Boston, MA 05/13/2014 (wallstreetpr) – A pioneer in the delivering breakthrough solutions in electronic and LED solutions industry, GT Advanced Technologies Inc (NASDAQ:GTAT) has revealed its quarterly results. It has performed decently in its first quarter. However, it is looking forward towards strong growth and thus sis focusing on its sapphire and Silicon solutions market. GTAT has also tied up with new ventures towards developing new composite solutions for strong growth throughout the year.
Announcement of 1Q2014 Results
GT Advanced Technologies Inc (NASDAQ:GTAT) has reported a steady growth result in its first quarter. It has registered net revenue of $22.5 million at the end of March 29, 2014. Non-GAAP gross profit of the company reported as $1.9 million as compared to $143 million in the same period, in 2013. Loss per share and Non GAAP Loss per share of the company reported as $0.31 and $0.22 respectively. The non-GAAP expenses of operating activities accounted as $43.4 million. GTAT’s first quarter results were in sync with its expectations pertaining to the operational challenges and circumstances.
CEO and President of the GTAT, Tom Gutierrez remarked that the sapphire business of the company is marking strong growth. Thus, it has potential to transform significantly the business of GTAT and to deliver strong growth in the FY14. He further confirmed the receipt of three prepayments from Apple with respect to its Arizona Project. Further, the DSS(TM), polysilicon solutions have renewed the customer interest in the company.
Expansion of Next Generation Solutions
GT Advanced Technologies Inc (NASDAQ:GTAT) has recently revealed its chain of new strategies that are designed towards expanding its Sic and sapphire solutions for the next generation. GTAT has entered into an MOU with EV Group for collaborating towards development of equipments and high processes technology it facilitates the bond of thin sapphire and Sic lamina that is manufactured by GT’s Hyperion (TM) technology to glass, plastics, etc.
GT is working towards the development of solutions for bonding ultra-thin sapphire lamina for production of composite solutions. It has started dealing in consonance with a leading producer of the glass substrate for broadening its scope f applications. It is also working towards cost-reduction substrates of plastic and silicon. GT’s business plan is well designed to sell the bonding and equipment through these activities.
