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November 16, 2015

STR Holdings earnings show continued losses

HBJ File Photo STR CEO and President Robert Yorgensen

STR Holding’s third quarter results showed a 78 percent decline in net income for the third quarter. It continues the Enfield solar components manufacturer’s ongoing profits losses.

Operating income for the third quarter showed a loss of $5.75 million, or 32 cents per share, compared to a loss of $3.2 million, or 37 cents per diluted share, a year earlier. The company said in announcing its results all prior year share amounts and per share amounts have been adjusted to reflect the one-for-three reverse stock split that took place on Jan. 30, 2015.

Robert S. Yorgensen, chairman, president and CEO, said in the earnings statement, "We have been successful recently in configuring our products for the Chinese module manufacturing market and as a result, have seen a significant increase in demand early in the fourth quarter. Our primary challenge has therefore shifted from a lack of sales volume to a shortage of capacity within China and we are actively addressing that challenge.”

In October, after its stock was suspended from the New York Stock Exchange, STR Holdings Inc. shifted its stock to the highest tier of the OTC Markets Group. Also in October it entered into a factoring agreement to sell, with recourse, certain European, U.S., and other foreign company-based receivables to Eurofactor Hispania S.A.U. It allowed the company to receive up to 1 million Euros in advance funds against future receivables.

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