Enfield solar-encapsulant provider STR Holdings Inc. said its first-quarter loss increased on a 17 percent decline in revenue and a $433,000 loss on the disposal of property and equipment.
STR reported a net loss of $4.6 million, or 12 cents per diluted share, compared to a loss of $4.2 million, or 10 cents, in the first quarter last year.
Net sales were $9.3 million, down from $11.2 million. The year-over-year comparison was impacted by $5.1 million of sales in the prior-year quarter to the company’s former largest customer, First Solar.
STR cut expenses during the quarter through labor reductions and lower professional fees.
The company has started to outsource its manufacturing. A Chinese contract manufacturer, ZheJiang FeiYu Photo-Electrical Science & Technology Co., began production during the quarter and has shipped some orders, STR said.
STR said it continues to assess strategic options, in the event that its outsourcing plan doesn’t meet objectives, or if the company doesn’t return to profitability.
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