Processing Your Payment

Please do not leave this page until complete. This can take a few moments.

March 14, 2013

Enfield's STR incurs half its '12 loss in 4Q

STR Holding's Enfield headquarters.

Enfield solar-parts producer STR Holdings Inc. on Thursday posted a fourth-quarter loss of $123 million on its way to a 2012 earnings deficit of $207 million.

In three months ended Dec. 31, lost a net $123 million, or $2.97 a share, wider than its loss of $68 million, or $1.67 a share, the final quarter of 2011.

The climb in losses was driven primarily by lower fourth-quarter sales -- $16 million vs. $36 million a year earlier – and $173 million in impairment charges on its assets driven by pricing pressure, increased competition, and the loss of First Solar Inc. as its key customer.

At quarter end, STR listed $82 million in cash on hand, and $147 million in total assets.

For 2012, the loss was $207 million, or $5.12 a share, vs. its 2011 loss of $1.3 million, or 96 cents a share.

STR announced in January its largest customer, First Solar, was defecting, forcing STR to abruptly shut its barely two-year-old East Windsor manufacturing facility.

Sign up for Enews

Most Recent

Most Recent

Related Content

CT's STR Holdings slows bleeding, loses $4.2M
STR closing new East Windsor facility
STR to lay off 160, take $20M in charges
STR giving execs $1M golden parachute

0 Comments

Order a PDF