REC Silicon - Third quarter 2017 Results

Published: 06:50 CET 30-10-2017 /GlobeNewswire /Source: REC Silicon ASA / : REC /ISIN: NO0010112675

Fornebu, Norway - October 30, 2017: REC Silicon ASA (REC Silicon) reported third quarter revenues of USD 75.5 million, up from USD 61.4 million in the previous quarter. The corresponding EBITDA during the third quarter was USD 3.6 million compared to USD 1.3 million in the previous quarter.


The company reported a cash balance of USD 88.0 million on September 30, 2017. This represents an increase of USD 16.6 million compared to June 30, 2017.

Silicon gas sales volumes for the quarter exceeded expectations at 904 MT. Third quarter polysilicon production of 2,835MT was slightly below guidance given at the previous quarter.

FBR cash cost was better than expectations at $10.4/kg for the quarter which continues to demonstrate the company's successful efforts to reduce costs and maintain liquidity. Company CEO Tore Torvund commented "Our strong performance in both cash cost and cash balance shows that we are positioned to address our liquidity situation moving forward."

Progress on the Yulin joint venture plant continues as planned. The JV facility expects to start up the first silane unit and FBR reactors in Q4 2017. The second silane unit is scheduled to start up in Q1 2018. The company continues to negotiate the deferral of the remaining $169 million capital contributions until after 2018.

For more information, please see the attached third quarter 2017 report.

Morning Program:
The company will give a presentation at 8:00 am CET today at Høyres Hus Konferansesenter, Stortingsgaten 20, Oslo, Norway. The presentation will be in English.
A live webcast from the presentation can be accessed at www.recsilicon.com or with the following link: http://webtv.hegnar.no/presentation.php?webcastId=67384321
It will also be possible to listen to the presentation through a conference call. Please make sure to dial in 5-10 minutes prior to the scheduled start time on one of the following numbers:

Norway (Toll Free): 800 51084
Norway (Local): +47 2350 0296
UK (Toll Free): 0800 279 7204
UK (Local): +44 (0)330 336 9411
USA (Toll Free): 866 548 4713
USA (Local): + 1 719 325 2202
Other international: +44 (0)330 336 9411
Please provide confirmation code 8152730 and state your name, company and country of residence.

Afternoon Program:
REC Silicon will host an analyst conference call later today at 3:00 p.m. CET. Please make sure to dial in at least 5-10 minutes ahead of time to complete your registration.

Norway (Toll Free): 800 51084
Norway (Local): +47 2350 0296
UK (Toll Free): 0800 279 7204
UK (Local): +44 (0)330 336 9411
USA (Toll Free): 800 289 0438
USA (Local): + 1 719 325 2202
Other international: +44 (0)330 336 9411
Please provide confirmation code 4719392 and state your name, company and country of residence.

For further information, please contact:
Christopher Bowes, Investor Relations
REC Silicon ASA
Phone: +1 509 793 8127
Email: chris.bowes@recsilicon.com

Nils O. Kjerstad
IR Contact Europe
Phone: +47 9135 6659
Email: nils.kjerstad@crux.no

About REC Silicon
REC Silicon is a leading producer of advanced silicon materials, delivering high-purity polysilicon and silicon gas to the solar and electronics industries worldwide. We combine over 30 years of experience and proprietary technology with the needs of our customers, with annual production capacity of more than 20,000 MT of polysilicon from our two US-based manufacturing plants. Listed on the Oslo Stock Exchange (ticker: REC), the Company is headquartered in Fornebu, Norway.

For more information, go to: www.recsilicon.com

This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.

REC Silicon Q3 2017 report
REC Silicon Q3 2017 presentation