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February 27, 2013
16:56 EDTGTATGT Advanced reports Q4 EPS ($1.34), may not compare to consensus (8c)
Reports Q4 revenue $102.33M, may not compare to consensus $271.25M. In Q4, the company took actions to better align the business with current and expected market conditions, as described in its December 18, 2012 conference call with the investment community. As a result the company recorded several one-time charges, which are described below and excluded from non-GAAP results. The one-time charges included a cash-charge of $3.1M for restructuring related to the workforce reduction announced in October and the idling of the company's St. Louis pilot manufacturing facility as well as the following non-cash charges: $30.3M of asset impairment charges related to the workforce reduction and idling of the St. Louis facility; $71.8M for the write down of inventory and related charges, primarily related to DSS inventory as a result of prevailing poor PV market conditions; $57M of charges related to the impairment of goodwill related to the PV business and $2.5M of charges primarily related to certain sapphire materials assets acquired with the acquisition of the business which are now obsolete.
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