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which calls for Rubicon to provide six inch polished substrates from November 2010 through December 2011. The total value of the contract is approximately $71 million.
Parvez commented, “This contract is very exciting for Rubicon. While we have been supporting several LED customers in their development efforts on six inch substrates, this is the first LED chip manufacturer to move into volume production on this size material. We are proud that our capabilities in large diameter sapphire are helping the LED industry continue to evolve.”
Commenting on the results, Raja Parvez, President and CEO said, “We had a very strong quarter reaching historical highs in revenue and earnings. We continued to dramatically increase gross margin and earnings per share in the quarter through increased pricing, improved product mix, and operational efficiency.”
The Company noted that sales of its six inch polished substrates accounted for a significant portion of the sequential increase in revenue. Parvez commented, “Revenue from the sale of six inch polished substrates more than doubled sequentially as our customers continue to make progress on their development efforts using six inch substrates.”
Third Quarter 2010 Guidance
Commenting on the outlook for the third quarter, William Weissman, Rubicon’s CFO said, “We see an even stronger pricing environment in the third quarter and expect our substrate prices to increase by at least 20 % on average sequentially. We estimate revenue for the third quarter will increase to approximately $19.5 million. Gross margin should be in the low 50 % range and we expect diluted earnings per share of approximately $0.28, based on a projected diluted share count of 24.3 million shares.”
Rubicon’s share count increased in June with the successful completion of a follow-on offering which raised approximately $61.5 million in cash for the Company. Weissman continued, “The proceeds from the offering strengthens our balance sheet and will enable us to continue our rapid expansion.”
The Company also reported that it entered into an agreement with a major LED chip manufacturer
First Solar Revenues Up 12% To $588 Million
Although net sales were an up, income per fully diluted share was $1.84, down from $2.11 in Q2 2009 and from $2.00 in Q1 2010.
Compound semiconductor and advanced photovoltaic technology manufacturer First Solar has announced an increase in its quarterly revenues as part of its second quarter results for 2010.
Quarterly net sales were $587.9 million, up 12% from $525.9 million in the second quarter of 2009, due to increased production volumes and systems revenue, partially offset by a decline in pricing and lower euro exchange rates. Second quarter 2010 net sales increased $19.9 million from the first quarter of 2010, primarily due to increased turnkey system sales.
Second quarter net income per fully diluted share was $1.84, down from $2.11 in the second quarter of 2009 and down from $2.00 in the first quarter of 2010. Year over year, the declines were primarily driven by lower module average selling prices, and higher operating expenses that were partially offset by increased module production and lower module cost per watt. Quarter over quarter, the declines were primarily driven by higher operating expenses.
PV module manufacturing cost was reduced to $0.76/watt, down $0.05 from the prior quarter and 13% year over year. Annual throughput per line was up 6% quarter over quarter to 59.0 MW. This increases announced or operating capacity from 2.1 to 2.2 GW by 2012.
August/September 2010
www.compoundsemiconductor.net 193
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