REC Silicon ASA - Fourth quarter 2016 results Fornebu,

New Post Public Reply Private Reply Replies (0) Message Board

News Desk 2018

Feb 16, 2017 at 1:00 AM 56

REC Silicon ASA - Fourth quarter 2016 results

Fornebu, Norway - February 16, 2017: REC Silicon ASA (REC Silicon) reported fourth quarter revenues of USD 80.4 million, up from USD 50.9 million in the previous quarter. The corresponding EBITDA during the fourth quarter increased to USD 4.9 million compared to a loss of USD 7.9 million in the previous quarter. The company also reported a December 31, 2016 cash balance of USD 65.8 million. Q4 polysilicon sales of 3,801 MT were above expectations and finished goods inventory decreased by 585 MT during the fourth quarter. Silicon gas sales volumes increased to 882 MT compared to 772 MT in the prior quarter. Efforts to maintain liquidity and reduce costs have proven successful, with the company reporting Q4 FBR cash cost at $11.2/kg and similar cash cost expected in the first quarter. Tore Torvund, company CEO commented, "our efforts to decrease costs and better align FBR production with sales volumes have been successful in the fourth quarter. We will continue to be cost conscious and diligent at managing cash levels so that REC Silicon remains a low cost leader in the polysilicon industry even when operating at reduced capacity." The Yulin joint venture plant remains on target for start-up in the second half of 2017. JV employees from China have completed their training in Moses Lake and Butte. The company has successfully negotiated a deferral of the $15 million capital contribution in the JV until at least July 2017, with ongoing negotiations with the company's JV partner to defer the company's remaining $154 million capital contribution until after 2018. For more information, please see the attached fourth quarter 2016 report. Morning Program: The company will give a presentation at 8:00 am CET today at Høyres Hus Konferansesenter, Stortingsgaten 20, Oslo, Norway. The presentation will be in English. A live webcast from the presentation can be accessed at www.recsilicon.com or the following link: http://webtv.hegnar.no/presentation.php?webcastId=44471820 It will also be possible to listen to the presentation through a conference call. Please make sure to dial in 5-10 minutes prior to scheduled start time on one of the following numbers: Norway (Toll Free): 800 51084 Norway (Local): +47 2100 2610 UK (Toll Free): 0800 358 6377 UK (Local): +44 (0)330 336 9411 USA (Toll Free): 888 349 9618 USA (Local): + 1 719 325 2202 Other international: +44 (0)330 336 9411 Please provide confirmation code 2502782 and state your name, company and country of residence. Afternoon Program: REC Silicon will host an analyst conference call later the same day at 3:00 p.m. CET. Please make sure to dial in at least 5-10 minutes ahead of time to complete your registration. Norway (Toll Free): 800 51084 Norway (Local): +47 2100 2610 UK (Toll Free): 0800 358 6377 UK (Local): +44 (0)330 336 9105 USA (Toll Free): 800 347 6311 USA (Local): +1 719 457 2086 Other international: +44 (0)330 336 9105 Please provide confirmation code 8985294 and state your name, company and country of residence. For further information, please contact: Chris Bowes, Investor Relations REC Silicon ASA Phone: +1 509 793 8127 Email: chris.bowes@recsilicon.com Nils O. Kjerstad IR Contact Europe Phone: +47 9135 6659 Email: nils.kjerstad@crux.no About REC Silicon REC Silicon is a leading producer of advanced silicon materials, delivering high-purity polysilicon and silicon gas to the solar and electronics industries worldwide. We combine 30 years of experience and proprietary technology with the needs of our customers, with annual production capacity of more than 20,000 MT of polysilicon from our two US-based manufacturing plants. Listed on the Oslo Stock Exchange (ticker: REC), the Company is headquartered in Fornebu, Norway. For more information, go to: www.recsilicon.com This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.

Attachments:

http://www.globenewswire.com/NewsRoom/Attachm...c039739122

Attachments:

http://www.globenewswire.com/NewsRoom/Attachm...c082ad9386

Newer

Older

Scroll down for more posts ▼

Top 10 Most Recent News Articles

Enjay Acquires New Method: A Strategic Synergy Unfolds

Enjay's Bold Move into New Territory Here's a headline that doesn’t just flutter past like yesterday's news. Enjay Converters Ltd, straight from Cobourg, Ontario, has clinched a deal that looks like it might just shake things up a bit on the food packaging scene. They’ve bagged New Method Packaging LLC, another big player, but this time from the heartland of...

GTEC Faces Nasdaq Bid Price Compliance Challenge

Greenland Technologies in a Tight Spot Man, stocks can be as unpredictable as a cat on a hot tin roof, and Greenland Technologies Holding Corporation (Nasdaq: GTEC) just got a cold splash of reality from Nasdaq. On November 10, 2026, they were handed a Notification Letter that ain’t exactly a love note. Their shares slipped below the one-buck hurdle, and Nasdaq isn’t...

Monotype's Inkwell: A Type Family with New Twists

Fresh Faces in the World of Type Out of the design trenches comes news that Monotype—the big cheese in type and tech—just rolled out four new styles in its well-liked Inkwell lineup. We're talking Inkwell Antique, Formal, Chancery, and Ornaments here. The idea? Give designers more room to play with tone. Let's chew on what this expansion means for folks rocking...

Why Surge Protection Is Now a Vital Home Upgrade

Understanding the Hidden Risks of Power Surges You ever had a computer or TV go kaput out of the blue? Chances are, power surges are the stealthy culprit. Zachary Bobersky, an expert electrician from Ungerman Electric, dishes out the hard truths about how these electrical hiccups, often triggered by everyday use—like your refrigerator or AC flicking on—can quietly...

Biel Crystal's AI Vision Earns Forbes Recognition

What's Cookin' in Smart Manufacturing? Sometimes, the big news isn’t just about the dollars—it’s about who’s turning heads with their tech wizardry. That's what's happening over at Biel Crystal. Crafting Smarter Manufacturing This Hong Kong-based dynamo isn't your run-of-the-mill manufacturer. Biel Crystal, with its jaw-dropping setup of over 100,000 employees...

iQIYI's Global Reach Grows with Awards Recognition

Tony Leung Steals the Spotlight In the theater of Asian cinema, Tony Ka-fai Leung delivers a top-tier performance, earning him the Best Actor award at the Golden Rooster Awards for iQIYI's film "The Shadow's Edge." Now, let's not kid ourselves, snagging one of these prestigious awards is no walk in the park. It's fair to say both this recognition and his first-time win at...

WAX Collect Unveils Modular Flex Insurance for Watches

WAX Collect Pioneers Customized Insurance with WAX Flex™ In a world where even a simple escapement can change the watch industry, WAX Collect is shaking things up with its WAX Flex™, rolling out a tailor-made insurance product specifically for watch collectors who refuse to settle for one-size-fits-all coverage. It's the first of its kind in modular approaches,...

Gemmy's Holiday Lights: Bright Ideas for 2026

By Hannah Lewis Updated Nov 13, 2026 Category News Views 124

Deep in the heart of Dallas, Gemmy Industries is out to sprinkle a bit of magic over the holiday season for 2026. This ain't your grandma's string lights we're talkin' about here. We're diving headfirst into a new world of seasonal decor with tech-driven lights that look like they came straight outta a winter wonderland. And hey, if Walmart's set to host this lineup, you...

City National Bank Names New VP for Real Estate

Banking on Growth with Jeffrey LaBauve Jeffery LaBauve struts into the picture, ready to take the helm as City National Bank's new head of Commercial Real Estate Banking. And let me tell ya, the word on the street is he's raring to ramp things up. After almost two decades at Comerica Bank, this guy’s not here for a measly lap around the track—he's got plans to double...

Biodiversity Monitoring Poised for $11.39 Billion Boom

A Billion-Dollar Market on the Rise Picture this: you're watching the world make a monumental shift towards sustainability in real-time. The biodiversity monitoring market is on a gallop, poised to grow from a modest USD 7.17 billion in 2026 to a hearty USD 11.39 billion by 2031. That's a CAGR of 9.7%—a pace that soothes the nerves of any investor weary of the whims of...