Enfield solar encapsulant manufacturer STR Holdings said it cut its fourth quarter loss to $3.7 million, a vast improvement over a year ago when the company’s bottom line was hit by a nearly $173-million noncash impairment charge.
STR’s four quarter performance equated to a loss of 9 cents per diluted share. That’s an improvement over the final quarter of 2012, when STR booked a $123.4 million loss, or $2.97 per share.
Net sales for the quarter were $6.7 million, down from $10.1 million a year ago.
For the full year, STR lost $18.3 million, or 44 cents a share, on sales of $31.9 million. That compares to a loss of $211.6 million, or $5.02 per share, on sales of $95.3 million in 2012.
STR said it expects sales growth in the coming quarters of its next-generation EVA encapsulant product. To reduce costs, the company has shifted its strategy to outsourcing manufacturing of that product to Chinese manufacturers, rather than developing its own Chinese facilities.
STR also announced the resignation of one of its director, Susan C. Schnabel, who is co-head of DLJ Merchant Banking Partners. DLJ sold its STR stock during a recent modified Dutch auction tender offer.
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