June 2007 -- MEMC Electronic Materials Inc. grew revenue by nearly 40% in 2006 to reach $1.54 billion compared with nearly $1.11 billion in the previous year. Net income for the year was $369 million, versus $249 million in 2005.
"Our financial performance and profitability improved significantly in almost every category in 2006 including operating profit, which more than doubled versus the prior year, gross margin which grew to a record $689 million, or almost 45% of sales, and non-GAAP EPS, which also more than doubled compared to 2005," said Nabeel Gareeb, MEMC's chief executive officer, in a statement.
On a GAAP basis, diluted income per share was $1.61 compared with $1.10 in 2005.
Gareeb stated that demand remained mixed in the semiconductor industry in which his company operates, but demand for solar wafers, which MEMC began shipping in January 2007, looked strong. As a result, 2007 first-quarter net sales reached $440.4 million, in line with the financial outlook provided by the company.
