STR Holdings, Inc., Annual General Meeting, May 14, 2013., at 14:00 US Eastern Standard Time. Location: Corporate Office of the company.

STR Holdings, Inc. announced unaudited consolidated earnings results for the first quarter ended March 31, 2013. Net sales for the quarter ended March 31, 2013 were $11.2 million against $31.1 million a year ago. On a sequential basis, the decline was driven primarily by a volume decline of approximately 26% and a 5% decline in average sale price. On a year-over-year basis, volume declined by approximately 57% and ASP declined by approximately 15%. Net loss from continuing operations for the first quarter of 2013 was $4.2 million, or $0.10 per diluted share. This compares to a net loss from continuing operations of $123.4 million, or $2.97 per diluted share, for the fourth quarter of 2012 and a net loss from continuing operations of $82.1 million, or $2.00 per diluted share, for the first quarter of 2012. Operating loss was $6,082,000 against $89,876,000 a year ago. Loss from continuing operations before income tax benefit was $6,054,000 against $83,106,000 a year ago. Net loss was $4,210,000 or $0.10 per diluted share against $82,131,000 or $2.00 per diluted share a year ago. Net cash used in operating activities was $2,923,000 against net cash provided by operating activities of $16,039,000 a year ago. Capital expenditures were $480,000 against $5,538,000 a year ago. Non-GAAP net loss from continuing operations for the first quarter of 2013, which excludes certain tax-effected adjustments was $2.9 million, or $0.07 per diluted share. This compares to non-GAAP net loss from continuing operations of $3.7 million, or $0.09 per diluted share, for the fourth quarter of 2012 and non-GAAP net earnings from continuing operations of $2.9 million, or $0.07 per diluted share, for the first quarter of 2012.

STR Holdings, Inc., Q1 2013 Earnings Call, May 01, 2013