Solar panel encapsulant maker STR Holdings said it cut its third-quarter loss by more than one-third, thanks to a big increase in sales and reduced expenses.
The company, which plans to consolidate its operations to Enfield after the recent sale its East Windsor manufacturing facility, reported a loss of $3.9 million in the quarter ended Sept. 30, compared to a loss of $5.9 million in the third quarter of 2013.
The loss amounted to 15 cents per diluted share, compared with 13 cents a year ago, when the company had 15.3 million more shares outstanding.
Net sales during the quarter were $9.5 million, up 53 percent from $6.2 million. The increase was driven by higher volume from a new Chinese customer as well as demand in Europe, STR said.
Expenses were slashed by 46 percent, to $2.5 million.
The move following the $4.8 million East Windsor sale cost $100,000 in the recent quarter. STR expects to pay one-time relocation costs of approximately $1 million, and to reap annual operational savings of $400,000.
STR will hold its annual meeting today, during which shareholders are set to vote on the sale of a 51 percent stake to Zhenfa Energy Group of China.
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