“GT Advanced Technology has given an update on the status of its contract to supply Apple with sapphire displays for the upcoming iPhone 6 displays,” Mike Beasley reports for 9to5Mac. “According to the information provided with the company’s Q1 2014 financial report, Apple has already made three of four payments to GT Advanced for the sapphire, and GT notes that so far it is on track to meet demand.”
From the GT Advanced press release:”
During the first quarter the company received its second prepayment from Apple in the amount of $111 million. Shortly after the end of the first quarter, the company received its third prepayment from Apple in the amount of $103 million, which is not reflected in the first quarter’s ending balance sheet. Inclusive of the third prepayment, the company has received approximately $440 million out of the $578 million total prepayments that it is eligible to receive under the agreement with Apple. The company expects that the total prepayments it receives from Apple will fully fund its capital outlays related to the project in Arizona.
Read more in the full article here.
[Thanks to MacDailyNews Reader “Bill” for the heads up.]