Revenue for fiscal year 2009 includes $443.9 million in the photovoltaic (PV) segment (directional solidification system furnaces, spare parts, related products and turnkey solutions) and $97.1 million in the polysilicon segment (chemical vapor deposition reactors and related products). Bookings for the year came in at $411.0 million and included $137.0 million in the PV segment and $274.0 million in the polysilicon segment.

Gross profit for the year increased to $214.7 million, or 40% of revenue, compared to $92.3 million, or 38% of revenue for fiscal year 2008. Operating margin was $143.5 million or 27% of revenue, up 206% from $46.9 million, or 19% of revenue for fiscal year 2008. The company had net income of $88.0 million for fiscal 2009, versus $36.1 million for the fiscal 2008. Earnings per share for the fiscal year on a fully diluted basis were $0.61, up 144% from $0.25 fiscal 2008.

Revenue for the fourth fiscal quarter totaled $138.5 million, compared with $132.2 million in the fourth quarter of fiscal year 2008. Revenue for the fourth fiscal quarter included $137.3 million in the PV segment and $1.2 million in the polysilicon segment.

Gross profit for the fourth quarter totaled $39.5 million, or 28% of revenue, compared to $55.7 million, or 42% of revenue, in the year-ago quarter 08. Included in the fourth quarter gross profit was an $11.3 million charge related to the company’s cancellation of purchase orders with certain PV-related suppliers.

Operating margin for the quarter was 15%, compared to 31% in the fourth quarter of fiscal 2008. The company had net income of $11.8 million in the fourth quarter of fiscal 2009 versus $28.5 million in the year-ago quarter. Earnings per share in the fourth quarter on a fully diluted basis were $0.08, versus $0.20 in the year-ago quarter. Fiscal year and fourth quarter 2009 earnings per share included the effect of the $0.05 per share charge mentioned above.

At quarter’s end, the company’s backlog was $1.18 billion, with $341 million in the PV segment and $836 million in the polysilicon segment.

Business Outlook:

GT Solar is providing guidance for fiscal year-end April 3, 2010 for revenue of $450 million to $550 million and fully diluted earnings per share of $0.45 to $0.60.

Management Commentary:

“Fiscal 2009 was a year of significant accomplishment for GT Solar in both our PV and polysilicon segments, as we grew revenue, maintained a healthy backlog, diversified our customer base, and advanced our leading technology position,” said Tom Zarrella, president and chief executive officer. “We believe we are solidly positioned for the long term with a differentiated business model, highly variable cost structure and strong balance sheet.

“Against the backdrop of the macroeconomic downturn, we saw slower spending by customers in our PV equipment business in the second half of our fiscal year, a trend that is continuing in fiscal 2010. In our polysilicon business, we expect to ship a significant portion of our reactor-based backlog over the next few months and recognize revenue later in fiscal year 2010. We are encouraged that many of our polysilicon customers continue to execute their projects in anticipation of the promising long-term future growth of solar.”