STR Holdings announced unaudited consolidated earnings results for the first quarter ended March 31, 2015. The company's net sales for the quarter ended March 31, 2015 were $6.9 million, a decrease of 26% sequentially and a decrease of 26% from first quarter of 2014. The sequential decrease was driven by approximately 19% lower volume and a 9% decline in average selling price (ASP).

On a year-over-year basis, net sales declined $2.4 million or 26%. Adjusted LBITDA for the first quarter of 2015 was $1.8 million compared to $5.7 million from the fourth quarter of 2014. This compares to Adjusted LBITDA from continuing operations of $2.9 million for the first quarter of 2014.

The improvement in 2015 is driven by favorable foreign exchange impact, improved gross loss and lower SG&A that more than offset lower net sales. Net loss from continuing operations for the first quarter of 2015 was $2.6 million, or $0.14 per diluted share. This compares to a net loss from continuing operations of $13.2 million, or $1.36 per diluted share, for the fourth quarter of 2014 and net loss from continuing operations of $4.6 million, or $0.35 per diluted share, for the first quarter of 2014.

The sequentially lower net loss of $10.6 million was due to the special items not recurring in 2015, improved adjusted EBITDA and $6.3 million of lower income tax expense. On a year-over-year basis, net loss from continuing operations decreased by $2.0 million compared to the corresponding 2014 period driven by reduced gross loss and SG&A and favorable impact from foreign currency. Non-GAAP net loss from continuing operations for the first quarter of 2015, which excludes certain tax-effected adjustments, was $2.4 million, or $0.13 per diluted share.

This compares to non-GAAP net loss from continuing operations of $12.8 million, or $1.32 per diluted share, for the fourth quarter of 2014 and non-GAAP net loss from continuing operations of $3.2 million, or $0.24 per diluted share, for the first quarter of 2014. Loss from continuing operations before income tax expense was 2.553 million compared to $4.503 million a year ago. Net loss was $2.606 million compared to $4.642 million a year ago.

Total diluted GAAP net loss per share was $0.14 compared to $0.35 a year ago. Total diluted non-GAAP net loss per share was $0.13 compared to $0.24 a year ago. Total net cash used in operating activities was $1.663 million against $4.907 million of prior year period.

Capital investments were $1.392 million compared to $0.946 million a year ago.