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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Sunedison Semiconductor Limited - Ordinary Shares | NASDAQ:SEMI | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 11.95 | 12.03 | 9.58 | 0 | 01:00:00 |
Singapore (State or other jurisdiction of Incorporation) | 001-36460 (Commission File Number) | N/A (I.R.S. Employer Identification Number) |
11 Lorong 3 Toa Payoh Singapore (Address of principal executive offices) | 319579 (Zip Code) |
(65) 6681-9300 (Registrant's telephone number, including area code) |
Not Applicable (Former name or former address, if changed since last report) |
o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
• | securities analysts and other interested parties use such calculations as a measure of financial performance and debt service capabilities, and |
• | it is used by our management for internal planning purposes, including aspects of our operating budget and capital expenditures. |
• | it does not reflect our cash expenditures or future requirements for capital expenditures or contractual commitments, |
• | it does not reflect changes in, or cash requirements for, working capital, |
• | it does not reflect interest expense or the cash requirements necessary to service interest or principal payments on our outstanding debt, |
• | it does not reflect payments made or future requirements for income taxes, |
• | it adjusts for restructuring expense (reversals) and other non-recurring items, loss on sale of property, plant, and equipment, and long-lived asset impairments which are factors that we do not consider indicative of future performance, |
• | it adjusts for non-cash stock compensation expense and equity in loss of equity method investments to more clearly reflect comparable period-over-period cash operating performance, |
• | although it reflects adjustments for factors that we do not consider indicative of future performance, we may, in the future, incur expenses similar to the adjustments reflected in our calculation of Adjusted EBITDA, and |
• | although depreciation and amortization are non-cash charges, the assets being depreciated and amortized will often have to be replaced in the future and Adjusted EBITDA does not reflect cash requirements for such replacements. |
99.1 | Press release dated May 7, 2015 furnished with this Report. |
SunEdison Semiconductor Limited | ||||
Date: | May 7, 2015 | By: | /s/ Jeffrey L. Hall | |
Name: Jeffrey L. Hall Title: Executive Vice President Finance & Administration and Chief Financial Officer (Principal Financial Officer) |
Number | Item | |
99.1 | Press release dated May 7, 2015 furnished with this Report. |
• | Operating cash flow of $34.6 million, up compared to $8.9 million in the prior quarter |
• | Gross profit dollars and margin up significantly year-over-year despite a decline in pricing |
• | SOI continues strong sequential growth trajectory |
Three Months Ended | |||||||||||
March 31, 2015 | December 31, 2014 | March 31, 2014 | |||||||||
Net sales to non-affiliates | $ | 199.0 | $ | 204.9 | $ | 205.8 | |||||
Net sales to affiliates | 0.4 | 1.0 | 0.3 | ||||||||
Cost of goods sold | 182.2 | 182.4 | 197.8 | ||||||||
Gross profit | 17.2 | 23.5 | 8.3 | ||||||||
Operating expenses (income): | |||||||||||
Marketing and administration | 20.5 | 21.1 | 21.8 | ||||||||
Research and development | 8.1 | 8.4 | 8.0 | ||||||||
Restructuring charges (reversals) | 1.2 | (8.4 | ) | (4.6 | ) | ||||||
Loss on sale of property, plant, and equipment | — | 4.7 | — | ||||||||
Long-lived asset impairment charges | 0.1 | 1.4 | — | ||||||||
Operating loss | (12.7 | ) | (3.7 | ) | (16.9 | ) | |||||
Non-operating expenses (income): | |||||||||||
Interest expense | 3.5 | 3.7 | 0.2 | ||||||||
Interest income | (0.1 | ) | (0.1 | ) | (0.1 | ) | |||||
Interest, net - affiliates | — | — | (0.1 | ) | |||||||
Other, net | (10.4 | ) | (2.0 | ) | (5.3 | ) | |||||
Total non-operating (income) expense | (7.0 | ) | 1.6 | (5.3 | ) | ||||||
Loss before income tax expense | (5.7 | ) | (5.3 | ) | (11.6 | ) | |||||
Income tax expense | 3.3 | 4.9 | 3.6 | ||||||||
Loss before equity in loss of equity method investments | (9.0 | ) | (10.2 | ) | (15.2 | ) | |||||
Equity in loss of equity method investments, net of tax | (0.3 | ) | (0.3 | ) | — | ||||||
Net loss | (9.3 | ) | (10.5 | ) | (15.2 | ) | |||||
Net loss attributable to noncontrolling interests | — | — | 0.6 | ||||||||
Net loss attributable to SunEdison Semiconductor Limited shareholders | $ | (9.3 | ) | $ | (10.5 | ) | $ | (14.6 | ) | ||
Basic loss per share | $ | (0.22 | ) | $ | (0.25 | ) | $ | (0.35 | ) | ||
Diluted loss per share | $ | (0.22 | ) | $ | (0.25 | ) | $ | (0.35 | ) | ||
Weighted-average shares used in computing basic loss per share | 41.5 | 41.5 | 41.5 | ||||||||
Weighted-average shares used in computing diluted loss per share | 41.5 | 41.5 | 41.5 |
March 31, 2015 | December 31, 2014 | ||||||
Assets | |||||||
Current assets: | |||||||
Cash and cash equivalents | $ | 90.6 | $ | 88.2 | |||
Accounts receivable, net | 100.2 | 98.6 | |||||
Accounts receivable, affiliate | 9.4 | 4.3 | |||||
Inventories | 112.9 | 122.1 | |||||
Deferred tax asset | 27.3 | 27.3 | |||||
Prepaid and other current assets | 28.3 | 28.3 | |||||
Total current assets | 368.7 | 368.8 | |||||
Property, plant, and equipment, net | 585.3 | 598.8 | |||||
Investments | 129.4 | 130.3 | |||||
Other assets | 78.3 | 86.3 | |||||
Total assets | $ | 1,161.7 | $ | 1,184.2 | |||
Liabilities and Equity | |||||||
Current liabilities: | |||||||
Current portion of long-term debt | $ | 2.1 | $ | 2.1 | |||
Short-term borrowings | 7.6 | — | |||||
Accounts payable | 94.7 | 94.6 | |||||
Accounts payable, affiliate | 22.9 | 9.4 | |||||
Accrued liabilities | 48.6 | 57.6 | |||||
Accrued wages and salaries | 27.1 | 23.6 | |||||
Restructuring liabilities | 12.5 | 14.0 | |||||
Total current liabilities | 215.5 | 201.3 | |||||
Long-term debt, less current portion | 204.6 | 205.0 | |||||
Pension and post-employment liabilities | 54.5 | 54.7 | |||||
Restructuring liabilities | 3.5 | 3.9 | |||||
Other liabilities | 19.6 | 27.8 | |||||
Total liabilities | 497.7 | 492.7 | |||||
Shareholders' equity: | |||||||
Ordinary shares | 946.7 | 943.1 | |||||
Accumulated deficit | (88.0 | ) | (78.7 | ) | |||
Accumulated other comprehensive loss | (195.9 | ) | (174.1 | ) | |||
Total SunEdison Semiconductor Limited shareholders' equity | 662.8 | 690.3 | |||||
Noncontrolling interests | 1.2 | 1.2 | |||||
Total shareholders' equity | 664.0 | 691.5 | |||||
Total liabilities and shareholders' equity | $ | 1,161.7 | $ | 1,184.2 |
Three Months Ended | |||||||||||
March 31, 2015 | December 31, 2014 | March 31, 2014 | |||||||||
Cash flows from operating activities: | |||||||||||
Net loss | $ | (9.3 | ) | $ | (10.5 | ) | $ | (15.2 | ) | ||
Adjustments to reconcile net loss to net cash provided by operating activities: | |||||||||||
Depreciation and amortization | 29.7 | 28.6 | 28.3 | ||||||||
Long lived asset impairment charges | 0.1 | 1.4 | — | ||||||||
Loss on sale of property, plant, and equipment | — | 4.7 | — | ||||||||
Stock-based compensation | 3.6 | 4.0 | 2.3 | ||||||||
Provision (benefit) for deferred taxes | 3.5 | 5.3 | (2.2 | ) | |||||||
Other | (0.2 | ) | 0.2 | (0.4 | ) | ||||||
Changes in operating assets and liabilities: | |||||||||||
Accounts receivable | (3.9 | ) | 5.1 | (0.5 | ) | ||||||
Inventories | 5.7 | 4.1 | 4.9 | ||||||||
Amounts due from affiliates | (11.1 | ) | (6.7 | ) | (5.0 | ) | |||||
Amounts due to affiliates | 11.9 | 6.9 | 16.1 | ||||||||
Prepaid and other current assets | (0.4 | ) | (0.8 | ) | 3.6 | ||||||
Accounts payable and accrued liabilities | 7.8 | (5.1 | ) | 18.7 | |||||||
Income taxes payable | 3.1 | (17.6 | ) | 5.4 | |||||||
Pension and post-employment liabilities | (0.1 | ) | (0.5 | ) | (1.5 | ) | |||||
Restructuring liabilities | (0.6 | ) | (13.0 | ) | (5.0 | ) | |||||
Other | (5.2 | ) | 2.8 | (5.2 | ) | ||||||
Net cash provided by operating activities | 34.6 | 8.9 | 44.3 | ||||||||
Cash flows from investing activities: | |||||||||||
Capital expenditures | (28.8 | ) | (23.1 | ) | (19.6 | ) | |||||
Notes receivable from affiliates | — | — | 3.0 | ||||||||
Disbursements made for notes receivable | (9.1 | ) | — | — | |||||||
Other | — | 1.6 | — | ||||||||
Net cash used in investing activities | (37.9 | ) | (21.5 | ) | (16.6 | ) | |||||
Cash flows from financing activities: | |||||||||||
Principal payments on long-term debt | (0.5 | ) | (0.5 | ) | — | ||||||
Proceeds from short-term debt borrowings | 7.6 | — | — | ||||||||
Deferred financing costs and original issuance discount | — | (0.2 | ) | — | |||||||
Net Parent investment | — | — | (30.7 | ) | |||||||
Other | 0.1 | — | — | ||||||||
Net cash provided by (used in) financing activities | 7.2 | (0.7 | ) | (30.7 | ) | ||||||
Effect of exchange rate changes on cash and cash equivalents | (1.5 | ) | (1.6 | ) | (0.1 | ) | |||||
Net increase (decrease) in cash and cash equivalents | 2.4 | (14.9 | ) | (3.1 | ) | ||||||
Cash and cash equivalents at beginning of period | 88.2 | 103.1 | 40.8 | ||||||||
Cash and cash equivalents at end of period | $ | 90.6 | $ | 88.2 | $ | 37.7 |
Three Months Ended | |||||||||||
March 31, 2015 | December 31, 2014 | March 31, 2014 | |||||||||
Net loss attributable to SunEdison Semiconductor Limited shareholders | $ | (9.3 | ) | $ | (10.5 | ) | $ | (14.6 | ) | ||
Interest, net | 3.4 | 3.6 | — | ||||||||
Income tax expense | 3.3 | 4.9 | 3.6 | ||||||||
Depreciation and amortization | 29.0 | 28.0 | 28.3 | ||||||||
Restructuring expense (reversals) and other non-recurring items | 1.2 | (8.4 | ) | (4.6 | ) | ||||||
Loss on sale of property, plant, and equipment | — | 4.7 | — | ||||||||
Long-lived asset impairment charges | 0.1 | 1.4 | — | ||||||||
Stock compensation expense | 3.6 | 4.0 | 2.3 | ||||||||
Equity in loss of equity method investments | 0.3 | 0.3 | — | ||||||||
Adjusted EBITDA [*] | $ | 31.6 | $ | 28.0 | $ | 15.0 |
• | securities analysts and other interested parties use such calculations as a measure of financial performance and debt service capabilities, and |
• | it is used by our management for internal planning purposes, including aspects of our operating budget and capital expenditures. |
• | it does not reflect our cash expenditures or future requirements for capital expenditures or contractual commitments, |
• | it does not reflect changes in, or cash requirements for, working capital, |
• | it does not reflect interest expense or the cash requirements necessary to service interest or principal payments on our outstanding debt, |
• | it does not reflect payments made or future requirements for income taxes, |
• | it adjusts for restructuring expense (reversals) and other non-recurring items, loss on sale of property, plant, and equipment, and long-lived asset impairments which are factors that we do not consider indicative of future performance, |
• | it adjusts for non-cash stock compensation expense and equity in loss of equity method investments to more clearly reflect comparable period-over-period cash operating performance, |
• | although it reflects adjustments for factors that we do not consider indicative of future performance, we may, in the future, incur expenses similar to the adjustments reflected in our calculation of Adjusted EBITDA, and |
• | although depreciation and amortization are non-cash charges, the assets being depreciated and amortized will often have to be replaced in the future and Adjusted EBITDA does not reflect cash requirements for such replacements. |
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