Enfield solar manufacturer STR Holdings, Inc. on Wednesday reported a first quarter loss of $4.2 million, an improvement over the $82.1 million the company lost in the first quarter 2012.
The losses were 10 cents per share in the first quarter vs. $2 each in the first quarter 2012. The large loss in the first quarter 2012 was driven by a $82.5 million impairment charge, which the company did not have this year.
STR has to adjust in the first quarter to reduced revenues as its top customer, California-based First Solar, ended its relationship with the Enfield solar encapsulant maker. As a result, revenues were $11.2 million in the first quarter vs. $31.1 million in the first quarter 2012.
However, the company adjusted its expenses in the first quarter, laying off 160 employees and closing its East Windsor manufacturing facility. STR’s expenses for debt, research and development, and selling, general, and administrative expenses all dropped in the first quarter.
