REC Silicon - First quarter 2017 results
Fornebu, Norway - May 3, 2017: REC Silicon ASA (REC Silicon) reported first
quarter revenues of USD 57.5 million, down from USD 80.4 million in the previous
quarter. The corresponding EBITDA during the first quarter was USD 4.6 million
compared to USD 4.9 million in the previous quarter.
The company also reported a March 31, 2017 cash balance of USD 80.9 million.
This represents a cash increase of $15.2 million compared to December 31, 2016.
Silicon gas sales volumes for the quarter were stronger than expected, at 820
MT, exceeding guidance by more than 9%. Q1 polysilicon production of 3,127 MT
was roughly in line with guidance.
Once again REC Silicon has beaten expectations on FBR cash cost, reporting
$10.70/kg for the quarter as the company continues to focus on maintaining
liquidity and reducing costs. Tore Torvund, company CEO stated, "our low FBR
cash cost continues to show the strength of our employees and technology. We
will continue to capitalize on these two assets to maintain liquidity and to
remain a low cost leader in the polysilicon industry. Further, I am very
pleased with strong silicon gas sales, which exceeded expectations during what
has historically been a relatively weak quarter. And, we expect these strong
silicon gas sales to continue throughout the year."
Construction on the Yulin joint venture plant continues to progress, and the
plant remains on target for start-up in the second half of 2017. The company is
actively engaged in ongoing negotiations to defer the company's remaining $169
million capital contributions until after 2018.
For more information, please see the attached first quarter 2017 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=51530812
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 (Toll Free): 800 51084
Norway (Local): +47 2350 0296
UK (Toll Free): 0800 279 7204
UK (Local): +44 (0)330 336 9411
USA (Toll Free): 888 349 9618
USA (Local): + 1 719 325 2385
Other international: +44 (0)330 336 9411
Please provide confirmation code 5838812 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 (Toll Free): 800 51084
Norway (Local): +47 2350 0296
UK (Toll Free): 0800 279 7204
UK (Local): +44 (0)330 336 9412
USA (Toll Free): 888 882 8941
USA (Local): + 1 719 325 2346
Other international: +44 (0)330 336 9412
Please provide confirmation code 1438011 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
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 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.