STR Holdings narrows net loss in 2013 despite 67% drop in revenue

US module encapsulant manufacturer STR Holdings Inc. recorded its first sequential quarterly sales increase in nine quarters in the fourth quarter of 2013. However, revenue for the quarter was still down by over $9 million year on year at $6.7 million. On a year-on-year basis, sales volume decline by about 46% and the average selling price fell by about 23%. Despite the decline in revenue, STR succeeded in narrowing its net loss from $123.4 million for the fourth quarter of 2012 to a loss of $3.7 million for the latest quarter.
For full year 2013, STR achieved revenue of $31.9 million, down from $95.3 million a year earlier. Net loss, however, came to $18.3 million, an improvement over the $211.6 million loss the company recorded for 2012.
In January, STR Holdings said that its new production facility in Suzhou, China would be operational in the second quarter of 2014. The company previously said it would close its production facility in Malaysia by the end of the first quarter of 2014 in light of the continued shift in module manufacturing to mainland China.
© PHOTON

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