US-based MEMC posts $92m net loss in Q1 2012 on weak sales

10 May 2012 03:13  [Source: ICIS news]

SINGAPORE (ICIS)--US-based MEMC Electronic Materials posted late on Wednesday a net loss of $92m (€71m) in the first quarter of 2012, compared with a net loss of $4.5m in the same period a year ago, because of weak sales and lower prices.

Its Generally Accepted Accounting Principles (GAAP) revenue for the first quarter was $519.2m, down by 29% from the first quarter of 2011 and a decrease of 28% from the fourth quarter of 2011, the silicon wafer company said in a statement.

GAAP refers to the standard framework of guidelines for financial accounting and reporting.

Its non-GAAP net loss for the 2012 first quarter was $59.4 million, compared with a non-GAAP net income of $21.5 million in the 2011 first quarter, the company said.

The year-on-year decline was due to lower solar and semiconductor wafer volume and pricing, the statement added.

"We believe the 2012 first quarter represented a turning point for our semiconductor materials business," said MEMC CEO Ahmad Chatila.

"Already in the second quarter, we are seeing improved order volumes and firming pricing. Although solar markets remain challenging, we are restructuring our business to lower costs and improve our competitive position,” Chatila added.

($1 = €0.77)

By: Tahir Ikram
+65 6780 4359

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