REC Silicon reports lower third-quarter earnings [Yahoo! Finance]
REC SLCN ASA UNSP/ADR (RNWEY)
NASDAQ:AMEX Investor Relations:
recsilicon.com/investors
Company Research
Source: Yahoo! Finance
The company announced a few days after releasing its third quarter earnings report that some of the obstacles delaying delivery were cleared. The company cut back some operations at its Moses Lake facility as a result of the decreased earnings, according to its quarterly earnings report. The company reported sales of $33.8 million in the third quarter, compared to $37.7 million in the second quarter. The loss for the third quarter was $42.7 million compared to $38.2 million in the second quarter. That's the loss before other income is calculated. As a result, REC's available cash decreased. The company had $32.6 million in cash at the end of September, compared with $37.6 million at the end of June. "The decrease in cash was primarily the result of cash outflows from operating activities at the Moses Lake facility due to a delay in polysilicon sales," the earnings statement said. Silicon gas sales dropped in the third quarter, according to the quarterly earnings report. Sili
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