The quarterly report shows that gross profit during the GTAT period was US$1.9 million, a sharp decline from US$6.8 million in the fourth quarter of last year. Loss per share was 0.22 yuan, which was the same as the fourth quarter of last year and in line with expectations.
Tom Gutierrez, the company's president and CEO, said in the quarterly report that the company's first-quarter performance was in line with its expectations. Due to the strengthening of the company's sapphire materials business, 2014 will be a critical year for the company's transition. He also said that the company will continue to implement its investment strategy in new technologies to promote the company's future performance growth.
Gutierrez said that the company relies heavily on the multi-year sapphire material supply agreement from Apple and has received four advance payments from Apple. It is expected that its sapphire business will make a significant contribution to the company's revenue this year.
Gutierrez revealed that GTAT’s ASF, HiC, DSS solutions and polysilicon business have also attracted more interest from customers. In addition, the company is committed to continuing to advance significant advances in Merlin solar panel metallization and interconnection solutions and Hyperion ion implanters, technologies that can trigger industry game changes.
GTAT announced its performance goals for fiscal year 2014: full-year operating income of US$60-80 million, gross profit growth of 25%-27%, and full-year earnings per share of US$0.02-0.18.
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