, the following: (1) incurring
substantial losses for the foreseeable future and our inability to
achieve or sustain profitability in the future; (2) the potential
impact of pursuing strategic alternatives, including dissolution
and liquidation of our company; (3) our reliance on a single
product line; (4) our securing sales to new customers, growing
sales to existing key customers and increasing our market share,
particularly in China; (5) customer concentration in our business
and our relationships with and dependence on key customers; (6) the
outsourcing arrangements and reliance on third parties for the
manufacture of a portion of our encapuslants; (7) technological
changes in the solar energy industry or our failure to develop and
introduce or integrate new technologies could render our
encapsulants uncompetitive or obsolete; (8) competition; (9) our
failure to manufacture product in China negatively affecting our
ability to sell to Chinese solar module manufacturers; (10) excess
capacity in the solar supply chain; (11) demand for solar energy in
general and solar modules in particular; (12) our operations and
assets in China being subject to significant political and economic
uncertainties; (13) limited legal recourse under the laws of China
if disputes arise. (14) our ability to adequately protect our
intellectual property, particularly during the outsource
manufacturing of our products in China; (15) our lack of credit
facility and our inability to obtain credit; (16) a significant
reduction or elimination of government subsidies and economic
incentives or a change in government policies that promote the use
of solar energy, particularly in China and the United States; (17)
volatility in commodity costs; (18) our customers' financial
profile causing additional credit risk on our accounts receivable;
(19) our dependence on a limited number of third‑party suppliers
for raw materials for our encapsulants and other significant
materials used in our process; (20) potential product
performance matters and product liability; (21) our substantial
international operations and shift of business focus to emerging
markets; (22) the impact of changes in foreign currency exchange
rates on financial results, and the geographic distribution of
revenues; (23) losses of financial incentives from government
bodies in certain foreign jurisdictions; (24) compliance with the
Continued Listing Criteria of the NYSE; (25) the other risks and
uncertainties described under "Risk Factors" and "Management's
Discussion and Analysis of Financial Condition and Results of
Operations" and in subsequent periodic reports on Form 10-K, 10-Q
and 8-K. You are urged to carefully review and consider the
disclosure found in our filings which are available on
http://www.sec.gov or http://www.strsolar.com. Should one or more
of these risks or uncertainties materialize, or should any of these
assumptions prove to be incorrect, actual results may vary
materially from those projected in these forward‑looking
statements. We undertake no obligation to publicly update any
forward‑looking statement contained in this release, whether as a
result of new information, future developments or otherwise, except
as may be required by law.
|
STR Holdings,
Inc. |
CONDENSED CONSOLIDATED
INCOME STATEMENTS |
All amounts in
thousands except shares and per share amounts |
|
|
|
|
|
|
Three Months Ended
December 31, |
Twelve Months Ended
December 31, |
|
2013 |
2012 |
2013 |
2012 |
|
(Unaudited) |
(Unaudited) |
(Unaudited) |
(Unaudited) |
|
|
|
|
|
Net sales |
$ 6,671 |
$ 16,051 |
$ 31,860 |
$ 95,345 |
Cost of sales |
7,733 |
22,066 |
34,085 |
97,193 |
Gross loss |
(1,062) |
(6,015) |
(2,225) |
(1,848) |
Selling, general and administrative
expenses |
5,310 |
4,302 |
18,322 |
21,345 |
Research and development expense |
354 |
1,116 |
2,670 |
4,371 |
(Recovery) provision for bad debt
expense |
(276) |
(11) |
1,824 |
486 |
Goodwill impairment |
-- |
-- |
-- |
82,524 |
Intangible asset impairment |
-- |
135,480 |
-- |
135,480 |
Asset impairment |
194 |
37,431 |
194 |
37,431 |
Operating loss |
(6,644) |
(184,333) |
(25,235) |
(283,485) |
Other (loss) income |
(10) |
(125) |
(400) |
5,646 |
Loss from continuing operations before
income tax benefit |
(6,654) |
(184,458) |
(25,635) |
(277,839) |
Income tax benefit from continuing
operations |
(3,003) |
(61,014) |
(7,349) |
(66,264) |
Net loss from continuing operations |
(3,651) |
(123,444) |
(18,286) |
(211,575) |
Discontinued operations: |
|
|
|
|
Earnings from discontinued operations
before income tax expense |
-- |
-- |
-- |
-- |
Income tax expense (benefit) from
discontinued operations |
-- |
18 |
-- |
(4,228) |
Net (loss) earnings from discontinued
operations |
-- |
(18) |
-- |
4,228 |
Net loss |
$ (3,651) |
$ (123,462) |
$ (18,286) |
$ (207,347) |
|
|
|
|
|
GAAP net (loss) earnings per
share: |
|
|
|
|
Basic from continuing operations |
$ (0.09) |
$ (2.97) |
$ (0.44) |
$ (5.12) |
Basic from discontinued operations |
$ -- |
$ -- |
$ -- |
$ 0.10 |
Total basic GAAP net loss per share |
$ (0.09) |
$ (2.97) |
$ (0.44) |
$ (5.02) |
|
|
|
|
|
Diluted from continuing operations |
$ (0.09) |
$ (2.97) |
$ (0.44) |
$ (5.12) |
Diluted from discontinued operations |
$ -- |
$ -- |
$ -- |
$ 0.10 |
Total diluted GAAP net loss per
share |
$ (0.09) |
$ (2.97) |
$ (0.44) |
$ (5.02) |
|
|
|
|
|
(1) Non-GAAP net (loss) earnings per
share: |
|
|
|
|
Basic from continuing operations |
$ (0.05) |
$ (0.09) |
$ (0.33) |
$ (0.05) |
Basic from discontinued operations |
$ -- |
$ -- |
$ -- |
$ 0.11 |
Total basic non-GAAP net (loss) earnings
per share |
$ (0.05) |
$ (0.09) |
$ (0.33) |
$ 0.06 |
|
|
|
|
|
Diluted from continuing operations |
$ (0.05) |
$ (0.09) |
$ (0.33) |
$ (0.05) |
Diluted from discontinued operations |
$ -- |
$ -- |
$ -- |
$ 0.11 |
Total diluted non-GAAP net (loss)
earnings per share |
$ (0.05) |
$ (0.09) |
$ (0.33) |
$ 0.06 |
|
|
|
|
|
Weighted-average common shares
outstanding: |
|
|
|
|
Basic shares outstanding GAAP |
41,742,549 |
41,526,822 |
41,619,868 |
41,314,608 |
(2) Diluted shares outstanding GAAP |
41,742,549 |
41,526,822 |
41,619,868 |
41,314,608 |
Stock options |
-- |
-- |
-- |
-- |
Restricted common stock |
-- |
-- |
-- |
-- |
(2) Diluted shares outstanding
non-GAAP |
41,742,549 |
41,526,822 |
41,619,868 |
41,314,608 |
|
|
|
|
|
(1) Please refer to the
reconciliation of non-GAAP measures included in this press
release. |
(2) Please refer to the
reconciliation of diluted shares outstanding for non-GAAP net loss
per share included in this press release. |
|
STR Holdings,
Inc. |
CONDENSED CONSOLIDATED
BALANCE SHEETS |
All amounts in
thousands |
|
|
|
|
December 31,
2013 |
December 31,
2012 |
|
(Unaudited) |
(Unaudited) |
ASSETS |
|
|
CURRENT ASSETS |
|
|
Cash and cash equivalents |
$ 58,173 |
$ 81,985 |
Accounts receivable, net |
4,771 |
5,316 |
Inventories, net |
8,557 |
8,585 |
Other current assets |
15,379 |
10,732 |
Total current assets |
86,880 |
106,618 |
Property, plant and equipment, net |
28,398 |
27,750 |
Other noncurrent assets |
13,931 |
12,796 |
Total assets |
$ 129,209 |
$ 147,164 |
|
|
|
LIABILITIES AND STOCKHOLDERS'
EQUITY |
|
|
CURRENT LIABILITIES |
|
|
Accounts payable |
$ 2,636 |
$ 2,893 |
Accrued liabilities |
8,432 |
10,376 |
Other current liabilities |
630 |
— |
Income taxes payable |
859 |
917 |
Total current liabilities |
12,557 |
14,186 |
Long-term liabilities |
4,790 |
5,539 |
Total liabilities |
17,347 |
19,725 |
|
|
|
STOCKHOLDERS' EQUITY |
|
|
Stockholders' equity |
111,862 |
127,439 |
Total liabilities and stockholders'
equity |
$ 129,209 |
$ 147,164 |
|
STR Holdings,
Inc. |
CONDENSED CONSOLIDATED
STATEMENTS OF CASH FLOWS |
All amounts in
thousands |
|
|
|
|
|
|
Three Months Ended
December 31, |
Twelve Months Ended
December 31, |
|
2013 |
2012 |
2013 |
2012 |
|
(Unaudited) |
(Unaudited) |
(Unaudited) |
(Unaudited) |
OPERATING ACTIVITIES |
|
|
|
|
Net loss |
$ (3,651) |
$ (123,462) |
$ (18,286) |
$ (207,347) |
Net (loss) earnings from discontinued
operations |
-- |
(18) |
-- |
4,228 |
Net loss from continuing operations |
(3,651) |
(123,444) |
(18,286) |
(211,575) |
Adjustments to reconcile net loss to net cash
(used in) provided by operating activities: |
|
|
|
|
Depreciation |
521 |
5,098 |
2,024 |
11,255 |
Goodwill impairment |
-- |
-- |
-- |
82,524 |
Intangible asset impairment |
-- |
135,480 |
-- |
135,480 |
Asset impairment |
194 |
37,431 |
194 |
37,431 |
Amortization of intangibles |
-- |
2,109 |
-- |
8,432 |
Amortization of deferred financing costs |
-- |
17 |
46 |
235 |
Write-off of deferred debt costs |
-- |
-- |
143 |
844 |
Stock-based compensation expense |
225 |
(188) |
1,902 |
3,494 |
Gain on disposal of property, plant and
equipment |
(185) |
-- |
(185) |
2 |
(Recovery) provision for bad debt
expense |
(276) |
(11) |
1,824 |
486 |
Deferred income tax benefit |
(1,662) |
(57,139) |
(1,849) |
(60,194) |
Changes in operating assets and
liabilities |
452 |
6,568 |
(9,010) |
25,706 |
Other, net |
93 |
(603) |
403 |
(238) |
Net cash (used in) provided by continuing
operations |
(4,289) |
5,318 |
(22,794) |
33,882 |
Net cash provided by (used in) discontinued
operations |
-- |
5,754 |
834 |
(32) |
Total net cash (used in) provided by
operating activities |
(4,289) |
11,072 |
(21,960) |
33,850 |
|
|
|
|
|
INVESTING ACTIVITIES |
|
|
|
|
Capital expenditures |
(79) |
(200) |
(2,238) |
(10,677) |
Proceeds from sale of fixed assets |
186 |
-- |
186 |
-- |
Net cash used in continuing operations |
107 |
(200) |
(2,052) |
(10,677) |
Net cash used in discontinued operations |
-- |
-- |
-- |
-- |
Total net cash used in investing
activities |
107 |
(200) |
(2,052) |
(10,677) |
|
|
|
|
|
FINANCING ACTIVITIES |
|
|
|
|
Net cash provided by (used in) continuing
operations |
1 |
(3) |
19 |
(2) |
Net cash used in discontinued operations |
-- |
-- |
-- |
-- |
Total net cash provided by (used in)
financing activities |
1 |
(3) |
19 |
(2) |
|
|
|
|
|
Effect of exchange rate changes on cash |
105 |
491 |
181 |
20 |
|
|
|
|
|
Net change in cash and cash
equivalents |
(4,076) |
11,360 |
(23,812) |
23,191 |
Cash and cash equivalents, beginning of
period |
62,249 |
70,625 |
81,985 |
58,794 |
Cash and cash equivalents, end of period |
$ 58,173 |
$ 81,985 |
$ 58,173 |
$ 81,985 |
|
|
|
|
|
* Free cash flow from continuing
operations |
$ (4,368) |
$ 5,118 |
$ (25,032) |
$ 23,205 |
* Please refer to the reconciliation
of non-GAAP measures included in this press release.
|
STR Holdings,
Inc. |
RECONCILIATION OF
NON-GAAP MEASURES |
All amounts in
thousands except shares and per share amounts |
|
|
|
|
|
|
Three Months Ended
December 31, |
Twelve Months Ended
December 31, |
|
2013 |
2012 |
2013 |
2012 |
|
(Unaudited) |
(Unaudited) |
(Unaudited) |
(Unaudited) |
Non-GAAP Loss Per Share |
|
|
|
|
Net loss from continuing operations |
$ (3,651) |
$ (123,444) |
$ (18,286) |
$ (211,575) |
Adjustments to net loss from continuing
operations: |
|
|
|
|
Amortization of intangibles |
-- |
2,109 |
-- |
8,432 |
Amortization of deferred financing
costs |
-- |
17 |
189 |
1,079 |
Stock-based compensation expense |
225 |
(188) |
1,902 |
3,494 |
Restructuring |
2,176 |
3,888 |
4,331 |
3,888 |
Goodwill impairment |
-- |
-- |
-- |
82,524 |
Intangible asset impairment |
-- |
135,480 |
-- |
135,480 |
Asset impairment |
194 |
37,431 |
194 |
37,431 |
Tax effect of non-GAAP adjustments |
(826) |
(59,010) |
(2,154) |
(62,649) |
Non-GAAP net loss from continuing
operations |
$ (1,882) |
$ (3,717) |
$ (13,824) |
$ (1,896) |
|
|
|
|
|
Non-GAAP net loss per share: |
|
|
|
|
Basic from continuing operations |
$ (0.05) |
$ (0.09) |
$ (0.33) |
$ (0.05) |
Diluted from continuing operations |
$ (0.05) |
$ (0.09) |
$ (0.33) |
$ (0.05) |
|
|
|
|
|
Weighted-average common shares
outstanding: |
|
|
|
|
Basic |
41,742,549 |
41,526,822 |
41,619,868 |
41,314,608 |
(1) Diluted |
41,742,549 |
41,526,822 |
41,619,868 |
41,314,608 |
|
|
|
|
|
(1) Please refer to the
reconciliation of diluted shares outstanding for non-GAAP net loss
per share included in this press release. |
|
|
|
|
|
|
Three Months
Ended December 31, |
Twelve Months
Ended December 31, |
|
2013 |
2012 |
2013 |
2012 |
|
(Unaudited) |
(Unaudited) |
(Unaudited) |
(Unaudited) |
Free Cash Flow from Continuing
Operations |
|
|
|
|
Cash flow (used in) provided by operations
from continuing operations |
$ (4,289) |
$ 5,318 |
$ (22,794) |
$ 33,882 |
Less: |
|
|
|
|
Capital expenditures |
(79) |
(200) |
(2,238) |
(10,677) |
Free cash flow |
$ (4,368) |
$ 5,118 |
$ (25,032) |
$ 23,205 |
|
|
|
|
|
|
Three Months
Ended December 31, |
Twelve Months
Ended December 31, |
|
2013 |
2012 |
2013 |
2012 |
|
(Unaudited) |
(Unaudited) |
(Unaudited) |
(Unaudited) |
Adjusted EBITDA: |
|
|
|
|
Adjusted EBITDA |
$ (3,599) |
$ (3,442) |
$ (17,150) |
$ 3,123 |
Depreciation expense |
(521) |
(7,207) |
(2,024) |
(19,687) |
Amortization of deferred financing
costs |
-- |
(17) |
(189) |
(1,079) |
Interest income (expense) net |
(24) |
-- |
(30) |
(196) |
Income tax benefit |
3,003 |
61,014 |
7,349 |
66,264 |
Goodwill impairment |
-- |
-- |
-- |
(82,524) |
Intangible asset impairment |
-- |
(135,480) |
-- |
(135,480) |
Asset impairment |
(194) |
(37,431) |
(194) |
(37,431) |
Restructuring |
(2,176) |
(1,069) |
(4,331) |
(1,069) |
Stock‑based compensation |
(225) |
188 |
(1,902) |
(3,494) |
Gain (loss) on disposal of property, plant
and equipment |
85 |
— |
185 |
(2) |
Net loss from continuing
operations |
$ (3,651) |
$ (123,444) |
$ (18,286) |
$ (211,575) |
Non-GAAP Financial Measures
To supplement the Company's condensed consolidated financial
statements, which statements are prepared and presented in
accordance with generally accepted accounting principles in the
United States of America (GAAP), the Company uses non-GAAP
financial measures to facilitate better understanding of its
operating results. In this press release, there are two non-GAAP
financial metrics mentioned: Non-GAAP loss per share from
continuing operations (EPS) and free cash flow from continuing
operations as defined below:
Non-GAAP EPS: The Company believes that
non-GAAP EPS from continuing operations provides meaningful
supplemental information regarding its performance by excluding
certain expenses that may not be indicative of the core business
operating results and may help in comparing current period results
with those of prior periods as well as with its peers.
Non-GAAP EPS from continuing operations is defined as net loss
from continuing operations not including the tax effected impact of
deferred financing costs, stock-based compensation, intangible
asset amortization expense, intangible asset impairment,
restructuring, goodwill impairment, and asset impairment divided by
the weighted-average common shares outstanding. Please refer to the
Company's Form 10-K filed with the Securities and Exchange
Commission (SEC) on March 15, 2013, for detailed discussion on some
of these adjustments that have been recorded in previous
periods. During 2013, we did not include any new items to
arrive at non‑GAAP EPS. Although the Company uses non-GAAP EPS from
continuing operations as a measure to assess the operating
performance of its business, non-GAAP EPS from continuing
operations has significant limitations as an analytical tool
because it excludes certain material costs. Because non-GAAP EPS
from continuing operations does not account for these expenses, its
utility as a measure of its operating performance has material
limitations. Because of these limitations, the Company does not
view non-GAAP EPS from continuing operations in isolation and uses
other metrics to measure operating performance such as, but not
limited to, net sales, gross margin, operating (loss) income,
adjusted EBITDA, and net (loss) earnings from continuing
operations.
|
STR Holdings,
Inc. |
RECONCILIATION OF
NON-GAAP SHARES OUTSTANDING |
|
|
|
|
|
|
Three Months Ended
December 31, |
Twelve Months Ended
December 31, |
|
2013 |
2012 |
2013 |
2012 |
|
(Unaudited) |
(Unaudited) |
(Unaudited) |
(Unaudited) |
Weighted-average shares
outstanding |
|
|
|
|
Basic shares outstanding GAAP |
41,742,549 |
41,526,822 |
41,619,868 |
41,314,608 |
Diluted shares outstanding GAAP |
41,742,549 |
41,526,822 |
41,619,868 |
41,314,608 |
Stock options |
-- |
-- |
-- |
-- |
Restricted common stock |
-- |
-- |
-- |
-- |
Diluted shares outstanding non-GAAP |
41,742,549 |
41,526,822 |
41,619,868 |
41,314,608 |
Diluted GAAP Shares Outstanding: Due to a loss
from continuing operations during the quarter and year ended
December 31, 2013, the diluted weighted–average common shares
outstanding for purposes of its diluted GAAP loss per share does
not include 5 and 107 shares of unvested restricted common stock,
as these potential awards do not share in any loss generated by the
Company and are anti-dilutive.
Due to a loss from continuing operations during the quarter and
year ended December 31, 2012, the diluted weighted-average common
shares outstanding for purposes of its diluted GAAP loss per share
does not include 142 and 161 of restricted common stock,
respectively, as these potential awards do not share in any loss
generated by the Company and are anti-dilutive.
Diluted non-GAAP shares outstanding: Due to a
non-GAAP net loss from continuing operations during the quarter and
year ended December 31, 2013, the weighted-average common shares
outstanding for the purposes of its non-GAAP EPS does not include 5
and 107 shares of unvested restricted common stock, as these
potential awards do not share in any loss generated by the Company
and are anti-dilutive.
Due to a non-GAAP net loss from continuing operations during the
quarter and year ended December 31, 2012, the weighted-average
common shares outstanding for the purposes of its non-GAAP EPS does
not include 142 and 161 of restricted common stock, respectively,
as these potential awards do not share in any loss generated by the
Company and are anti-dilutive.
Free Cash Flow from Continuing Operations: The
Company believes free cash flow from continuing operations is an
important measure of its overall liquidity and its ability to fund
future growth and provide a return to shareowners. Free cash flow
is defined as operating cash flow from continuing operations
excluding cash spent on capital expenditures. A limitation of using
free cash flow versus the GAAP measure of cash provided by
operating activities as a means for evaluating the Company's
business is that free cash flow does not represent the total
increase or decrease in the cash balance from operations for the
period because it excludes cash used for capital expenditures
during the period.
CONTACT: STR Holdings, Inc.
Joseph C. Radziewicz
Vice President and Chief Financial Officer
+1 (860) 758-7437
joseph.radziewicz@strholdings.com
Grafico Azioni STR (CE) (USOTC:STRI)
Storico
Da Mag 2024 a Giu 2024
Grafico Azioni STR (CE) (USOTC:STRI)
Storico
Da Giu 2023 a Giu 2024