GT SOLAR INTERNATIONAL, INC. (SOLR, Financial) filed Annual Report for the period ended 2012-03-31.
Gt Solar International Inc. has a market cap of $1.48 billion; its shares were traded at around $0 with a P/E ratio of 7.55 and P/S ratio of 1.65.
Revenue from our polysilicon business increased by 153% to $363.3 million for the fiscal year ended March 31, 2012 as compared to $143.6 million for the fiscal year ended April 2, 2011. Polysilicon revenue for the fiscal year ended March 31, 2012 relates primarily to contracts that were in our order backlog as of April 2, 2011, for which the revenue recognition process has been completed. Polysilicon revenue may fluctuate significantly from period to period due to the changes in supply and demand in the marketplace and the length of time it takes to complete our obligations under the contracts. As a result of this variability, our polysilicon business tends to have a higher level of deferred revenue than our other business segments. Approximately 94% and 65% of our deferred revenue balances at March 31, 2012 and April 2, 2011, respectively, relate to our polysilicon business.
PV equipment revenue increased 296% to $716.4 million for the fiscal year ended April 2, 2011 as compared to $180.7 million for the fiscal year ended April 3, 2010. Our PV equipment revenue includes sales of DSS units as well as other PV equipment. During the fiscal year ended April 2, 2011, revenue from DSS sales increased 371% to $657.8 million as compared to $139.6 million for the fiscal year ended April 3, 2010, which prior year period included $2.6 million of revenue from a non-refundable deposit from a contract termination. We believe that the increased sales of DSS units is primarily attributed to near-term demand for ingot manufacturing capacity by our Asian customers and the initial orders for our recently introduced DSS 450HP unit. During the fiscal year ended April 2, 2011 we began shipping these units and during the first fiscal quarter of 2011 we began to recognize
Revenue from our polysilicon business decreased by 60% to $143.6 million for the fiscal year ended April 2, 2011 as compared to $357.5 million for the fiscal year ended April 3, 2010, which prior period included $11.1 million of a non-refundable deposit from contract termination. Polysilicon revenue may fluctuate significantly from period to period due to the cyclical nature of this business and the variability inherent in meeting post-delivery customer acceptance provisions related to reactor performance. Revenue in our polysilicon business is recognized only upon customer acceptance of the product, whether existing or new, unless acceptance becomes perfunctory. As a result our polysilicon business tends to have a higher level of deferred revenue than our PV business. Approximately 65% and 75% of our deferred revenue balance at April 2, 2011 and April 3, 2010, respectively, relates to our polysilicon business. Polysilicon revenue for the fiscal year ended April 2, 2011 substantially relates to contracts that were in our order backlog as of April 3, 2010.
Cost of revenue consists primarily of the costs and expenses we incur to manufacture and deliver our products to our customers, including the costs for the components incorporated into our furnaces and reactors. Our PV cost of revenue and gross profit increased $301.5 million, or 243%, and $251.8 million, or 401%, for the fiscal year ended April 2, 2011 as compared to the fiscal year ended April 3, 2010, respectively, primarily due to an overall increase in PV revenue and the increased expenses associated with meeting the increased demand in our PV business. Our polysilicon cost of revenue and gross profit decreased by $117.6 million, or 58%, and $96.3 million, or 62%, for the fiscal year ended April 2, 2011 as compared to the fiscal year ended April 3, 2010, respectively, primarily due to an overall decrease in polysilicon revenue. During the fiscal year ended April 3, 2010, our PV cost of revenue included costs of $12.8 million related to excess overhead and increases in our inventory reserves reflecting the overall decrease in manufacturing activities as a result of delays in deliveries requested by our customers. Our sapphire business was acquired on July 29, 2010 and therefore, there is no prior year comparison.
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Gt Solar International Inc. has a market cap of $1.48 billion; its shares were traded at around $0 with a P/E ratio of 7.55 and P/S ratio of 1.65.
Highlight of Business Operations:
Excess manufacturing production and increased inventories caused module prices to fall from an estimated $2.17 per watt in the fourth quarter of 2010 to $1.56 in the fourth quarter of 2011. Quarterly spot prices for multicrystalline wafers fell from $0.88 per watt at the beginning of 2011 to $0.37 per watt by December 2011. The impact of these decreasing prices on PV manufacturers and equipment suppliers resulted in lower factory utilization rates and lower equipment sales compared to 2010. In spite of this slowdown, overall PV industry revenues for 2011 were $93.1 billion compared to $82.1 billion in 2010, a 13% year over year increase.Revenue from our polysilicon business increased by 153% to $363.3 million for the fiscal year ended March 31, 2012 as compared to $143.6 million for the fiscal year ended April 2, 2011. Polysilicon revenue for the fiscal year ended March 31, 2012 relates primarily to contracts that were in our order backlog as of April 2, 2011, for which the revenue recognition process has been completed. Polysilicon revenue may fluctuate significantly from period to period due to the changes in supply and demand in the marketplace and the length of time it takes to complete our obligations under the contracts. As a result of this variability, our polysilicon business tends to have a higher level of deferred revenue than our other business segments. Approximately 94% and 65% of our deferred revenue balances at March 31, 2012 and April 2, 2011, respectively, relate to our polysilicon business.
PV equipment revenue increased 296% to $716.4 million for the fiscal year ended April 2, 2011 as compared to $180.7 million for the fiscal year ended April 3, 2010. Our PV equipment revenue includes sales of DSS units as well as other PV equipment. During the fiscal year ended April 2, 2011, revenue from DSS sales increased 371% to $657.8 million as compared to $139.6 million for the fiscal year ended April 3, 2010, which prior year period included $2.6 million of revenue from a non-refundable deposit from a contract termination. We believe that the increased sales of DSS units is primarily attributed to near-term demand for ingot manufacturing capacity by our Asian customers and the initial orders for our recently introduced DSS 450HP unit. During the fiscal year ended April 2, 2011 we began shipping these units and during the first fiscal quarter of 2011 we began to recognize
Revenue from our polysilicon business decreased by 60% to $143.6 million for the fiscal year ended April 2, 2011 as compared to $357.5 million for the fiscal year ended April 3, 2010, which prior period included $11.1 million of a non-refundable deposit from contract termination. Polysilicon revenue may fluctuate significantly from period to period due to the cyclical nature of this business and the variability inherent in meeting post-delivery customer acceptance provisions related to reactor performance. Revenue in our polysilicon business is recognized only upon customer acceptance of the product, whether existing or new, unless acceptance becomes perfunctory. As a result our polysilicon business tends to have a higher level of deferred revenue than our PV business. Approximately 65% and 75% of our deferred revenue balance at April 2, 2011 and April 3, 2010, respectively, relates to our polysilicon business. Polysilicon revenue for the fiscal year ended April 2, 2011 substantially relates to contracts that were in our order backlog as of April 3, 2010.
Cost of revenue consists primarily of the costs and expenses we incur to manufacture and deliver our products to our customers, including the costs for the components incorporated into our furnaces and reactors. Our PV cost of revenue and gross profit increased $301.5 million, or 243%, and $251.8 million, or 401%, for the fiscal year ended April 2, 2011 as compared to the fiscal year ended April 3, 2010, respectively, primarily due to an overall increase in PV revenue and the increased expenses associated with meeting the increased demand in our PV business. Our polysilicon cost of revenue and gross profit decreased by $117.6 million, or 58%, and $96.3 million, or 62%, for the fiscal year ended April 2, 2011 as compared to the fiscal year ended April 3, 2010, respectively, primarily due to an overall decrease in polysilicon revenue. During the fiscal year ended April 3, 2010, our PV cost of revenue included costs of $12.8 million related to excess overhead and increases in our inventory reserves reflecting the overall decrease in manufacturing activities as a result of delays in deliveries requested by our customers. Our sapphire business was acquired on July 29, 2010 and therefore, there is no prior year comparison.
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