REC Silicon - Fourth Quarter 2017 Results

Fornebu, Norway - February 9, 2018: REC Silicon ASA (REC Silicon) reported fourth quarter 2017 revenues of USD 78.0 million, up slightly from USD 75.5 million in the previous quarter. The corresponding EBITDA during the fourth quarter was USD 10.3 million compared to USD 3.6 million in the previous quarter. 

The company reported a cash balance of USD 104.5 million on December 31, 2017. This represents an increase of USD 16.6 million compared to September 30, 2017.

Silicon gas sales volumes for the quarter were 969 MT representing an 8% increase over guidance. Fourth quarter polysilicon production of 2,616MT was broadly in line with guidance given during the previous quarter earnings release.

The company continued to exceed FBR cash cost expectations with a quarterly cash cost of $10.4/kg for the fourth quarter.

Production at the Yulin JV started in December 2017 as planned. The first silane unit and associated FBR and Siemens reactors are in operation. Construction of the second silane unit is near complete and will be started during the second quarter of 2018. Production is expected to increase throughout the first half of 2018 with designed production levels to be achieved by year end.

Tore Torvund, REC Silicon CEO commented, "With the previously announced financing arrangement of the JV along with our recent strong performance, the company is well positioned to address its 2018 debt obligations."

For more information, please see the attached fourth 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=77779062

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): [phone]
UK (Toll Free): 0800 279 7204
UK (Local): [phone]
USA (Toll Free): 800 239 9838
USA (Local): + 1 323 794 2551
Other international: [phone]
Please provide confirmation code 2932843 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 57933
Norway (Local): [phone]
UK (Toll Free): 0800 279 7204
UK (Local): [phone]
USA (Toll Free): 800 239 9838
USA (Local): + 1 323 794 2551
Other international: [phone]
Please provide confirmation code 6809513 and state your name, company and country of residence.

For further information, please contact:
Christopher Bowes, Investor Relations
REC Silicon ASA
Phone: [phone]
Email: [e-mail]

Nils O. Kjerstad
IR Contact Europe
Phone: [phone]
Email: [e-mail]

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 Q4 2017 presentation
REC Silicon Q4 2017 report

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Source: REC Silicon ASA via Globenewswire