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REC Silicon ASA: REC Silicon ASA's first quarter 2014 results

Sandvika, May 9, 2014: REC Silicon ASA reported first quarter 2014 revenues of
USD 113.4 million and EBITDA from continuing operations of USD 17.5 million.
Net debt has been reduced to USD 212 million, down from USD 307 million at
December 31, 2013.
REC Silicon Segment reported first quarter revenues of USD 113.3 million, down
from USD 124.8 million in the previous quarter. The corresponding EBITDA
during the first quarter was USD 19.5 million, down from USD 31.3 million in
the previous quarter. The reduced EBITDA is due to lower production volumes
caused by a planned outage in Silane IV. The outage was extended as a result
of conditions identified during regular maintenance. As a result of lower
production, FBR cash cost increased to USD 13.6/kg.

On February 26, REC Silicon signed a joint venture agreement with Shaanxi
Non-ferrous Tian Hong New Energy Co., Ltd. to build a 19,000 MT polysilicon
plant in the Shaanxi province in China. This joint venture will utilize REC
Silicon's proprietary FBR technology and silane experience and represents a
strategic step forward in REC Silicon's ambition to be a leading supplier of
high quality semiconductor materials.

"The formation of the Yulin Joint Venture has secured REC Silicon's position
as leader in the industry, while significantly improving our financial
strength," commented Tore Torvund, CEO of REC Silicon. "I'm pleased with the
continued market acceptance of our granular polysilicon and the slight
recovery in prices. Although the planned outage of Silane IV resulted in
lower production, it was completed without any adverse material findings."

Silicon gas sales volumes continued to be strong. Sales were driven by a
combination of improved PV, TFT, and Semiconductor demand and by competitive
capacity being currently offline.

Net financial items were expenses of USD 54.6 million, mainly reflecting
interest expenses and fair value adjustments of the convertible bonds.

The loss from continuing operations was USD 49.7 million in the first quarter,
compared to a loss of USD 3.2 million in the previous quarter. The increased
loss mainly reflects lower EBITDA and fair value adjustments of the
convertible bonds.

Basic EPS from total operations was negative USD 0.02 in the first quarter
2014, compared to USD 0.0 in the previous quarter.

Despite anti-dumping duties on solar grade polysilicon imported to China,
polysilicon demand and prices increased compared to the prior quarter.

For more information, please see the attached first quarter 2014 report.

Morning program:
On the release day, Tore Torvund, CEO of REC Silicon will give a presentation
together with the CFO. The presentation will take place at 08:00 a.m. CET at
Swedbank's office, Filipstad Brygge 1 (8th floor), 0115 Oslo, Norway.

There will be a live webcast from the presentation which can be accessed The presentation will be held in English.
It will also be possible to listen to the presentation through a conference
call. Please make sure to dial in 10 minutes prior to scheduled start time on
one of the following numbers:

Norway Toll Free: 800 56 054
UK Toll Free: 0800 279 4992
USA Toll Free: 1877 280 2342
International Toll: +44 (0)20 3427 1912

Please provide confirmation code 6053320 and state your name, company and
country of residence.

Afternoon program:
REC Silicon will host an analyst conference call with the possibility for
questions and answers later the same day at 3:00 p.m. CET. Please make sure
to dial in at least five minutes ahead of time to complete your registration.

International dial in: +47 2350 0486

Please provide confirmation code 9899880 and state your name, company and
country of residence.

For further information, please contact:
Pål Elstad, Investor Relations
REC Silicon ASA
Phone: +47 991 66 293

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 25 years of experience and proprietary
technology with the needs of our customers, and 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 Moses Lake, Washington and employs 740 people.
For more information, go to:

This information is subject of the disclosure requirements acc. to §5-12 vphl
(Norwegian Securities Trading Act)

REC Silicon ASA Q1 2014 Report
REC Silicon ASA Q1 2014 Presentation


This announcement is distributed by NASDAQ OMX Corporate Solutions on behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: REC Silicon ASA via Globenewswire


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