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GT Advanced Technologies Enters Sapphire Materials Agreement with Apple

GT Advanced Technologies Inc. recently announced that it has entered into a multi-year supply agreement with Apple Inc. to provide sapphire material. GT will reportedly own and operate ASF® furnaces and related equipment to produce the material at an Apple facility in Arizona, where GT expects to employ over 700 people. Apple will provide GT with a prepayment of approximately $578 million. GT will reimburse Apple for the prepayment over five years, starting in 2015.

“We are very excited about this agreement with Apple as it represents a significant milestone in GT’s long-term diversification strategy,” said Tom Gutierrez, president and CEO, GT. “We believe that it is in the long-term best interests of our company, employees and shareholders to build a robust sapphire materials business with recurring revenues. By leveraging the new materials operation and our enhanced R&D efforts, we will be well positioned to drive the growth of other sapphire opportunities, including the expansion of our LED and industrial sapphire businesses in partnership with our ASF customers.”

The company also recently reported results for the third quarter of fiscal year 2013, which ended September 28. Revenue for the quarter was $40.3 million, including $28.6 million in polysilicon, $4.4 million in photovoltaic (PV), and $7.3 million in sapphire. This compares to revenue in the second quarter of $168.3 million and $110.1 million in the third quarter of fiscal 2012. Revenue for the first nine months of 2013 was $266.4 million, compared to $631.2 million for the first nine months of 2012.

Net income in the third quarter was a loss of $38.1 million, compared to earnings of $11.9 million in the second quarter and $2.3 million for the third quarter of fiscal 2012. Net income for the first nine months of 2013 was a loss of $44.9 million compared to earnings of $96.2 million for the first nine months of 2012. 

For more information, visit www.gtat.com.

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