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August 17, 2017 CT Green Guide

Despite sinking sales, STR trims 2Q losses

Enfield solar component manufacturer STR Holdings reduced its second-quarter losses by cutting expenses and other costs amid a steep drop in sales revenue.

The company, which in May said it was exploring restructuring options and having trouble collecting customer payments, posted a net loss of $284,000, or 2 cents per diluted share, for the quarter ended June 30.

That was an improvement over a $5 million loss, or 27 cents per share loss, in the same quarter last year.

Though net sales fell by more than half, from $6.7 million to $3.1 million, STR closed the gap with lower cost of sales, decreased expenses and a lower provision for bad debt expenses.

STR also revealed that the buyer of its Malaysia facility had pulled out of the deal on July 31, alleging that Malaysian authorities were “seeking to impose unacceptable conditions” on the sale. STR said it is challenging the termination of the deal.

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