REC Silicon - First quarter 2017 results

Fornebu, Norway - May 3, 2017: REC Silicon ASA (REC Silicon) reported first quarter revenues of USD 57.5 million, down from USD 80.4 million in the previous quarter. The corresponding EBITDA during the first quarter was USD 4.6 million compared to USD 4.9 million in the previous quarter. 

The company also reported a March 31, 2017 cash balance of USD 80.9 million. This represents a cash increase of $15.2 million compared to December 31, 2016.

Silicon gas sales volumes for the quarter were stronger than expected, at 820 MT, exceeding guidance by more than 9%. Q1 polysilicon production of 3,127 MT was roughly in line with guidance.

Once again REC Silicon has beaten expectations on FBR cash cost, reporting $10.70/kg for the quarter as the company continues to focus on maintaining liquidity and reducing costs. Tore Torvund, company CEO stated, "our low FBR cash cost continues to show the strength of our employees and technology. We will continue to capitalize on these two assets to maintain liquidity and to remain a low cost leader in the polysilicon industry.  Further, I am very pleased with strong silicon gas sales, which exceeded expectations during what has historically been a relatively weak quarter.  And, we expect these strong silicon gas sales to continue throughout the year."

Construction on the Yulin joint venture plant continues to progress, and the plant remains on target for start-up in the second half of 2017. The company is actively engaged in ongoing negotiations to defer the company's remaining $169 million capital contributions until after 2018.

For more information, please see the attached first 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 the following link: http://webtv.hegnar.no/presentation.php?webcastId=51530812
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 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): 888 349 9618
USA (Local): + 1 719 325 2385
Other international: [phone]
Please provide confirmation code 5838812 and state your name, company and country of residence.

Afternoon Program:
REC Silicon will host an analyst conference call later the same day 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 51084
Norway (Local): [phone]
UK (Toll Free): 0800 279 7204
UK (Local): [phone]
USA (Toll Free): 888 882 8941
USA (Local): + 1 719 325 2346
Other international: [phone]
Please provide confirmation code 1438011 and state your name, company and country of residence.

For further information, please contact:
Chris 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 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 Q1 2017 report
REC Silicon Q1 2017 presentation

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Source: REC Silicon ASA via Globenewswire