GT Advanced Technologies Inc.
Condensed Consolidated Statements of Operations
(In thousands, except per share data)
(Unaudited)
Three Months Ended Six Months Ended
June 28, March 29, June 29, June 28, June 29,
2014 2014 2013 2014 2013
Revenue $58,000 $22,510 $168,330 $80,510 $226,106
Cost of revenue (excluding sapphire production ramp up costs) 48,657 21,152 109,714 69,809 153,875
Sapphire production ramp up costs 45,456 1,899 -- 47,355 --
Total cost of revenue 94,113 23,051 109,714 117,164 153,875
Gross profit (36,113) (541) 58,616 (36,654) 72,231
Operating expenses:
Research and development 22,721 24,572 18,523 47,293 34,964
Selling and marketing 2,522 4,684 4,088 7,206 7,374
General and administrative 17,274 19,490 16,517 36,764 31,080
Contingent consideration expense (income) (538) 2,375 (4,310) 1,837 (3,974)
Impairment of goodwill -- -- -- -- --
Restructuring charges 3,256 -- -- 3,256 2,858
Amortization of intangible assets 3,057 2,976 2,667 6,033 5,122
Total operating expenses 48,292 54,097 37,485 102,389 77,424
(Loss) income from operations (84,405) (54,638) 21,131 (139,043) (5,193)
Other income (expense):
Interest income 91 96 70 187 164
Interest expense (10,588) (12,549) (6,526) (23,137) (14,006)
Other, net 320 508 (179) 828 11
(Loss) income before income taxes (94,582) (66,583) 14,496 (161,165) (19,024)
(Benefit) provision for income taxes (8,201) (25,186) 2,549 (33,387) (12,290)
Net (loss) income ($86,381) ($41,397) $11,947 ($127,778) ($6,734)
Net (loss) income per share:
Basic ($0.63) ($0.31) $0.10 ($0.94) ($0.06)
Diluted ($0.63) ($0.31) $0.10 ($0.94) ($0.06)
Weighted-average number of shares used in per share calculations:
Basic 136,677 135,432 120,481 136,066 119,920
Diluted 136,677 135,432 122,749 136,066 119,920