Browsing by competing LED Grow Light booths were many nice looking and colorful products, but none that stood out more than Hydro Grow. The sheer intensity of X2 left passers stunned that LEDs could produce such results and the modular build design displayed engineering intelligence that was simply unmatched.
As of June 30, 2012, the company’s backlog was $1.6 billion. This included approximately $758.6 million in the polysilicon segment, $137.8 million in the PV segment and $697.5 million in the sapphire segment. Included in the total backlog was approximately $149.3 million of deferred revenue.
New orders for the second quarter of calendar 2012 were $13.8 million and included $0.4 million of polysilicon orders, $8.5 million of PV orders and $4.9 million in sapphire orders. The company had $31.9 million of negative adjustments to backlog related to the termination of a single ASF sapphire contract which the company had previously indicated it anticipated due to the customer’s failure to perform.
We are pleased with our performance in the June quarter as we exceeded expectations, a notable accomplishment given the continued headwinds in the solar and LED markets that we serve,” said Tom Gutierrez, president and chief executive officer. “Our PV and sapphire businesses performed in line with our expectations while our polysilicon business out-performed with an incremental $53 million of revenue recognized in the quarter. Our total backlog remains solid and our assessment of backlog risk remains unchanged from our analysis one quarter ago.
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