GT Advanced Technologies Announces CFO Transition and Reiterates Guidance: Richard Gaynor Resigning on March 6, 2014; Raja Bal

GT Advanced Technologies Announces CFO Transition and Reiterates Guidance:
Richard Gaynor Resigning on March 6, 2014; Raja Bal Named Chief Accounting
Officer and Successor CFO

MERRIMACK, N.H., Jan. 16, 2014 (GLOBE NEWSWIRE) -- GT Advanced Technologies
Inc. (Nasdaq:GTAT), today announced a chief financial officer transition. CFO
Richard Gaynor resigned, effective March 6, 2014, to accept a new position
with a portfolio company of New Mountain Capital LLC, a private equity firm.
The company also announced the appointment of Raja Bal as vice president,
corporate controller and chief accounting officer. Bal will succeed Gaynor as
CFO of GT on March 7.

The company also reiterated its guidance for fiscal year 2013 ended December
31, 2013 and for fiscal year 2014, guidance that was originally provided in
November 2013 (details below). The company will announce results for Q4 and FY
2013 in late February.

Gaynor has served as CFO at GT since 2010 and will remain in that position
through early March to ensure an orderly transition, to sign the company's
form 10-K for the fiscal year ending December 31, 2013, and to participate in
the company's next quarterly conference call in late February.

Bal was at Skyworks Solutions Inc. (Nasdaq:SWKS) for the last 12 years and
served as corporate controller and in a number of other senior finance
positions, including director of corporate development with responsibility for
strategic planning and mergers and acquisitions. Skyworks, a global provider
of high performance analog semiconductors, had revenue of approximately $1.8
billion in fiscal 2013. Bal previously held positions with Lucent Technologies
and Ernst and Young. He holds a bachelor of commerce degree, with a major in
accounting from the University of Ottawa's Telfer School of Management.

"We are grateful to Rick Gaynor for several years of outstanding performance
in leading our finance and IT organizations and wish him the best in his new
opportunity," said Tom Gutierrez, president and chief executive officer of GT.
"We are fortunate to have someone with Raja Bal's strong finance and corporate
development experience to lead our seasoned finance team at this exciting time
in GT's development."

Guidance Details

For the recently completed FY13, the company expects revenue in a range of
$290 million to $320 million. Gross margins are expected to be in a range of
30% to 32%, with non-GAAP earnings per share to range between a loss of $0.40
to a loss of $0.50. In 2014, the company expects total revenue to be in the
range of $600 million to $800 million, with overall gross margins in the range
of 25% to 27% and positive earnings on a non-GAAP basis.Non-GAAP earnings per
share excludes projected: share-based compensation expense, amortization of
acquired intangible assets, acquisition and acquisition related expenses,
contingent consideration restructuring and asset impairment, accelerated
depreciation for early retirement of fixed assets, the non-cash portion of
interest expense and other non-recurring items.

About GT Advanced Technologies Inc.

GT Advanced Technologies Inc. is a leading diversified technology company
producing advanced materials and innovative crystal growth equipment for the
global consumer electronics, power electronics, solar and LED industries. Its
technical innovations accelerate the use of advanced materials, enabling a new
generation of products across this diversified set of global markets.

Forward-Looking Statements

Certain of the information in this press release relate to the Company's
future expectations, plans and prospects for its business and industry that
constitute "forward-looking statements" for the purposes of the safe-harbor
provisions of the Private Securities Litigation Reform Act of 1995, including
but not limited to: financial guidance (including expected ranges of financial
results) related to the fourth quarter of calendar year 2013, calendar year
2013 and the fiscal year ending December 31, 2014 (including guidance (or
range of results) for each of these periods related to: revenue, gross margin
and non-GAAP earnings per share. These forward-looking statements are not a
guarantee of performance and are subject to a number of uncertainties and
other factors, many of which are outside the company's control, which could
cause actual events to differ materially from those expressed or implied by
these statements. These factors may include the possibility that the company
is unable to recognize revenue on contracts in its order backlog and may not
recognize any benefits from its arrangements with Apple Inc. Although the
Company's backlog is based on signed purchase orders or other written
contractual commitments in effect as of the end of our fiscal quarter ended
September 28, 2013, we cannot guarantee that our bookings or order backlog or
our arrangement with Apple will result in actual revenue in the originally
anticipated period or at all, which could reduce our revenue, profitability
and liquidity. Other factors that may cause actual events to differ materially
from those expressed or implied by our forward-looking statements include the
Company's ability to transition its business to being a sapphire material and
equipment provider; Apple purchasing sufficient quantities under its
arrangements with the Company; the Company complying with the provisions of
its arrangements with Apple; the impact of continued decreased demand and/or
excess capacity in the markets for the output of our solar (polysilicon and
photovoltaic) and sapphire equipment, general economic conditions and the
tightening credit markets having an adverse impact on demand for our products;
increased trade tensions between the United States and China (and other
jurisdictions); the possibility that changes in government incentives may
reduce demand for solar products, which would, in turn, reduce demand for our
polysilicon and photovoltaic equipment, technological changes could render
existing products or technologies obsolete, the Company may be unable to
protect its intellectual property rights or may be subject to liability for
violating intellectual property rights of another party, competition from
other manufacturers may increase, exchange rate fluctuations and conditions in
the credit markets and economy may reduce demand for the company's products
and various other risks as outlined in GT Advanced Technologies Inc.'s filings
with the Securities and Exchange Commission, including the statements under
the heading "Risk Factors" in the company's quarterly report on Form 10-Q for
the quarter ended September 28, 2013. Statements in this press release should
be evaluated in light of these important factors. The statements in this press
release represent GT Advanced Technologies Inc.'s expectations and beliefs as
of the date of this press release. GT Advanced Technologies Inc. anticipates
that subsequent events and developments may cause these expectations and
beliefs to change. GT Advanced Technologies Inc. is under no obligation to,
and expressly disclaims any such obligation to, update or alter its
forward-looking statements, whether as a result of new information, future
events, or otherwise.

CONTACT: Media
         GT Advanced Technologies
         Jeff Nestel-Patt, 603-204-2883
         jnestelpatt@gtat.com
        
         Investors/Analysts
         GT Advanced Technologies
         Investor Hotline, 866-957-8112
         investor.inquiry@gtat.com

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