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From: OmertaSoldier7/10/2007 6:17:01 PM
   of 79
 
AP....7/10/07
Sector Glance: Solar Cells
Tuesday July 10, 4:20 pm ET
First Solar Downgraded to 'Hold' After Monday's Jump; Trina, Yingli and LDK Set Highs

NEW YORK (AP) -- Shares of companies that make solar power cells were mixed Tuesday, with First Solar Inc. stock sliding after an analyst's downgrade.
Lazard Capital Markets analyst Sanjay Shrestha downgraded the stock to "Hold" from "Buy," saying stock was fairly valued after it rose to an all-time high Monday following First Solar's announcment that it had five new contracts.


"We continue to believe that First Solar should be a core holding in the solar sector and we would look to revisit our investment opinion on any weakness," he wrote in a research note.

First Solar shares gained 23.9 percent Monday, reaching an all-time high of $119.85. Assuming an exchange rate of $1.30 to 1 Euro, its new contracts are worth about $1.28 billion.

The shares slid $4.45, or 3.7 percent, to close at $114.70 Tuesday.

Trina Solar Ltd. shares continued to rise Tuesday, adding 74 cents to $68.11 after earlier trading at a high of $69.45. The company said it signed a series of contracts with European companies Monday.

Elsewhere in the sector, Evergreen Solar Inc. stock dipped 35 cents, or 3.4 percent, to $9.92.

JA Solar Holdings Co. Ltd. shares dropped $1.58, or 3.7 percent, to $41.18.

Shares of Solarfun Power Holdings Co. Ltd. rose 6 cents to $12.59.

Suntech Power Holdings Co. Ltd. shares fell 25 cents to $39.31.

On the positive side, LDK Solar Co. Ltd. rose 63 cents to $37. The stock reached $37.25, its highest price since trading began last month.

Shares of Yingli Green Energy Holding Co. Ltd. advanced 69 cents to $18.65. The stock, which began trading June 8, set a high of $18.88.

Questions or comments about this story should be directed to the Financial News desk of The Associated Press at (212) 621-7190.

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From: OmertaSoldier7/11/2007 2:47:37 PM
   of 79
 
Out of the Gate: JA Solar Down....AP
Wednesday July 11, 10:09 am ET
JA Solar Falls on Downgrade After Analyst Says Stock Is at a Fair Price

NEW YORK (AP) -- JA Solar Holdings Co. Ltd. shares fell Wednesday morning after a Needham & Co. analyst said the stock is priced right, and downgraded the solar cell maker to "Hold" from "Buy."
Pierre Maccagno said JA Solar has enough silicon wafer orders to meet his 2007 sales estimate, and is already close to reaching his 2008 estimate. However, he said, the stock is now trading at a premium compared to its competitors.


JA Solar shares began trading in February, and the stock has more than doubled in value over that time. The stock rose 14.8 percent on Monday, peaking at $43.87.

Maccagno raised his estimates for 2007, saying business is "very strong." He expects the Chinese company to earn $1.16 per share, up from $1.05, on $320 million in sales, up from $296 million.

Analysts polled by Thomson Financial expect a profit of $1.04 per share this year on $298.3 million in revenue.

Five analysts rate the stock at "Buy" or the equivalent, while three give a "Neutral"-equivalent rating.

Shares declined $1.61, or 3.9 percent, to $39.57.

Questions or comments about this story should be directed to the Financial News desk of The Associated Press at (212) 621-7190.

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From: OmertaSoldier7/18/2007 1:45:43 PM
   of 79
 
Investor's Business Daily....JASO
For China's JA Solar, Supplier Alliances Create Solid Outlook
Tuesday July 17, 7:00 pm ET
Brian Womack

In solar energy, the latter half of the supply and demand equation is the easy part. That's what makes JA Solar's new supply pact, plus its close ties to another supplier, big.
JA Solar (NasdaqGM:JASO - News) enjoys a strong relationship with a big supplier of polysilicon, the material used to make solar cells. JA says that company, Jinglong Group, is China's biggest maker of polysilicon. Jinglong's parent, Jinglong BVI, owns the biggest piece of JA Solar. The size of that stake appears to be 32%. And JA Solar's chairman is the president of Jinglong. JA Solar says it gets the polysilicon from Jinglong at 5% below spot market prices.


But then last month, JA Solar inked a pact with M.Setek, a privately held Japanese company, to supply it with polysilicon starting this month. That agreement about doubles the amount of silicon wafers that will be available to JA Solar through 2010.

New supply agreements are huge because the industry is struggling through silicon shortages that may not clear up until '09, analysts say.

"That (deal) brought to light a lot of the differences between them and some other" solar companies, said John Hardy, an analyst with American Technology Research.

The deal also helped propel JA's American Depositary Receipts to an all-time high of 43.87 on July 9. The company went public in the U.S. in early February at $15 a share. It trades near 38. It fell about 6% on Tuesday after Needham & Co. downgraded the stock to hold, based on its recent quick run-up.

Still, the stock's gains exceed such big solar highfliers as solar installer SunPower (NasdaqGM:SPWR - News), which is up 50% since JA's IPO and panel maker Suntech (NYSE:STP - News), up about 15%.

Solar is one of the best stock sectors today. IBD's Energy-Other group, which includes solar companies, ranks No. 7 among 197 industry groups tracked by IBD in terms of stock performance over the past six months. Governments around the world are subsidizing solar companies, looking to promote clean energy that helps the environment and reduces their dependence on oil, gas and other energy resources that have seen fast price hikes.

Hardy, who has a buy rating on JA Solar, says investors hope the company will be able to ramp up its manufacturing faster thanks to the M.Setek pact.

This month, JA Solar confirmed that it planned to boost its output by more than 50%, adding four new production lines. The company hasn't yet said anything about its production plans in 2008.

Last month, CIBC Markets analyst Jeff Osborne upgraded the stock to outperformer from sector performer. "We see this announcement (with M.Setek) as putting JA up with Suntech as a leader in China in regards to supply," he wrote in a research note.

He notes they appear to be the only two Chinese solar companies with silicon needs already "in the bag" for 2008.

The supply outlook justifies JA Solar's stock price, says Pavel Molchanov, an analyst with Raymond James. He rates the stock a strong buy. He says the solar industry's outlook calls for 30% annual revenue growth for the time being.

The company is expected to earn $1.06 a share this year, based on the consensus of eight analysts polled by Thomson Financial. That's vs. 37 cents last year and the loss of a penny a share in 2005.

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From: OmertaSoldier7/20/2007 2:45:22 AM
   of 79
 
2ndQ 7/19/07 SunPower Corporation

SunPower Reports Second Quarter 2007 Results
Thursday July 19, 7:30 am ET
- Q2 2007 revenue of $173.8 million
- 500 megawatt solar cell Fab 3 planned, first line to begin production in late 2009
- 2 gigawatt, 10-year silicon supply agreement signed with Hemlock in July
- 330 megawatt solar cell Fab 2 complete, first line to begin production third quarter
- 300 megawatt solar panel factory, first line expected to begin production late 2007
- Next generation SunPower Tracker technology introduced
- Construction started at Nellis Air Force Base, largest U.S. solar photovoltaic plant
- Wal-Mart and Macy's signed contracts for SunPower Access(TM) power purchase agreements

SAN JOSE, Calif., July 19 /PRNewswire-FirstCall/ -- SunPower Corporation (Nasdaq: SPWR - News) today announced financial results for the 2007 second quarter ended July 1, 2007. This press release contains both GAAP and non-GAAP financial information. Non-GAAP figures presented herein are reconciled to the closest GAAP equivalent figures on the final page of this press release.
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On a GAAP basis, SunPower reported revenue for the second quarter of $173.8 million, gross margin of 17.1 percent, an operating loss of $13.2 million and a net loss of $5.3 million resulting in a loss of $0.07 per share. These figures include operating expenses for impairment of acquired intangible assets of $14.1 million related to brand unification, amortization of purchase accounting intangible assets of $7.6 million and non-cash, stock-based compensation of $13.2 million.

On a non-GAAP basis, which excludes non-cash purchase accounting revenue adjustments, revenue for the second quarter was $174.1 million, a 22 percent increase from the prior quarter's revenue of $143.2 million. The Systems business segment accounted for $104.3 million of the second quarter revenue, while the Components business segment accounted for $69.7 million. For purposes of this segmentation, the Systems segment generally represents products and services sold directly to the system owner, while the Components segment includes products sold to installers and resellers. Revenue associated with SunPower solar panels sold through the Systems segment is recorded in the Systems segment.

On a non-GAAP basis, adjusted to exclude non-cash charges for amortization and impairment of intangible assets, purchase accounting revenue adjustment, stock-based compensation and the related tax effects, SunPower realized a combined gross margin of 23.0 percent in the second quarter of 2007, compared with gross margin of 29.0 percent in the first quarter of 2007. Also, in the second quarter of 2007, the Systems segment achieved a gross margin of 19.7 percent while the Components segment reported a gross margin of 27.8 percent. Gross margin in the first quarter of 2007 included a non-recurring benefit of $1.1 million as well as a favorable geographic and products and services mix in our Systems segment.

On a non-GAAP basis, excluding the items noted above, SunPower achieved a combined second quarter net income of $19.8 million, or $0.25 diluted earnings per share. This compares with the prior quarter's non-GAAP net income of $23.3 million, or $0.29 diluted earnings per share.

"SunPower again achieved outstanding quarterly results," said Tom Werner, SunPower's CEO. "In the second quarter both our Components and our Systems business segments performed well, now unified under the SunPower brand. Our robust revenue performance reflects another quarter of increasing manufacturing volume coupled with strong demand for our industry-leading components and systems. Increasing sequential quarterly average selling prices (ASPs) for our solar cells and solar panels reflect the value of our high-efficiency solar technology.

"We expect global silicon supply to increase during the next year as new capacity comes on line," said Werner. "We congratulate our partner, M.Setek, on the success of their first polysilicon manufacturing plant which began production in the second quarter of this year. As our long-term silicon supply contracts go into effect over the next year, we expect SunPower's silicon costs on average to improve compared to current short-term pricing.

"We continue to seek opportunities to expand our silicon supply portfolio," said Werner. "Yesterday we announced a major new silicon supply agreement with Hemlock Semiconductor Corporation. This agreement is a threshold step in moving along SunPower's manufacturing expansion roadmap. We expect Hemlock's silicon will support our planned third solar cell fabrication facility, or cell Fab 3 which we expect to be capable of producing 500 megawatts or more of high-efficiency solar cells annually, with production beginning on the first line in that facility in late 2009. We expect to manufacture more than 2 gigawatts of solar cells with the polysilicon Hemlock will deliver to us from 2010 through 2019. In combination with our other agreements with silicon suppliers we expect to have sufficient silicon supply to produce 110 megawatts of solar cells in 2007, 250 megawatts or more in 2008, and 400 megawatts or more in 2009."

SunPower's Silicon Supply Agreement Position and Capacity Expansion Plan

2007 2008 2009
Beginning of Year, Nameplate
Capacity(megawatts) 108 207 372
Annual Production Capacity
Supported by Silicon Agreed
to Date (megawatts) 110 250+ 400+
Annual Cash Required for Silicon
Prepayments in Advance of
Delivery ($ millions) $86.0 $56.0 $48.8

"Our cell Fab 1 now has an installed production capacity of 108 megawatts and our cell Fab 2 will be inaugurated later this month as we begin production on schedule and on budget in the third quarter," said Werner. "Fab 2 will exclusively manufacture Gen 2 solar cells, already being mass-produced in Fab 1 with median efficiencies above 22 percent. High-efficiency solar cell technology coupled with 165 micron wafer thickness allowed us to achieve a polysilicon utilization rate of less than seven grams of polysilicon per watt of factory output during the second quarter. We anticipate that superior polysilicon utilization will offer us powerful cost leverage.

"The progress in our solar panel manufacturing factory has spurred us to begin construction of a larger 300 megawatt, 10-line panel manufacturing factory," said Werner. "The first lines are scheduled to begin production in the fourth quarter of 2007. This facility is located adjacent to cell Fab 1 in the Philippines and will initially house the three solar panel

manufacturing lines we have on order. We expect to eventually move our first solar panel line to this facility.

"Our Systems segment also had an excellent quarter," said Werner. "We have recently announced a number of major agreements and milestones that demonstrate the breadth and scope of our Systems business."

-- Nevada: Construction started on an approximately 15 megawatt central-
station solar electric power plant located at Nellis Air Force Base
outside of Las Vegas, Nevada
-- Spain: Supply of 61 megawatts of solar power plant equipment and
services announced using SunPower Tracker solar systems technology
-- California: SunPower Access power purchase contracts signed with Macy's
and financing completed with Morgan Stanley for Wal-Mart systems -- a
combined total of more than 12 megawatts
-- Homebuilders: Grupe Homes and Lennar Corp. reported that new solar
homes using SunPower SunTile® sell approximately twice as fast as
non-solar homes
-- US: Large-scale solar systems announced in New Jersey, Colorado, and
Hawaii, extending SunPower's lead as the largest solar systems provider
in the U.S.
-- Korea: Construction completed on the 2.2 megawatt Mungyeong SP Solar
Mountain solar system
-- Technology: Introduced next generation SunPower Tracker system
utilizing a tilted one-axis design to produce up to 30 percent more
energy than fixed-tilt systems of the same rated capacity

"We also expect production from our three new solar cell manufacturing lines in the second half of 2007 to contribute to our continued growth," said Werner. "Taking into account the use of SunPower solar panels by our Systems segment, we expect to generate the following non-GAAP results in the third quarter of 2007: revenue of $205 million to $215 million; gross margin of 20 percent to 22 percent; and diluted net income per of share of $0.25 to $0.29. For the full year 2007, we expect the company to generate revenue of $730 million to $750 million and diluted net income per share of $1.13 to $1.20.1

"As a result of robust bookings, we expect our Systems segment to be a larger percentage of total company revenue in the third quarter of 2007," said Werner. "Due to this factor as well the effect of ramping two lines during the quarter, we expect a slightly lower average gross margin for the company. However, we expect total company gross margin to continue expanding again, commencing with the fourth quarter of 2007. Our Systems segment is expected to generate the following non-GAAP results in the third quarter: revenue of $130 million to $135 million with expected gross margin of 18 percent to 20 percent, while we expect our Components segment to generate revenue between $75 million to $80 million with expected gross margin of 24 percent to 26 percent.2

"In 2008 we expect to achieve non-GAAP revenue of approximately $1.0 billion to $1.2 billion and diluted net income per share of approximately $1.80 to $2.00 as we bring on five more solar cell manufacturing lines and respond to the expanding solar market across three continents," said Werner. "Taking advantage of our vertical integration efficiencies, we believe we will achieve our stated business model financial goals of 30 percent gross margin, 10 percent operating expenses and 20 percent operating margin on a non-GAAP basis by the end of 2008 or early 2009."3

About SunPower

SunPower Corporation (Nasdaq: SPWR - News) designs, manufactures and delivers high-performance solar electric systems worldwide for residential, commercial and utility-scale power plant customers. SunPower high-efficiency solar cells and solar panels generate up to 50 percent more power than conventional solar technologies and have a uniquely attractive, all-black appearance. With headquarters in San Jose, Calif., SunPower has offices in North America, Europe and Asia. For more information, visit www.sunpowercorp.com. SunPower is a majority-owned subsidiary of Cypress Semiconductor Corp. (NYSE: CY - News).

1 For the third quarter of 2007, we expect the combined company to
generate revenue on a GAAP basis of $205 million to $215 million; GAAP
gross margin of approximately 16 percent to 18 percent and GAAP net
income to be at or near break even. For the full year 2007, we expect
combined revenue on a GAAP basis of $729 million to $750 million and
diluted GAAP net (loss) income per share of $(0.07) to $0.03.

2 For the third quarter of 2007, we expect the Systems segment to
generate GAAP gross margin of approximately 18 percent to 21 percent and
the Components segment to generate GAAP gross margin of
approximately 20 percent to 22 percent.

3 For the full year 2008, we expect combined revenue on a GAAP basis of
$1.0 billion to $1.2 billion and diluted GAAP net income per share of
$0.64 to $0.84.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, and as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements are statements that do not represent historical facts. We use words such as "expect," "believe," "plan," "will," "should," "anticipate," and similar expressions to identify forward- looking statements. Forward-looking statements in this press release include, but are not limited to, the company's plans and expectations regarding (a) production at SunPower's 330 megawatt and 500 megawatt solar cell fabrication facilities and 300 megawatt panel factory; (b) changes in silicon supply and costs during the next year; (c) delivery of silicon to SunPower under long- term supply contracts with Hemlock, M. Setek, DC Chemical and other parties; (d) SunPower's silicon supply agreement position and capacity expansion plan; (e) SunPower's superior polysilicon utilization and associated cost leverage; (f) the megawatt size of the Systems segment's projects; (g) company gross margin trends in the third and fourth quarters of 2007; (h) the company's quarterly financial results for the third quarter of 2007 as well as annual financial results for 2007, including revenue, gross margin, and diluted net income per share; (i) the company's Component and Systems segments' separate contributions to third quarter consolidated results, including revenue and gross margin; (j) annual financial results for 2008, including revenue and diluted net income per share; and (k) goals to achieve a certain gross margin, operating expense and operating margin by the end of 2008 or early 2009. Such statements are based on our current expectations as of the date of the release, which could change or not materialize as expected. Our actual results may differ materially due to a variety of uncertainties and risk factors, including but not limited to risks associated with (i) our ability to ramp new production lines; (ii) our ability to realize expected manufacturing efficiencies; (iii) our ability to reduce kerf loss and otherwise achieve anticipated reductions in silicon usage efficiency (iv) production difficulties that could arise; (v) the success of our ongoing research and development efforts; (vi) our ability to obtain adequate supply of polysilicon, ingots and wafers to manufacture our products and the price we pay for such materials; (vii) the price and availability of cells and solar panels; (viii) business and economic conditions and growth trends in the solar power industry; (ix) the continuation of governmental and related economic incentives promoting the use of solar power; (x) our ability to compete with other companies and competing technologies; (xi) the potential renegotiation of or non-performance by parties to our supply and customer contracts; (xii) unforeseen manufacturing equipment delays at our fabrication facilities and panel factories; (xiii) our ability to obtain structured financing for our power purchase agreement business activities; and (xiv) other risks described in our Annual Report on Form 10-K for the year ended December 31, 2006, our Quarterly Report on Form 10-Q for the quarter ended April 1, 2007, and other filings with the Securities and Exchange Commission. You should also carefully review reports that we file with the Securities and Exchange Commission, including without limitation such Form 10-K and Form 10-Q. Except as required by law, we assume no obligation to update any such forward-looking statements.

To supplement the consolidated financial results prepared under GAAP, SunPower uses non-GAAP measures which are adjusted from the most directly comparable GAAP results to exclude items related to amortization of intangible assets, stock-based compensation and the related tax effects. Management does not consider these charges in evaluating the core operational activities of the company. Management uses these non-GAAP measures internally to make strategic decisions, forecast future results and evaluate the company's current performance. Most analysts covering SunPower use the non-GAAP measures as well. Given management's use of these non-GAAP measures, SunPower believes these measures are important to investors in understanding the company's current and future operating results as seen through the eyes of management. In addition, management believes these non-GAAP measures are useful to investors in enabling them to better assess changes in SunPower's core business across different time periods. These non-GAAP measures are not in accordance with or an alternative for GAAP financial data and may be different from non-GAAP measures used by other companies.

Fiscal Periods

The company operates on a fiscal calendar comprised of four thirteen-week quarters that end at midnight Pacific Time on the Sunday nearest the calendar quarter-end.

SunPower is a registered trademark of SunPower Corp. Cypress is a registered trademark of Cypress Semiconductor Corp. All other trademarks are the property of their respective owners.

SUNPOWER CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)

(Unaudited)

Jul. 1, Dec. 31,
2007 2006

ASSETS

Cash and cash equivalents $150,352 $165,596
Short-term investments 25,555 16,496
Accounts receivable, net 93,053 51,680
Costs and estimated earnings in
excess of billings 23,459 -
Deferred project costs 24,935 -
Inventories 100,771 22,780
Prepaid expenses and other assets 58,499 23,288
Advances to suppliers 93,222 77,636
Property, plant and equipment, net 295,776 202,428
Goodwill and other intangible assets,
net 239,043 16,932

Total assets $1,104,665 $576,836

LIABILITIES AND STOCKHOLDERS' EQUITY

Accounts payable $115,625 $26,534
Accrued and other liabilities 61,615 21,540
Convertible debt 200,000 -
Billings in excess of costs and
estimated earnings 48,574 -
Customer advances 29,828 39,991

Total liabilities 455,642 88,065

Stockholders' equity 649,023 488,771

Total liabilities and
stockholders' equity $1,104,665 $576,836

SUNPOWER CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share data)

(Unaudited)

THREE MONTHS ENDED SIX MONTHS ENDED
Jul. 1, Apr 1, Jul. 2, Jul. 1, Jul. 2,
2007 2007 2006 2007 2006

Revenue
Systems $104,037 $78,495 $ - $182,532 $ -
Components 69,729 63,852 54,695 133,581 96,653
173,766 142,347 54,695 316,113 96,653

Cost of systems revenue 89,701 67,389 - 157,090 -
Cost of components revenue 54,273 42,533 43,248 96,806 79,514
143,974 109,922 43,248 253,896 79,514

Gross margin 29,792 32,425 11,447 62,217 17,139

Operating expenses:
Research and development 2,821 2,936 2,588 5,757 4,584
Selling, general and
administrative 26,109 22,371 4,985 48,480 9,366
Purchased in-process research
and development - 9,575 - 9,575 -
Impairment of acquisition-
related intangibles 14,068 - - 14,068 -

Total operating
expenses 42,998 34,882 7,573 77,880 13,950

Operating income (loss) (13,206) (2,457) 3,874 (15,663) 3,189

Interest and other income,
net 594 1,139 1,922 1,733 2,893

Income (loss) before income
taxes (12,612) (1,318) 5,796 (13,930) 6,082

Income tax provision
(benefit) (7,267) (2,558) 412 (9,825) 443

Net income (loss) $(5,345) $1,240 $5,384 $(4,105) $5,639

Net income (loss) per share:
- Basic ($0.07) $0.02 $0.08 ($0.06) $0.09
- Diluted ($0.07) $0.02 $0.08 ($0.06) $0.08

Shares used in calculation of
net income (loss) per share:
- Basic 75,123 73,732 64,040 74,428 62,583
- Diluted 75,123 79,126 69,408 74,428 68,172

THREE MONTHS ENDED SIX MONTHS ENDED
Jul. 1, Apr 1, Jul. 2, Jul. 1, Jul. 2,
2007 2007 2006 2007 2006
(In thousands, except per
share data) (Presented on a GAAP Basis)
Total revenue $173,766 $142,347 $54,695 $316,113 $96,653
Gross margin $29,792 $32,425 $11,447 $62,217 $17,139
Operating income (loss) $(13,206) $(2,457) $3,874 $(15,663) $3,189
Net income (loss) $(5,345) $1,240 $5,384 $(4,105) $5,639
Net income (loss) per
share:
-Basic $(0.07) $0.02 $0.08 $(0.06) $0.09
-Diluted $(0.07) $0.02 $0.08 $(0.06) $0.08

THREE MONTHS ENDED SIX MONTHS ENDED
Jul. 1, Apr 1, Jul. 2, Jul. 1, Jul. 2,
2007 2007 2006 2007 2006
(In thousands, except per
share data) (Presented on a non-GAAP Basis)*
Total revenue $174,075 $143,180 $54,695 $317,255 $96,653
Gross margin $39,986 $41,577 $12,856 $81,563 $19,917
Operating income (loss) $22,041 $25,465 $6,186 $47,506 $8,088
Net income (loss) $19,811 $23,278 $7,534 $43,089 $10,376
Net income (loss) per
share:
-Basic $0.26 $0.32 $0.12 $0.58 $0.17
-Diluted $0.25 $0.29 $0.11 $0.54 $0.15

* All non-GAAP measures presented above exclude stock-based compensation
expenses, amortization of intangibles, fair value adjustments to
deferred revenue and in-process research and development expenses
relating to purchase accounting, impairment of acquisition-related
intangibles, and related tax effects. For further details on non-GAAP
financial measures, please refer to the reconciliation table and a
detailed discussion of management's use of non-GAAP information below.

About SunPower's non-GAAP Financial Measures:

To supplement its consolidated financial results presented in accordance with GAAP, SunPower uses non-GAAP measures which are adjusted from the most directly comparable GAAP results to exclude items related to stock-based compensation expenses, amortization of intangibles, fair value adjustments to deferred revenue and in-process research and development expenses relating to purchase accounting, impairment of acquisition-related intangibles, and related tax effects. The specific non-GAAP measures included herein are revenue, gross margin, operating income (loss), net income (loss) and net income (loss) per share. Management believes that each of these non-GAAP measures is useful to investors for the following reasons:

-- Revenue - SunPower's non-GAAP revenue includes a purchase accounting
fair value adjustment to deferred revenue in accordance with EITF 01-
03. This results in elimination of revenue that would have been
recognized by the subsidiary SunPower Corporation, Systems (formerly
known as PowerLight Corporation) had SunPower not acquired it.
Management believes this non-GAAP measure is useful to investors
because it shows the revenue that would have been reflected in our
Systems segment absent the effect of purchase accounting. In addition,
management uses this metric to assess the business and financial
performance of the company and as one element in determining employees'
incentive compensation.
-- Gross Margin - SunPower's non-GAAP gross margin excludes the effects of
purchase accounting fair value adjustment to deferred revenue,
amortization of acquired intangible assets and stock-based compensation
charges. Management believes this non-GAAP measure is useful to
investors because it shows the company's gross margin across different
reporting periods on a consistent basis, independent of stock-based
compensation expenses and the effects of purchase accounting. In
addition, management uses this metric to assess the business and
financial performance of the company and as one element in determining
certain employees' incentive compensation.
-- Operating Income (Loss) - SunPower's non-GAAP operating income or loss
excludes the effects of purchase accounting fair value adjustment to
deferred revenue, amortization of acquired intangible assets and stock-
based compensation charges. Management believes this non-GAAP measure
is useful to investors because it shows the company's operating income
or loss across different reporting periods on a consistent basis,
independent of stock-based compensation expenses and the effects
purchase accounting. In addition, management uses this metric to
assess the business and financial performance of the company and as one
element in determining certain employees' incentive compensation.
-- Net Income (Loss) and Net Income (Loss) per share - SunPower's non-GAAP
net income or loss and net income or loss per share excludes items
related to stock-based compensation expenses, amortization of acquired
intangibles, fair value adjustments to deferred revenue and in-process
research and development expenses relating to purchase accounting,
impairment of acquisition-related intangibles, and related tax effects.
Management believes this non-GAAP measure is useful to investors
because it shows the company's net income or loss across different
reporting periods on a consistent basis, independent of stock-based
compensation expenses and the effects purchase accounting. In
addition, management uses this metric to assess the business and
financial performance of the company and as one element in determining
certain employees' incentive compensation.

SunPower believes that each of the non-GAAP financial measures described above provides investors with another method for assessing SunPower's operating results in a manner that is focused on the performance of its ongoing operations. Management also uses these non-GAAP measures internally to assess the business and financial performance of current and historical results, for strategic decision making, forecasting future results and evaluating the company's current performance. Many of the analysts covering SunPower also use these non-GAAP measures in their analyses. These non-GAAP measures are not in accordance with or an alternative for GAAP financial data, the non-GAAP results should be reviewed together with the GAAP results and are not intended to serve as a substitute for results under GAAP, and may be different from non-GAAP measures used by other companies.

For more information on these non-GAAP financial measures, please see the tables captioned "Reconciliations of GAAP results of operations measures to non-GAAP measures" set forth at the end of this release and which should be read together with the preceding financial statements prepared in accordance with GAAP.

These non-GAAP statements of operations measures are important to the company for the reasons noted above and they exclude the following items:

-- Stock-based compensation. Stock-based compensation relates primarily to SunPower stock awards such as stock options, restricted stock and related tax effects. Stock-based compensation is a non-cash expense that varies in amount from period to period and is dependent on market forces that are difficult to predict. As a result of this unpredictability, management excludes this item from its internal operating forecasts and models. Management believes that non-GAAP measures adjusted for stock-based compensation provide investors with a basis to measure the company's core performance against the performance of other companies without the variability created by stock-based compensation.

-- Amortization of intangibles, impairment of intangibles, fair value adjustments to deferred revenue and in-process research and development expenses relating to purchase accounting, and related tax effects. These adjustments are acquisition-related charges. Amortization of acquisition- related intangibles relates to purchased technology in acquisitions such as existing technology, patents, brand names and trademarks. Impairment of acquisition-related intangibles relates to the net book value of the PowerLight trade name being written off in its entirety as a result of the change in branding strategy. Fair value adjustment to deferred revenue is an acquisition-related adjustment that results in certain revenues never being recognized under GAAP by either the acquiring company or the company being acquired. In-process research and development relates to projects in process as of the acquisition date that have not reached technological feasibility and are immediately expensed. These acquisition-related charges are not factored into management's evaluation of potential acquisitions or its performance after completion of acquisitions, because they are not related to our core operating performance, and the frequency and amount of such charges can vary significantly based on the size and timing of acquisitions and the maturities of the businesses being acquired. Excluding this data provides investors with a basis to compare the company against the performance of other companies without the variability caused by purchase accounting.

SUNPOWER CORPORATION
RECONCILIATIONS OF GAAP RESULTS OF OPERATIONS MEASURES TO NON-GAAP MEASURES

(Unaudited)
(In thousands, except per share data)

STATEMENT OF OPERATIONS DATA:
THREE MONTHS ENDED SIX MONTHS ENDED
Jul. 1, Apr 1, Jul. 2, Jul. 1, Jul. 2,
2007 2007 2006 2007 2006

Total GAAP revenue $173,766 $142,347 $54,695 $316,113 $96,653
Fair value adjustment
to deferred revenue 309 833 - 1,142 -
Total non-GAAP revenue $174,075 $143,180 $54,695 $317,255 $96,653

GAAP gross margin $29,792 $32,425 $11,447 $62,217 $17,139
Fair value adjustment
to deferred revenue 309 833 - 1,142 -
Amortization of
intangible assets 6,687 6,069 1,175 12,756 2,350
Stock-based compensation
expense 3,198 2,250 234 5,448 428
Non-GAAP gross margin $39,986 $41,577 $12,856 $81,563 $19,917

GAAP operating income
(loss) $(13,206) $(2,457) $3,874 $(15,663) $3,189
Fair value adjustment to
deferred revenue 309 833 - 1,142 -
Amortization of
intangible assets 7,640 6,911 1,175 14,551 2,350
Stock-based compensation
expense 13,230 10,603 1,137 23,833 2,549
Purchased in-process
research and
development - 9,575 - 9,575 -
Impairment of acquisition-
related intangibles 14,068 - - 14,068 -
Non-GAAP operating income $22,041 $25,465 $6,186 $47,506 $8,088

GAAP net income (loss) $(5,345) $1,240 $5,384 $(4,105) $5,639
Fair value adjustment to
deferred revenue 309 833 - 1,142 -
Amortization of
intangible assets 7,640 6,911 1,175 14,551 2,350
Stock-based compensation
expense 13,230 10,603 1,137 23,833 2,549
Purchased in-process
research and
development - 9,575 - 9,575 -
Impairment of acquisition-
related intangibles 14,068 - - 14,068 -
Tax effect (10,091) (5,884) (162) (15,975) (162)
Non-GAAP net income $19,811 $23,278 $7,534 $43,089 $10,376

NET INCOME PER SHARE:
THREE MONTHS ENDED SIX MONTHS ENDED
July 1, Apr 1, July 2, July 1, July 2,
2007 2007 2006 2007 2006

Basic:
GAAP net income (loss)
per share ($0.07) $0.02 $0.08 ($0.06) $0.09
Reconciling items:
Stock-based compensation
expense 0.18 0.15 0.02 0.33 0.04
Purchase accounting:
Fair value adjustment to
deferred revenue - 0.01 - 0.01 -
Amortization of
intangible assets 0.10 0.09 0.02 0.19 0.04
Purchased in-process
research and
development - 0.13 - 0.13 -
Impairment of
acquisition-related
intangibles 0.18 - - 0.18 -
Tax effect (0.13) (0.08) - (0.20) -

Non-GAAP net income
per share $0.26 $0.32 $0.12 $0.58 $0.17

Diluted:
GAAP net income (loss)
per share ($0.07) $0.02 $0.08 ($0.06) $0.08
Reconciling items:
Stock-based compensation
expenses 0.17 0.12 0.01 0.30 0.03
Purchase accounting:
Fair value adjustment
to deferred revenue - 0.01 - 0.01 -
Amortization of
intangible
assets 0.10 0.09 0.02 0.19 0.04
Purchased in-process
research
and development - 0.12 - 0.12 -
Impairment of
acquisition-related
intangibles 0.18 - - 0.18 -
Tax effect (0.13) (0.07) - (0.20) -

Non-GAAP net income per
share $0.25 $0.29 $0.11 $0.54 $0.15

Shares used in calculation
of GAAP net income (loss)
per share:
- Basic 75,123 73,732 64,040 74,428 62,583
- Diluted 75,123 79,126 69,408 74,428 68,172

Shares used in calculation
of non-GAAP net income
per share:
-Basic 75,123 73,732 64,040 74,428 62,583
-Diluted 79,843 79,126 69,408 79,485 68,172

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From: OmertaSoldier7/31/2007 10:31:05 PM
   of 79
 
First Solar 2007 2Q 7/31/07

PHOENIX, Jul 31, 2007 (PrimeNewswire via COMTEX News Network) --

First Solar, Inc. (Nasdaq:FSLR) today announced its financial results for the second quarter ended June 30, 2007. Quarterly revenues were $77.2 million, up from $66.9 million in the first quarter of fiscal 2007 and up from $27.9 million in the second quarter of fiscal 2006.

Net income for the second quarter of fiscal 2007 was $44.4 million, or $0.58 per share on a fully diluted basis, compared to net income of $5.0 million, or $0.07 per share on a fully diluted basis for the first quarter of fiscal 2007 and a net loss of $2.5 million for the second quarter of fiscal 2006 or $(0.03) per share on a fully diluted pro-forma basis. Net income for the second quarter of fiscal 2007 includes a one time income tax benefit of $39.2 million, or $0.51 per share on a fully diluted basis, resulting from the reversal of valuation allowances against previously established U.S. deferred income tax assets. The reversal was based upon the Company's assessment of the future realization of its U.S. deferred income tax assets.

Pro-forma earnings per share for the three months ended July 1, 2006 have been adjusted to give effect to the Company's equity offerings during 2006, including its initial public offering, as if each occurred on January 1, 2006. The Company believes the pro-forma earnings per share presentation represents a meaningful basis for the comparison of its current results to results during fiscal periods occurring prior to the Company's initial public offering.

On a GAAP fully diluted basis, net income for the second quarter of fiscal 2007 was $0.58 per share, compared to $0.07 per share for the first quarter of fiscal 2007. Net loss for the second quarter of 2006 was $(0.05) per share on a GAAP fully diluted basis.

First Solar will discuss these results and expected results for fiscal 2007 in a conference call scheduled for today at 4:30 p.m. EDT. To participate in the conference call, please dial (800) 289-0544 or (913) 981-5533. Investors may also access a live audio web cast of this conference call on the Investors section of the Company's website at firstsolar.com. An audio replay of the web cast will be available approximately two hours after the conclusion of the call. The audio replay will remain available until Friday, August 3, 2007 at 11:59 p.m. EDT and can be accessed by dialing (888) 203-1112 or (719) 457-0820 and entering access ID number 5699645.

About First Solar:

First Solar, Inc. (Nasdaq:FSLR) manufactures solar modules with an advanced thin film semiconductor process that significantly lowers solar electricity costs. By enabling clean renewable electricity at affordable prices, First Solar provides an economic alternative to peak conventional electricity and the related fossil fuel dependence, greenhouse gas emissions, and peak time grid constraints.

The First Solar, Inc. logo is available at primenewswire.com

For First Solar Investors:

This release contains forward-looking statements which are made pursuant to the safe harbor provisions of Section 21E of the Securities Exchange Act of 1934. The forward-looking statements in this release do not constitute guarantees of future performance. Those statements involve a number of factors that could cause actual results to differ materially, including risks associated with the company's business involving the company's products, their development and distribution, economic and competitive factors and the company's key strategic relationships, and other risks detailed in the company's filings with the Securities and Exchange Commission. First Solar assumes no obligation to update any forward-looking information contained in this press release or with respect to the announcements described herein.

FIRST SOLAR, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share amounts)
(Unaudited)

Three Months Ended Six Months Ended
------------------ ------------------
July 1, June 30, July 1, June 30,
2006 2007 2006 2007
-------- -------- -------- --------
Net sales $ 27,861 $ 77,223 $ 41,485 $144,172
Cost of sales 18,761 48,852 29,113 85,759
-------- -------- -------- --------
Gross profit 9,100 28,371 12,372 58,413
-------- -------- -------- --------
Operating expenses:
Research and development 1,536 3,763 3,055 6,821
Selling, general and
administrative 8,133 17,285 14,005 30,975
Production start up 4,062 1,523 6,641 9,997
-------- -------- -------- --------
Total operating
expenses 13,731 22,571 23,701 47,793
-------- -------- -------- --------
Operating income (loss) (4,631) 5,800 (11,329) 10,620
Foreign currency gain (loss) 2,190 21 3,090 (249)
Interest expense (285) (1,283) (708) (1,484)
Other income (expense), net 242 3,326 591 7,286
-------- -------- -------- --------
Income (loss) before
income taxes (2,484) 7,864 (8,356) 16,173
Income tax benefit 23 36,554 -- 33,273
-------- -------- -------- --------
Net income (loss) $ (2,461) $ 44,418 $ (8,356) $ 49,446
======== ======== ======== ========
Net income (loss) per share:
Basic $ (0.05) $ 0.61 $ (0.16) $ 0.68
======== ======== ======== ========
Diluted $ (0.05) $ 0.58 $ (0.16) $ 0.65
======== ======== ======== ========
Weighted-average number of
shares used in per share
calculations:
Basic 54,358 72,596 52,567 72,472
======== ======== ======== ========
Diluted 54,358 76,089 52,567 75,740
======== ======== ======== ========

FIRST SOLAR, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands, except per share amounts)
(Unaudited)
December 30, June 30,
2006 2007
--------- ---------
ASSETS
Current assets:
Cash and cash equivalents $ 308,092 $ 107,799
Short-term investments 323 207,208
Accounts receivable, net 27,123 13,736
Inventories 16,510 26,848
Economic development funding receivable 27,515 33,757
Deferred tax asset, net - current -- 4,816
Prepaid expenses and other current assets 8,959 29,923
--------- ---------
Total current assets 388,522 424,087
Property, plant and equipment, net 178,868 245,559
Restricted investments 8,224 14,023
Deferred tax asset, net - noncurrent -- 34,403
Other noncurrent assets 2,896 5,140
--------- ---------
Total assets $ 578,510 $ 723,212
========= =========
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Short-term debt $ 16,339 $ 22,407
Current portion of long-term debt 3,311 3,327
Accounts payable and accrued expenses 32,083 51,394
Other current liabilities 340 15
--------- ---------
Total current liabilities 52,073 77,143
Accrued recycling 3,724 6,448
Long-term debt 61,047 96,477
Other noncurrent liabilities -- 1,134
--------- ---------
Total liabilities 116,844 181,202
Commitments and contingencies
Employee stock options on redeemable shares 50,226 60,706
Stockholders' equity:
Common stock, $0.001 par value per share;
500,000,000 shares authorized;
72,997,929 shares issued and outstanding
at June 30, 2007 72 73
Additional paid-in capital 555,749 575,047
Accumulated deficit (145,403) (96,013)
Accumulated other comprehensive income 1,022 2,197
--------- ---------
Total stockholders' equity 411,440 481,304
--------- ---------
Total liabilities and
stockholders' equity $ 578,510 $ 723,212
========= =========

FIRST SOLAR, INC.
PRO-FORMA vs. GAAP EARNINGS PER SHARE
(in thousands, except per share data)

A reconciliation of the denominator used in calculating pro-forma
fully diluted earnings per share is as follows:

Three Months Ended
-----------------------------------
July 1, March 31, June 30,
2006 2007 2007
-----------------------------------
(Unaudited)

Net income (loss) $ (2,461) $ 5,028 $ 44,418
Weighted-average shares
outstanding, diluted 54,358 75,392 76,089
Adjustment to reflect the
IPO shares as if they
had been outstanding
since the beginning of 2006 17,972 -- --

Pro-forma weighted-average
shares outstanding, diluted 72,330 75,392 76,089

Net income (loss) per share
diluted as reported $ (0.05) $ 0.07 $ 0.58
Net income (loss) per share
diluted pro-forma $ (0.03) $ 0.07 $ 0.58

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From: OmertaSoldier8/1/2007 7:38:37 PM
   of 79
 
LDK Solar 2Q Reports Financial Results for the Second Quarter 2007
Wednesday August 1, 4:05 pm ET

XINYU CITY, China and SUNNYVALE, Calif., Aug. 1 /PRNewswire-FirstCall/ -- LDK Solar Co., Ltd. (NYSE: LDK - News), a leading manufacturer of multicrystalline solar wafers, today reported its unaudited financial results for the second quarter ended June 30, 2007.

All financial results are reported on a U.S. GAAP basis.

Second Quarter 2007 Financial Highlights:
-- Revenue of $99.1 million, up 716% from the year ago quarter
-- Gross profit of $34.9 million, up 1,265% from the year ago quarter
-- Net income of $28.7 million, or $0.29 per diluted ADS, up 2,083% from
the year ago quarter
-- Increased annualized multicrystalline wafer production capacity from
215 MW to 300 MW, up 40% quarter-over-quarter

Net sales for the second quarter of fiscal 2007 were $99.1 million, up 35% sequentially from $73.4 million for the first quarter of fiscal 2007, and up 716% year-over-year from $12.1 million for the second quarter of fiscal 2006.

Gross profit for the second quarter of fiscal 2007 was $34.9 million, up 23% sequentially from $28.4 million for the first quarter of fiscal 2007, and up 1,265% year-over-year from $2.6 million for the second quarter of fiscal 2006. Gross margin for the second quarter of fiscal 2007 was 35.2%, compared with 38.7% in the first quarter of fiscal 2007 and 21.0% in the second quarter of fiscal 2006.

Net income for the second quarter of fiscal 2007 was $28.7 million, or $0.29 per diluted ADS, compared to net income of $24.5 million, or $0.27 per diluted ADS for the first quarter of fiscal 2007, and $1.3 million, or $0.02 per diluted ADS for the second quarter of fiscal 2006.

The Company ended the second quarter of fiscal 2007 with $250.6 million in cash and cash equivalents.

"We are pleased to report strong results for the second quarter, our first as a public company," stated Xiaofeng Peng, Chairman and CEO of LDK Solar. "Our results demonstrate our success in providing our customers, leading global solar cell and module manufacturers, with high-quality multicrystalline solar wafers at significant cost advantages. During the quarter, we executed our growth strategy on plan and continued the rapid expansion of our production capacity. In addition to ramping our production lines, we continued to make progress on our cost reduction efforts through further advancements of our production processes.

"We recently ordered additional DSS furnaces and wire saws to further expand our manufacturing capacity to 1,600 MW by the end of 2009. We also announced the purchase of polysilicon production equipment, enabling LDK to produce virgin silicon feedstock. By augmenting our strategy upstream, we believe we will enhance our cost efficiencies," concluded Mr. Peng.

Business Outlook

The following statements are based upon management's current expectations. These statements are forward-looking, and actual results may differ materially. The Company undertakes no obligation to update these statements.

For the third quarter of fiscal 2007, LDK estimates revenue is expected to be in the range of $115 to $125 million and fully diluted earnings per ADS of $0.29 to $0.32.

Conference Call Details

The LDK Second Quarter teleconference and webcast is scheduled to begin at 5:00 p.m. Eastern Time (ET), on Wednesday, August 1, 2007. To listen to the live conference call, please dial 800-257-6607 (within U.S.) or 303-262-2006 (outside U.S.) at 4:50 p.m. ET on August 1, 2007. An audio replay of the call will be available to investors through August 6, 2007, by dialing 800-405-2236 (within U.S.) or 303-590-3000 (outside U.S.) and entering the passcode 11093873#.

A live webcast of the call will be available on the company's investor relations website at investor.ldksolar.com.

About LDK Solar

LDK Solar Co., Ltd. is a leading manufacturer of multicrystalline solar wafers, which are the principal raw material used to produce solar cells. LDK sells multicrystalline wafers globally to manufacturers of photovoltaic products, including solar cells and solar modules. In addition, the company provides wafer processing services to monocrystalline and multicrystalline solar cell and module manufacturers. LDK's headquarters and manufacturing facilities are located in Hi-Tech Industrial Park, Xinyu City, Jiangxi province in the People's Republic of China. The company's office in the United States is located in Sunnyvale, California.

Safe Harbor Statement

This press release includes statements that may constitute forward-looking statements made pursuant to the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Although LDK believes that the expectations reflected in such forward-looking statements are based on reasonable assumptions, such statements are subject to risk and uncertainties that could cause actual results to differ materially from those projected.

The following financial information is extracted from the Company's unaudited condensed consolidated interim financial statements for the respective periods.

LDK Solar Co., Ltd.
Unaudited Condensed Consolidated Income Statement Information
(In US$ '000, except per ADS data)

------ For the 3 Months Ended ------

6/30/2007 3/31/2007 6/30/2006

Net sales 99,053 73,400 12,144
Cost of goods sold (64,153) (45,020) (9,588)
Gross profit 34,900 28,380 2,556
Selling expenses (132) (183) (85)
General and administrative expenses (3,579) (1,819) (345)
Research and development expenses (367) (261) (15)
Total operating expenses (4,078) (2,263) (445)
Income from operations 30,822 26,117 2,111
Other income/(expenses):
Interest income 271 25 22
Interest expense (2,180) (1,529) (837)
Decrease in fair value of warrants 2 -- --
Foreign currency exchange loss, net (576) (516) (36)
Government subsidy 406 437 --
Income before income tax 28,745 24,534 1,260
Income tax benefit/(expenses) -- -- 57
Net income 28,745 24,534 1,317
Accretion of Series A preferred
shares to redemption value (348) (512) --
Accretion of Series B preferred
shares to redemption value (1,101) (1,625) --
Accretion of Series C preferred
shares to redemption value (546) (805) --
Net income available to ordinary
shareholders 26,750 21,592 1,317
Net income per ADS, Diluted $0.29 $0.27 $0.02

LDK Solar Co., Ltd.
Unaudited Condensed Consolidated Balance Sheet Information
(In US$ '000, except share and per share data)

6/30/2007 3/31/2007
Assets
Current Assets
Cash and cash equivalents 250,600 11,348
Pledged bank deposits 2,722 5,444
Trade accounts receivable,
net 7,825 4,998
Inventories 173,778 114,205
Prepayments to suppliers 129,902 52,777
Deferred expenses 281 1,084
Other current assets 6,281 4,196
Total current assets 571,389 194,052
Property, plant and equipment,
net 169,330 117,678
Deposit for purchase of
equipment 40,840 21,075
Intangible asset, net 1,117 1,129
Land use rights 8,060 6,742
Deferred income tax assets 151 149
Total assets 790,887 340,825

Liabilities, redeemable convertible
preferred shares and shareholders'
equity
Current liabilities
Short-term bank borrowings 80,036 61,481
Trade accounts payable 9,525 7,736
Advance payments from
customers 72,232 41,832
Accrued expenses and
other payables 33,592 20,349
Total current liabilities 195,385 131,398
Warrants -- 2
Long-term bank borrowings,
excluding current portions 29,890 29,805
Total liabilities 225,275 161,205
Series A redeemable convertible
preferred shares: US$0.10 par
value; 5,000,000 and nil shares
authorized; 4,580,000 and nil
shares issued and outstanding
as of March 31, 2007 and June 30,
2007, respectively -- 15,959
Series B redeemable convertible
preferred shares: US$0.10 par
value; 8,000,000 and nil shares
authorized, issued and
outstanding as of March 31,
2007 and June 30, 2007,
respectively -- 51,346
Series C redeemable convertible
preferred shares: US$0.10 par
value; 3,000,000 and nil shares
authorized, issued and
outstanding as of March 31,
2007 and June 30, 2007,
respectively -- 23,381

Shareholders' equity
Ordinary shares: US$ 0.10 par
value; 134,000,000 shares
authorized; 75,000,000 and
104,587,700 shares issued
and outstanding as of March
31, 2007 and June 30, 2007,
respectively 10,458 7,500
Additional paid-in capital 473,696 30,408
Statutory reserve 3,623 3,623
Accumulated other
comprehensive income 7,505 3,823
Retained earnings 70,330 43,580
Total shareholders' equity 565,612 88,934
Total liabilities, redeemable
convertible preferred shares
and shareholders' equity 790,887 340,825

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From: OmertaSoldier8/8/2007 6:46:45 PM
   of 79
 
JA Solar Reports Second Quarter 2007 Results
Wednesday August 8, 7:00 am ET

* Total revenues for 2Q07 of RMB 457.0 million (US$60.0 million)
compared to revenues of RMB 96.1 million (US$12.6 million) for 2Q06
* 2Q07 net income of RMB 1.63 (US$0.21) per diluted ADS compared to
RMB 0.67(US$0.09) per diluted ADS in 2Q06
* Total capacity has reached 175MW per annum

HEBEI, China, Aug. 8, 2007 (PRIME NEWSWIRE) -- JA Solar Holdings Co., Ltd. (``JA Solar'', ``the Company'') (NasdaqGM:JASO - News) today reported financial results for the second quarter ended June 30, 2007.

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Second Quarter 2007 Results

Total revenues for the second quarter of 2007 were RMB 457.0 million (US$60.0 million), compared to revenues of RMB 96.1 million (US$12.6 million) for the second quarter of 2006, and RMB 335.1 million (US$44.0 million) in the first quarter of 2007. The second quarter of 2007 revenues included solar cells processing service revenue of RMB 26.2 million (US$3.4 million), compared to Nil in the second quarter of 2006 and RMB 0.1 million (US$0.02 million) in the first quarter of 2007.

Total gross profit for the second quarter of 2007 was RMB 110.1 million (US$14.5 million), including solar cells processing service profit of RMB 19.8 million (US$2.6 million). Total gross margin was 24.10% for the second quarter of 2007. Excluding solar cells processing service gross profit, our gross margin was 20.96% compared to 20.50% in the first quarter of 2007.

Net income available to ordinary shareholders for the second quarter of 2007 was RMB 75.7 million (US$9.9 million) compared to a net income available to ordinary shareholders of RMB 17.8 million (US$2.3 million) for the second quarter of 2006, and net income available to ordinary shareholders of RMB 58.3 million (US$7.7 million) for the first quarter of 2007.

For the second quarter of 2007 basic and diluted earnings per ADS were RMB 1.64 (US$0.22) and RMB 1.63 (US$0.21) respectively. Each ADS represents three of our ordinary shares.

The second quarter of 2007 expenses included share-based compensation expense of RMB 12.0 million (US$1.6 million), or RMB 0.26 (US$ 0.03) per diluted ADS.

Capital expenditures were RMB 47.4 million (US$6.2 million) in the second quarter of 2007, as compared to RMB 101.2 million (US$13.3 million) in the previous quarter and RMB 39.6 million (US$5.2 million) in the second quarter of 2006. Depreciation and amortization expenses in the second quarter of 2007 were RMB 6.3 million (US$0.8 million), as compared to RMB 5.2 million (US$0.7 million) in the previous quarter and RMB 2.1 million (US$0.3 million) in the second quarter of 2006.

As of June 30, 2007, JA Solar had cash and cash equivalents of RMB 1.6 billion (US$205.7 million) compared with RMB 1.8 billion (US$235.9 million) at the end of the first quarter of 2007. Short term debt decreased to RMB 150 million (US$19.7 million) at the end of the second quarter of 2007 from RMB 200 million (US$26.3 million) at the end of the first quarter of 2007.

Set out below is a summary of megawatts produced and shipped (including processing service):

---------------------------------------------------------------------
Three months ended
---------------------------------------------------------------------
Megawatts June 30, 2006 March 31, 2007 June 30, 2007
---------------------------------------------------------------------
Produced 3.0MW 17.6MW 22.6MW
---------------------------------------------------------------------
Shipped 3.1MW 14.4MW 24.0MW
---------------------------------------------------------------------

The conversion of Renminbi into U.S. dollars in this release, made solely for the convenience of the reader, is based on the noon buying rate in The City of New York for cable transfers of Renminbi as certified for customs purposes by the Federal Reserve Bank of New York as of June 29, 2007, which was RMB 7.6120 to US$1.0000. No representation is intended to imply that the Renminbi amounts could have been, or could be, converted, realized or settled into U.S. dollars at that rate on June 29, 2007, or at any other date. The percentages stated in this press release are calculated based on Renminbi.

Samuel Yang, JA Solar's Chief Executive Officer, said, ``Our business momentum and track record of execution continued in the second quarter. Results came in at or above the high-end of our internal target for revenue, gross margin and net income. Four new production lines commenced production ahead of schedule. The JA Solar brand is becoming the standard for high-quality, high-performance monocrystalline solar cells. We remain focused on leveraging this differentiated position to further our customer diversification and global expansion efforts.''

Herman Zhao, JA Solar's Chief Financial Officer, said, ``Gross margin increased in the second quarter of 2007 from the first quarter of 2007 despite incurring routine costs. We now have a total of 175 MW of solar cell manufacturing capacity per annum. As we move into the second half of the year we will begin to solidify our capacity expansion plans for 2008 based on customer forecasts.''

Company Raises 2007 Outlook

Based on current market conditions and customer forecasts, the Company is raising its production outlook for 2007 from approximately 100MW to 110MW. This would result in revenues for the full year of 2007 in the range of approximately RMB 2,284 million (US$300 million) to RMB 2,360 million (US$310 million), with a gross margin expected to be approximately 19.5%, compared to prior guidance for revenues in the range of RMB 2,128 million (US$280 million) to RMB 2,205 million (US$290 million), with a gross margin expected to be approximately 19.5%.

Samuel Yang, JA Solar's Chief Executive Officer, said, ``We remain optimistic in our outlook for the second half of 2007. The increase in our guidance for the full year of 2007 reflects the strong demand globally for our high-quality, high-performance monocrystalline solar cells. We continue to diversify our customer base to take advantage of beneficial strategic relationships.''

Investor Conference Call / Webcast Details

A conference call has been scheduled for 9:00 p.m. on Wednesday, August 8, 2007 (in Hebei). This will be 9:00 a.m. on Wednesday, August 8, in New York. During the call, time will be set aside for analysts and interested investors to ask questions of executive officers.

The call may be accessed by dialing +1-201-689-8560. A live webcast of the conference call will be available on the Company's website at jasolar.com. The playback will be available beginning two hours after the live call and will be accessible by dialing +1-201-612-7415. The account number to access the replay is 3055 and the passcode is 250008.

About JA Solar Holdings Co., Ltd.

Based in Hebei, China, JA Solar Holdings Co., Ltd. is an emerging and fast-growing manufacturer of high-performance monocrystalline solar cells. The Company sells its products to solar module manufacturers who assemble and integrate its solar cells into modules and systems that convert sunlight into electricity. For more information, please visit jasolar.com.

Safe Harbor Statement

This press release contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by words such as ``will,'' ``may,'' ``expect,'' ``anticipate,'' ``aim,'' ``intend,'' ``plan,'' ``believe,'' ``estimate,'' ``potential,'' ``continue,'' and other similar statements. Statements other than statements of historical facts in this announcement are forward-looking statements, including but not limited to, our expectations regarding the expansion of our manufacturing capacities, our future business development, and our beliefs regarding our production output and production outlook. These forward-looking statements involve known and unknown risks and uncertainties and are based on current expectations, assumptions, estimates and projections about the Company and the industry. Further information regarding these and other risks is included in our annual report on Form 20-F and other documents filed with the Securities and Exchange Commission. The Company undertakes no obligation to update forward-looking statements, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that its expectations will turn out to be correct, and investors are cautioned that actual results may differ materially from the anticipated results.

JA Solar Holdings Co., Ltd.
Condensed Consolidated Statements of Operations

(Unaudited)
Three months ended
-------------------------
June 30, 2006
RMB USD
-------------------------
Revenue from sale of goods
Revenue from third parties 29,221,438 3,838,865
Revenue from related parties 66,855,248 8,782,875
Revenue from processing service -- --
----------- -----------
Total revenues 96,076,686 12,621,740

Cost of revenue from sale of goods (73,080,301) (9,600,670)
Cost of revenue from processing service -- --
----------- -----------
Total cost of revenues (73,080,301) (9,600,670)
----------- -----------
Gross profit 22,996,385 3,021,070
Selling, general and administrative
expenses (4,156,126) (545,997)
Research and development expenses (136,851) (17,978)
----------- -----------
Total operating expenses (4,292,977) (563,975)
----------- -----------
Income/ (loss) from operations 18,703,408 2,457,095
----------- -----------
Interest expense (1,186,748) (155,905)
Interest income 63,949 8,401
Other income -- --
Foreign exchange gain/ (loss) 177,214 23,281
----------- -----------
Income/ (loss) before income taxes 17,757,823 2,332,872
Income tax benefit/ (expense) -- --
Net income/ (loss) 17,757,823 2,332,872
----------- -----------

Preferred shares accretion -- --
Allocation of income to participating
preferred share holders -- --
----------- -----------
Net income available to ordinary
shareholders 17,757,823 2,332,872
=========== ===========

Net income/(loss) per ordinary shares
Basic 0.222 0.029
Diluted 0.222 0.029

Weighted average number of ordinary
shares outstanding:
Basic 80,000,000 80,000,000
Diluted 80,000,000 80,000,000

Net income/(loss) per ADS
Basic 0.666 0.087
Diluted 0.666 0.087

Weighted average number of ADS outstanding:
Basic 26,666,667 26,666,667
Diluted 26,666,667 26,666,667
Each ADS represents 3 ordinary shares

Three months ended
-------------------------
March 31, 2007
RMB USD
-------------------------
Revenue from sale of goods
Revenue from third parties 334,553,384 43,950,786
Revenue from related parties 480,467 63,120
Revenue from processing service 115,856 15,220
----------- -----------
Total revenues 335,149,707 44,029,126

Cost of revenue from sale of goods (266,350,597) (34,990,882)
Cost of revenue from processing service (44,181) (5,804)
----------- -----------
Total cost of revenues (266,394,778) (34,996,687)
----------- -----------
Gross profit 68,754,929 9,032,439
Selling, general and administrative
expenses (9,772,067) (1,283,771)
Research and development expenses (920,169) (120,884)
----------- -----------
Total operating expenses (10,692,236) (1,404,655)
----------- -----------
Income/ (loss) from operations 58,062,693 7,627,784
----------- -----------
Interest expense (2,815,537) (369,881)
Interest income 11,492,103 1,509,735
Other income -- --
Foreign exchange gain/ (loss) (6,232,712) (818,801)
----------- -----------
Income/ (loss) before income taxes 60,506,547 7,948,837
Income tax benefit/ (expense) -- --
Net income/ (loss) 60,506,547 7,948,837
----------- -----------

Preferred shares accretion (515,251) (67,689)
Allocation of income to participating
preferred share holders (1,648,040) (216,506)
----------- -----------
Net income available to ordinary
shareholders 58,343,256 7,664,642
=========== ===========

Net income/(loss) per ordinary shares
Basic 0.529 0.069
Diluted 0.525 0.069

Weighted average number of ordinary
shares outstanding:
Basic 110,279,889 110,279,889
Diluted 111,228,304 111,228,304

Net income/(loss) per ADS
Basic 1.587 0.208
Diluted 1.574 0.207

Weighted average number of ADS outstanding:
Basic 36,759,963 36,759,963
Diluted 37,076,101 37,076,101
Each ADS represents 3 ordinary shares

Three months ended
-------------------------
June 30, 2007
RMB USD
-------------------------
Revenue from sale of goods
Revenue from third parties 429,872,021 56,472,940
Revenue from related parties 909,229 119,447
Revenue from processing service 26,202,654 3,442,282
----------- -----------
Total revenues 456,983,904 60,034,669

Cost of revenue from sale of goods (340,498,142) (44,731,758)
Cost of revenue from processing service (6,360,581) (835,599)
----------- -----------
Total cost of revenues (346,858,723) (45,567,357)
----------- -----------
Gross profit 110,125,181 14,467,312
Selling, general and administrative
expenses (24,447,478) (3,211,702)
Research and development expenses (709,269) (93,178)
----------- -----------
Total operating expenses (25,156,747) (3,304,880)
----------- -----------
Income/ (loss) from operations 84,968,434 11,162,432
----------- -----------
Interest expense (961,102) (126,261)
Interest income 19,901,549 2,614,497
Other income 2,068,353 271,723
Foreign exchange gain/ (loss) (30,310,479) (3,981,934)
----------- -----------
Income/ (loss) before income taxes 75,666,755 9,940,457
Income tax benefit/ (expense) -- --
Net income/ (loss) 75,666,755 9,940,457
----------- -----------

Preferred shares accretion -- --
Allocation of income to participating
preferred share holders -- --
----------- -----------
Net income available to ordinary
shareholders 75,666,755 9,940,457
=========== ===========

Net income/(loss) per ordinary shares
Basic 0.547 0.07
Diluted 0.542 0.07

Weighted average number of ordinary
shares outstanding:
Basic 138,270,000 138,270,000
Diluted 139,496,802 139,496,802

Net income/(loss) per ADS
Basic 1.642 0.216
Diluted 1.627 0.214

Weighted average number of ADS outstanding:
Basic 46,090,000 46,090,000
Diluted 46,498,934 46,498,934
Each ADS represents 3 ordinary shares

JA Solar Holdings Co., Ltd.
Condensed Consolidated Balance Sheets

Dec. 31, 2006 June 30, 2007
Audited Unaudited
RMB USD RMB USD
-----------------------------------------------------
ASSETS
Current assets
Cash and
cash
equivalents 95,758,377 12,579,923 1,565,942,627 205,720,261
Accounts
receivables
from
third
party
customers 47,719,752 6,269,016 140,472,179 18,454,043
Inventories 154,675,325 20,319,932 161,161,177 21,171,989

Value-added
tax
recoverable -- -- 14,211,262 1,866,955
Advances to
related
party
suppliers 39,831,642 5,232,743 16,705,242 2,194,593
Advances to
third party
suppliers 1,608,765 211,346 118,021,933 15,504,721
Other
current
assets 6,673,976 876,770 20,393,695 2,679,151
----------- ---------- ------------- -----------
Total
current
assets 346,267,837 45,489,732 2,036,908,115 267,591,712
----------- ---------- ------------- -----------
Property
and
equipment,
net 139,399,605 18,313,138 274,511,150 36,062,947
Intangible
asset,
net 7,224,713 949,122 6,651,433 873,809
Other long
term
assets-
advance to
third party
suppliers -- -- 225,469,000 29,620,205
----------- ---------- ------------- -----------
Total assets 492,892,155 64,751,991 2,543,539,698 334,148,673
=========== ========== ============= ===========
LIABILITIES
AND
SHAREHOLDERS'
EQUITY
Current
liabilities:
Tax payables 3,639,665 478,148 -- --
Advances
from third
parties
customers 21,329,609 2,802,103 26,830,394 3,524,750
Short-term
bank
borrowings 150,000,000 19,705,728 150,000,000 19,705,728
Accounts
payable to
third
parties 2,501,790 328,664 41,529,563 5,455,802
Other
payables
to third
parties 2,769,566 363,842 11,838,896 1,555,294
Payroll
and welfare
payable 2,676,854 351,662 3,570,656 469,083
Accrued
expenses 3,932,709 516,646 3,533,395 464,187
Accounts
payable to
related
parties 70,868 9,310 349,411 45,903
Other
payable to
related
parties 183,555 24,114 223,199 29,322
----------- ---------- ------------- -----------
Total
current
liabilities 187,104,616 24,580,218 237,875,514 31,250,068
----------- ---------- ------------- -----------
Total
liabilities 187,104,616 24,580,218 237,875,514 31,250,068
----------- ---------- ------------- -----------
Shareholders'
equity:
Preferred shares
(US$0.0001
par value;
6,520,000
and 0 shares
outstanding
as of December 31,
2006 and
June 30,
2007) 110,037,714 14,455,822 -- --

Ordinary shares
(US$0.0001
par value;
493,480,000
shares
authorized,
80,000,000
and
138,270,000
shares
issued and
outstanding
as of
December 31,
2006 and
June 30,
2007) 66,212 8,698 111,453 14,642
Additional
paid-in
capital 106,715,707 14,019,404 2,080,926,774 273,374,511
Statutory
reserve 14,587,748 1,916,415 14,587,748 1,916,415
Retained
earnings 74,380,158 9,771,434 210,038,209 27,593,038
----------- ---------- ------------- -----------
Total
shareholders'
equity 195,749,825 25,715,952 2,305,664,184 302,898,605
----------- ---------- ------------- -----------
Total
liabilities
and
shareholders'
equity 492,892,155 64,751,991 2,543,539,698 334,148,673
=========== ========== ============= ===========

Contact:
JA Solar
In China
Herman Zhao, Chief Financial Officer
+86-319-580-0867

The Ruth Group
In the U.S.
David Pasquale
+1-646-536-7006
dpasquale@theruthgroup.com

--------------------------------------------------------------------------------
Source: JA Solar

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From: OmertaSoldier8/16/2007 7:54:27 PM
   of 79
 
5/21/07Trina Solar Limited Announces First Quarter 2007 End Results

Changzhou, China – May 21, 2007 –Trina Solar Limited (NYSE: TSL) ("Trina Solar"), an integrated manufacturer of solar PV products based in Changzhou, China, today announced its unaudited financial results for the first quarter ended March 31, 2007.

First Quarter 2007 Highlights
• Total net revenues increased 9.8% sequentially and 194.4% year-over-year to $42.5 million
• Gross profit increased 5.3% sequentially and 107.7% year-over-year to $9.5 million
• Net income from continuing operations increased 7.3% sequentially and 62.6% year-over-year to $4.7 million
• Shipped 10.52 MW of solar modules, up from 8.98 MW in the fourth quarter of 2006 and from 3.34 MW in the first quarter of 2006
• Entered into long-term polysilicon supply agreements with Wacker AG and DC Chemical
• Upgraded power supply in order to support planned production capacity expansion

First Quarter 2007 Results
"This was a productive quarter for Trina Solar. We achieved strong revenue growth and profitability, despite the fact that Q1 is one of the slowest quarters of the year due to seasonality. In addition, we successfully achieved several key milestones of our business plan including testing our solar cell manufacturing lines," said Mr. Jifan Gao, Chairman and CEO of Trina Solar Limited. "As expected, we saw some margin compression mainly due to a decline in selling prices. However, demand remained strong with shipments increasing 17.1% from the fourth quarter of last year."

Trina Solar's net revenues in the first quarter of 2007 were $42.5 million, an increase of 9.8% sequentially and 194.4% year-over-year. Total shipments increased to 10.52 MW, up from 8.98 MW in the fourth quarter of 2006 and 3.34 MW in the first quarter of 2006. Average sales price ("ASP") was $3.80 in the first quarter of 2007, compared to $3.86 in the fourth quarter of 2006, and $4.03 in the first quarter of 2006. Sales to customers in Europe continued to generate almost all of the total net revenues in the first quarter of 2007.

At quarter end, the annualized capacity was 100 MW for ingot and wafer production, respectively. In April 2007 the company commenced production of its newly installed solar PV cell line with the current average cell efficiency of 16.3%. The new production lines have an annual manufacturing capacity of approximately 50 MW. The company plans to increase its annual manufacturing capacity to 150 MW for each of ingots, wafer, cells and module production by the end of 2007.

Cost of revenues in the first quarter of 2007 were $33.0 million, an increase of 11.1% sequentially and 234.6% year-over-year due to growth of its solar module business and increases in the price of silicon raw materials. Cost of revenues in the first quarter of 2007 included $15,000 in share-based compensation expenses.

Gross profit in the first quarter of 2007 was $9.5 million, an increase of 5.3% from the fourth quarter of 2006, up 107.7% year-over-year. Gross margin was 22.3% in the first quarter of 2007, a decrease from 23.3% in the fourth quarter of 2006 and 31.7% in the first quarter of 2006. The sequential decline in gross margin was due to lower ASP, while the year-over-year decline in gross margin was mainly due to lower ASP and increased cost of silicon raw materials.

Operating expenses in the first quarter of 2007 were $5.0 million, representing increases of 59.1% sequentially and 386.0% year-over-year. The sequential and year-over-year increases were primarily due to $0.5 million in research and development expenses associated with testing the company's newly installed solar PV cell line as well as higher selling expenses and general and administrative expenses to support the rapid growth of the business. Operating Expenses in the first quarter of 2007 also included $296,000 of share-based compensation expenses.

Operating income in the first quarter of 2007 was $4.5 million, down 23.7% sequentially and up 26.2% year-over-year. Operating margin was 10.5% in the first quarter of 2007, compared to 15.1% in the fourth quarter of 2006 and 24.5% in the first quarter of 2006.

Interest expense was $1.2 million in the first quarter of 2007, compared to $1.1 million in the fourth quarter of 2006 and $0.2 million in the first quarter of 2006. The sequential increase was due to an increase in the average balance of short-term borrowings in the first quarter of 2007 compared to the fourth quarter of 2006.

Our income tax benefit in the first quarter of 2007 was related to the income tax exemption granted in this quarter on a portion of our taxable income related to the additional injection of registered capital of our PRC subsidiary in 2006.

Net income from continuing operation was $4.7 million in the first quarter of 2007, up 7.3% sequentially and 62.6% year-over-year.

Net income was $4.8 million in the first quarter of 2007, up 3.7% sequentially and 67.5% year-over-year.
Earnings per fully diluted ADS were $0.223 in the first quarter of 2007, compared to $0.276 in the fourth quarter of 2006 and $0.284 in the first quarter of 2006.

Financial Condition
As of March 31, 2007, the company had $28.6 million in cash and cash equivalents and working capital of $110.4 million. Total bank borrowings stood at $ 74.1 million, of which $5.2 million were long term borrowings. Shareholders' equity was $171.6 million, up from $157.2 million at 2006 year end.

Future Outlook
The company affirms its previous guidance of total net revenues in the range of $270 million to $300 million and net income in the range of $34.5 million to $36.5 million for the full year 2007. The company expects to ship between 75 MW to 80 MW of modules for the full year 2007.

The company would like to confirm its strong position in terms of polysilicon supply, having signed contracts for 90% and 60% of its 2007 and 2008 feedstock requirements, respectively. This supply has been secured through short and medium term contracts from polysilicon manufacturers, semiconductor companies, and silicon reclamation companies.

"Our outlook remains positive. As we enter the period of strong seasonal demand, we anticipate significant growth in revenues. Now that our new solar cell line has commenced production, we are one step closer to completing our highly vertically integrated business model. Our focus now is to achieve cell efficiencies in excess of 16.5% by year end, which will enhance our product quality and improve our cost structure," stated Mr. Gao. "Our efforts to expand our geographic footprint into new markets and diversify our customer base have been successful, and we signed a number of contracts with new customers in Spain and Italy during the quarter. Going forward, our sales force will continue to target large- and medium-sized companies in these and other markets."

Recent Events
On March 23, 2007, the company announced the appointment of Mr. Sean Tzou as Trina Solar's Chief Operating Officer. Mr. Tzou will report directly to Mr. Jifan Gao, Trina Solar's Chairman and Chief Executive Officer, and will be in charge of the company's overall operations. Mr. Tzou has brought to Trina Solar more than twenty years of experience in product development, strategic planning, supply chain management and operations management both in China and the US.

On April 2, 2007, the company announced the successful commercial launch of its newly installed solar PV cell lines. The 50 MW cell lines had been under testing during the first quarter of 2007 with positive initial trials. After further fine tuning, the production of solar PV cells started successfully as planned on April 2 with average cell efficiency of 16.3%. The launch of the Company's cell lines in April is an important milestone for the Company towards vertical integration of its manufacturing processes. This vertically integrated strategy is expected to allow Trina Solar to reduce cost, improve product quality and become a leader in the solar PV industry.

Earlier this month the company progressed towards some of its previously stated sales and marketing objectives by signing several agreements with well-recognized companies in target PV markets of Spain and Italy. One of the contracts represents a commitment to supply a range of 80 to 150 MW to Ibersolar of Spain from 2007 to 2010. These new contracts are in line with the company's goals of increasing its market presence in Europe outside of Germany and building a brand as one of the top global solar PV companies.

Conference Call
The company will host a conference call at 8:00 a.m. ET on Monday, May 21, 2007, to discuss the results for the quarter ended March 31, 2007. Joining Jifan Gao, Trina Solar's Chairman and Chief Executive Officer, will be Sean Shao, Chief Financial Officer, and Andy Klump, Director of Business Development. To participate in the conference call, please dial the following number five to ten minutes prior to the scheduled conference call time: (888) 482-0024. International callers should dial (617) 801-9702. The passcode for the call is 39341670.

The Q&A session of the call has been cancelled due to fact the company has filed a registration statement with the U.S. Securities and Exchange Commission in connection with a follow-on offering of American depositary shares.

If you are unable to participate in the call at this time, a replay will be available on Monday, May 21 at 10:00 a.m. ET, through Monday, May 28 at 10:00 a.m. ET. To access the replay, dial (888) 286-8010 and enter the passcode 48079110. This conference call will be broadcast live over the Internet and can be accessed by all interested parties on Trina Solar's website at trinasolar.com. To listen to the live webcast, please go to Trina Solar's website at least fifteen minutes prior to the start of the call to register, download, and install any necessary audio software. For those unable to participate during the live broadcast, a replay will be available shortly after the call on Trina Solar's website for 90 days.

About Trina Solar Limited
Trina Solar Limited (NYSE: TSL), through its wholly-owned subsidiary Changzhou Trina Solar Energy Co., Ltd., is an integrated solar PV manufacturer based in China. The company began research and development efforts in solar products in 1999 and in 2002 it started the system integration business. The company moved into the assembly of solar modules in 2004 as well as the manufacturing of monocrystalline ingots, wafers and cells in 2005, 2006, and 2007, respectively. The company's solar modules provide reliable and environmentally-friendly electric power for residential, commercial, industrial and other applications worldwide. The company sells its products to customers around the globe, including a number of European countries, such as Germany, Spain and Italy, where government incentives have accelerated the adoption of solar power. For further information, visit the company's website at trinasolar.com.

Safe Harbor Statement
This announcement contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact in this announcement are forward-looking statements, including but not limited to, the company's ability to raise additional capital to finance the company's activities; the effectiveness, profitability, and marketability of its products; the future trading of the securities of the company; the ability of the company to operate as a public company; the period of time for which its current liquidity will enable the company to fund its operations; the company's ability to protect its proprietary information; general economic and business conditions; the volatility of the company's operating results and financial condition; the company's ability to attract or retain qualified senior management personnel and research and development staff; and other risks detailed in the company's filings with the Securities and Exchange Commission. These forward-looking statements involve known and unknown risks and uncertainties and are based on current expectations, assumptions, estimates and projections about the companies and the industry. The company undertakes no obligation to update forward-looking statements to reflect subsequent occurring events or circumstances, or to changes in its expectations, except as may be required by law. Although the company believes that the expectations expressed in these forward looking statements are reasonable, they cannot assure you that their expectations will turn out to be correct, and investors are cautioned that actual results may differ materially from the anticipated results.
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From: OmertaSoldier8/23/2007 8:09:53 AM
   of 79
 
8/23/07Trina Solar Announces Second Quarter 2007 Results
Thursday August 23, 6:59 am ET

CHANGZHOU, China, Aug. 23 /Xinhua-PRNewswire-FirstCall/ -- Trina Solar Limited (NYSE: TSL - News; ''Trina Solar'' or the "Company"), an integrated manufacturer of solar PV products based in Changzhou, China, today announced its financial results for the second quarter of 2007.

Second Quarter 2007 Highlights
-- Total net revenues increased 77.0% sequentially and 160.4% year-over-
year to $75.3 million
-- Gross profit increased 49.5% sequentially and 78.7% year-over-year to
$14.2 million
-- Net income increased 51.4% sequentially and 540.0% year-over-year to
$7.2 million
-- Solar module shipments increased 93.3% to 20.33 MW from 10.52 MW in the
first quarter of 2007 and 187.6% from 7.07 MW in the second quarter of
2006

''We are extremely pleased with our record results for the second quarter of 2007. We experienced continued strong growth in both revenues and profits, while further demonstrating the strengths of our sales and marketing, organizational capability, and strong brand in strategic European markets, such as Germany, Spain, and Italy. In addition, we have achieved key milestones in the execution of our business plan with the successful commercial launch of our solar cell manufacturing lines, taking us one step closer to becoming a fully vertically integrated solar PV manufacturer,'' said Mr. Jifan Gao, Trina Solar's Chairman and CEO.

Second Quarter 2007 Results

Trina Solar's net revenues in the second quarter of 2007 were $75.3 million, an increase of 77.0% sequentially and 160.4% year-over-year. Total shipments increased to 20.33 MW, up from 10.52 MW in the first quarter of 2007 and 7.07 MW in the second quarter of 2006. Average sales price (''ASP'') was $3.70 in the second quarter of 2007, compared to $3.80 in the first quarter of 2007, and $4.03 in the second quarter of 2006. Sales to customers in Europe accounted for almost all of Trina Solar's revenues in the second quarter of 2007.

At June 30, 2007, Trina Solar's ingot, wafer, and module annual manufacturing capacities were 100 MW. In April 2007, Trina Solar commenced commercial production of its newly installed solar PV cell lines that are currently delivering an average cell efficiency of 16.3% and have an annual manufacturing capacity of approximately 50 MW. The Company plans to achieve an annual manufacturing capacity of 150 MW for its ingot, wafer, cell and module production by the end of 2007.

Cost of revenues in the second quarter of 2007 was $61.1 million, an increase of 84.9% sequentially and 191.4% year-over-year due to growth of Trina Solar's solar module business. Cost of revenues in the second quarter of 2007 included approximately $15,000 of share-based compensation expenses.

Gross profit in the second quarter of 2007 was $14.2 million, an increase of 49.5% sequentially and 78.7% year-over-year. Gross margin was 18.9% in the second quarter of 2007, a decrease from 22.3% in the first quarter of 2007 and 27.5% in the second quarter of 2006. The sequential and year-over-year decline in gross margin was due primarily due to a lower module ASP.

Operating expenses in the second quarter of 2007 were $6.1 million, an increase of 21.6% sequentially and 21.7% year-over-year. The sequential and year-over-year increases were primarily due to higher selling expenses and general and administrative expenses to support the rapid growth of the Company's business. Operating expenses in the second quarter of 2007 included approximately $296,000 of share-based compensation expenses.

Operating income in the second quarter of 2007 was $8.1 million, an increase of 81.0% sequentially and 177.2% year-over-year. Operating margin was 10.7% in the second quarter of 2007, compared to 10.5% in the first quarter of 2007 and 10.1% in the second quarter of 2006.

Interest expense in the second quarter of 2007 was $1.6 million, compared to $1.2 million in the first quarter of 2007 and $0.5 million in the second quarter of 2006. The sequential increase was due to additional bank borrowings in the second quarter of 2007.

The Company recorded an income tax benefit of $56,000 in the second quarter. The Company received approval from the tax authority of additional tax benefit in the second quarter under qualified export enterprise classification.

Net income from continuing operations reached $7.2 million in the second quarter of 2007, an increase of 53.2% sequentially and 280.6% year-over-year.

Net income was $7.2 million in the second quarter of 2007, an increase of 51.4% sequentially and 540.0% year-over-year.

First Half 2007 Results

Revenues for the six months ended June 30, 2007 increased 171.7% over the comparable period in 2006, to $117.9 million. Gross profit increased 89.3% over the comparable period in 2006, to $23.7 million, yielding a gross margin of 20.1%. Operating expenses in the first half of 2007 increased 83.9% over the comparable period in 2006 to $11.2 million as a result of the Company's rapid growth. Operating income in the first half of 2007 was up 94.4% over the comparable period in 2006 to $ 12.6 million, reflecting an operating margin of 10.7%.

Net income for the six months ending June 30, 2007 was $12.0 million, an increase of 201.6% over the comparable period in 2006.

Financial Condition

As of June 30, 2007, the Company had $173.5 million in cash and cash equivalents and working capital of $224.9 million. Total bank borrowings stood at $114.8 million, $5.3 million of which were long-term borrowings. Shareholders' equity was $335.6 million, up from $171.6 million at the end of the first quarter 2007.

Business Outlook

The Company affirms its previous guidance of total net revenues in the range of $270 million to $300 million and net income in the range of $34.5 million to $36.5 million for the full year 2007. The Company expects to ship between 75 MW to 80 MW of modules for the full year 2007.

Trina Solar is on track to meet its year end capacity expansion goals of 150 MW and 350 MW for 2007 and 2008, respectively. The Company has successfully upgraded its infrastructure, including installation of utilities such as electrical power supply and new water cooling facilities. In line with its technology roadmap, Trina Solar has achieved commercial production of wafers of 200-micron thickness from 220-micron thickness to reduce the usage of silicon during the third quarter. Such wafers currently account for over 70% of its output, with the remaining wafers being produced at 220-micron thickness. We are currently converting our remaining equipment to produce all wafers of 200-micron thickness by the end of the third quarter.

In terms of polysilicon supply, the Company has entered into contracts covering approximately 90% and 60% of its 2007 and 2008 feedstock requirements, respectively, and continues to pursue an optimal mix of short-term and medium- term contracts with polysilicon manufacturers, semiconductor companies and silicon reclamation companies.

''Our outlook is positive as recent sales contracts have confirmed our strengths to successfully execute our sales and marketing strategies in key European markets, particularly in Southern Europe where climatic conditions and government policies are more favorable towards the solar power industry. Market demand is still extremely strong, and we are currently sold out through the rest of the year. With additional cell lines and ingot and wafer capacities being installed for production in the fourth quarter, we are on track to realize increased scale efficiencies under a vertically integrated business model. Our focus remains to achieve cell efficiencies in excess of 16.5% by the year end, to enhance our product quality and to improve our cost structure, especially in the area of silicon feedstock utilization,'' said Mr. Gao. ''Our efforts to expand our geographic footprint into new markets and diversify our customer base have proven increasingly successful, as evidenced by an increasing percentage of new customers from Spain and Italy during the quarter. Going forward, our sales force will continue to target large and medium-sized companies in these and other markets."

During the second quarter of 2007, the Company diversified its revenue base by adding 12 new customers to end the quarter with approximately 30 active customers and a total portfolio of over 50 customers. The geographic breakdown of our sales for the second quarter was approximately 57% Germany, 28% Spain, and 11% Italy, thus bringing our first half of 2007 geographic breakdown to approximately 40% Germany, 31% Spain, and 15% Italy.

Recent Events

On May 21, 2007, Trina Solar announced the appointment of Mr. Qian Zhao as independent director to the Company's Board of Directors. Mr. Zhao is a lawyer by training and has practiced law for 17 years specializing in corporate finance, cross-border investments, securities and M&A.

On May 31, 2007, the Company raised approximately US$155 million in net proceeds through its follow-on offering of 3,600,016 American Depository Shares. The net proceeds will be used to expand manufacturing lines for the production of silicon ingots, wafers, solar cells and modules, research and development, raw materials purchases and general working capital purposes.

On July 9, 2007, the Company confirmed initial shipments on four recently signed contracts covering 88 to 99 MW of sales to new key accounts in Italy and Germany over the next two to three years.

Conference Call

The company will host a conference call at 8:00 a.m. ET on August 23, 2007, to discuss the results for the quarter ended June 30, 2007. Joining Jifan Gao, Trina Solar's Chairman and Chief Executive Officer, will be Sean Shao, Chief Financial Officer, Sean Tzou, Chief Operations Officer, Andy Klump, Vice President of Business Development, Arturo Herrero, Vice President of Sales and Marketing, and Thomas Young, Director of Investor Relations. To participate in the conference call, please dial the following number five to ten minutes prior to the scheduled conference call time: (+1 888) 482-0024. International callers should dial (+1 617) 801-9702. The passcode for the call is 13859684.

If you are unable to participate in the call at this time, a replay will be available on Thursday, August 23 at 10:00 a.m. ET, through Thursday, August 30, at 10:00 at 10:00 a.m. ET. To access the replay, dial (+1 888) 286-8010, international callers should dial (+1 617) 801-6888 and enter the passcode 87710119. Callers in Southern China may also dial 10 800 130 0399.

This conference call will be broadcast live over the Internet and can be accessed by all interested parties on Trina Solar's website at trinasolar.com . To listen to the live webcast, please go to Trina Solar's website at least fifteen minutes prior to the start of the call to register, download, and install any necessary audio software. For those unable to participate during the live broadcast, a replay will be available shortly after the call on Trina Solar's website for 90 days.

About Trina Solar Limited

Trina Solar Limited (NYSE: TSL - News), through its wholly-owned subsidiary Changzhou Trina Solar Energy Co., Ltd., is an integrated solar PV manufacturer based in China. The company began research and development efforts in solar products in 1999 and in 2002 it started the system integration business. The company moved into the assembly of solar modules in 2004 as well as the manufacturing of monocrystalline ingots, wafers and cells in 2005, 2006 and 2007, respectively. The company's solar modules provide reliable and environmentally-friendly electric power for residential, commercial, industrial and other applications worldwide. The company sells its products to customers around the globe, including a number of European countries, such as Germany, Spain and Italy, where government incentives have accelerated the adoption of solar power. For further information, visit the company's website at trinasolar.com .

Safe Harbor Statement

This announcement contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact in this announcement are forward-looking statements, including but not limited to, the company's ability to raise additional capital to finance the company's activities; the effectiveness, profitability, and marketability of its products; the future trading of the securities of the company; the ability of the company to operate as a public company; the period of time for which its current liquidity will enable the company to fund its operations; the company's ability to protect its proprietary information; general economic and business conditions; the volatility of the company's operating results and financial condition; the company's ability to attract or retain qualified senior management personnel and research and development staff; and other risks detailed in the company's filings with the Securities and Exchange Commission. These forward-looking statements involve known and unknown risks and uncertainties and are based on current expectations, assumptions, estimates and projections about the companies and the industry. The company undertakes no obligation to update forward-looking statements to reflect subsequent occurring events or circumstances, or to changes in its expectations, except as may be required by law. Although the company believes that the expectations expressed in these forward looking statements are reasonable, they cannot assure you that their expectations will turn out to be correct, and investors are cautioned that actual results may differ materially from the anticipated results.

-- FINANCIAL TABLES FOLLOW --

Trina Solar Limited
Consolidated Statement of Operations
(US dollars in thousands, except ADS and share data)

For the three months ended For the six months ended
June 30, June 30,
2007 2006 2007 2006
(unaudited) (unaudited) (unaudited) (unaudited)

Net revenues $75,305 $28,921 $117,852 $43,373
Cost of
revenues 61,090 20,966 94,129 30,841
Gross profit 14,215 7,955 23,723 12,532
Operating
expenses
Selling
expenses 2,335 716 3,929 1,094
General and
administrative
expenses 3,354 2,804 6,025 3,386
Research and
development
expenses 439 1,518 1,214 1,594
Total
operating
expenses 6,128 5,038 11,168 6,074
Operating
income 8,087 2,917 12,555 6,458
Interest
expenses (1,632) (464) (2,834) (653)
Interest
income 563 57 955 64
Other income
(expenses) 138 (29) 28 (55)
Income before
income taxes 7,156 2,481 10,704 5,814
Income tax
expenses 55 (586) 1,213 (1,025)
Net income
from
continuing
operations 7,211 1,895 11,917 4,789
Net income
(loss) from
discontinued
operations (13) (770) 35 (826)
Net income $7,198 $1,125 $11,952 $3,963

Earnings per
ordinary
share from
continuing
operations
Basic 0.003 0.002 0.005 0.005
Diluted 0.003 0.002 0.005 0.005
Earnings per
ADS from
continuing
operations
Basic 0.321 0.190 0.546 0.479
Diluted 0.315 0.190 0.537 0.479
Earnings per
ordinary
share
Basic 0.003 0.001 0.005 0.004
Diluted 0.003 0.001 0.005 0.004
Earnings per
ADS
Basic 0.320 0.113 0.548 0.396
Diluted 0.315 0.113 0.538 0.396
Weighted
average
ordinary
shares
outstanding
Basic 2,246,839,501 1,000,000,000 2,181,736,235 1,000,000,000
Diluted 2,287,462,645 1,000,000,000 2,221,166,769 1,000,000,000
Weighted
average ADS
outstanding
Basic 22,468,395 10,000,000 21,817,362 10,000,000
Diluted 22,874,626 10,000,000 22,211,668 10,000,000

Trina Solar Limited
Consolidated Balance Sheet
(US dollars in thousands)

June 30, 2007 December 31, 2006
(unaudited) (audited)
ASSETS
Current assets:
Cash and cash equivalents $173,494 $93,380
Restricted cash 11,249 5,004
Inventories 65,686 32,230
Accounts receivable, net 67,856 29,353
Other receivables 2,573 1,228
Advances to suppliers 37,134 34,606
Value-added tax recoverable 1,020 1,035
Deferred tax assets 34 613
Current assets of
discontinued operations 280 353
Total current assets 359,326 197,802
Property, plant and
equipment 92,725 51,419
Intangible assets, net 2,408 2,372
Advances to suppliers -
long-term 22,795
Deferred tax assets 650 152
TOTAL ASSETS $477,904 $251,745

LIABILITIES AND
SHAREHOLDERS' EQUITY
Current liabilities:
Short-term borrowings,
including current portion
of long-term debt $109,515 $71,409
Accounts payable 20,526 9,147
Accrued expenses 3,545 5,029
Advances from customers 384 1,200
Income tax payable 84 850
Current liabilities to be
disposed 389 434
Total current liabilities 134,443 88,069
Long-term bank borrowings 5,252 5,122
Accrued warranty costs 2,602 1,400
Total liabilities 142,297 94,591

Ordinary shares 22 21
Additional paid-in capital 304,124 139,671
Retained earnings 27,543 15,622
Other comprehensive income 3,918 1,840
Total shareholders' equity 335,607 157,154
TOTAL LIABILITIES AND
SHAREHOLDERS' EQUITY $477,904 $251,745

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From: OmertaSoldier8/23/2007 8:09:57 AM
   of 79
 
8/23/07Trina Solar Announces Second Quarter 2007 Results
Thursday August 23, 6:59 am ET

CHANGZHOU, China, Aug. 23 /Xinhua-PRNewswire-FirstCall/ -- Trina Solar Limited (NYSE: TSL - News; ''Trina Solar'' or the "Company"), an integrated manufacturer of solar PV products based in Changzhou, China, today announced its financial results for the second quarter of 2007.

Second Quarter 2007 Highlights
-- Total net revenues increased 77.0% sequentially and 160.4% year-over-
year to $75.3 million
-- Gross profit increased 49.5% sequentially and 78.7% year-over-year to
$14.2 million
-- Net income increased 51.4% sequentially and 540.0% year-over-year to
$7.2 million
-- Solar module shipments increased 93.3% to 20.33 MW from 10.52 MW in the
first quarter of 2007 and 187.6% from 7.07 MW in the second quarter of
2006

''We are extremely pleased with our record results for the second quarter of 2007. We experienced continued strong growth in both revenues and profits, while further demonstrating the strengths of our sales and marketing, organizational capability, and strong brand in strategic European markets, such as Germany, Spain, and Italy. In addition, we have achieved key milestones in the execution of our business plan with the successful commercial launch of our solar cell manufacturing lines, taking us one step closer to becoming a fully vertically integrated solar PV manufacturer,'' said Mr. Jifan Gao, Trina Solar's Chairman and CEO.

Second Quarter 2007 Results

Trina Solar's net revenues in the second quarter of 2007 were $75.3 million, an increase of 77.0% sequentially and 160.4% year-over-year. Total shipments increased to 20.33 MW, up from 10.52 MW in the first quarter of 2007 and 7.07 MW in the second quarter of 2006. Average sales price (''ASP'') was $3.70 in the second quarter of 2007, compared to $3.80 in the first quarter of 2007, and $4.03 in the second quarter of 2006. Sales to customers in Europe accounted for almost all of Trina Solar's revenues in the second quarter of 2007.

At June 30, 2007, Trina Solar's ingot, wafer, and module annual manufacturing capacities were 100 MW. In April 2007, Trina Solar commenced commercial production of its newly installed solar PV cell lines that are currently delivering an average cell efficiency of 16.3% and have an annual manufacturing capacity of approximately 50 MW. The Company plans to achieve an annual manufacturing capacity of 150 MW for its ingot, wafer, cell and module production by the end of 2007.

Cost of revenues in the second quarter of 2007 was $61.1 million, an increase of 84.9% sequentially and 191.4% year-over-year due to growth of Trina Solar's solar module business. Cost of revenues in the second quarter of 2007 included approximately $15,000 of share-based compensation expenses.

Gross profit in the second quarter of 2007 was $14.2 million, an increase of 49.5% sequentially and 78.7% year-over-year. Gross margin was 18.9% in the second quarter of 2007, a decrease from 22.3% in the first quarter of 2007 and 27.5% in the second quarter of 2006. The sequential and year-over-year decline in gross margin was due primarily due to a lower module ASP.

Operating expenses in the second quarter of 2007 were $6.1 million, an increase of 21.6% sequentially and 21.7% year-over-year. The sequential and year-over-year increases were primarily due to higher selling expenses and general and administrative expenses to support the rapid growth of the Company's business. Operating expenses in the second quarter of 2007 included approximately $296,000 of share-based compensation expenses.

Operating income in the second quarter of 2007 was $8.1 million, an increase of 81.0% sequentially and 177.2% year-over-year. Operating margin was 10.7% in the second quarter of 2007, compared to 10.5% in the first quarter of 2007 and 10.1% in the second quarter of 2006.

Interest expense in the second quarter of 2007 was $1.6 million, compared to $1.2 million in the first quarter of 2007 and $0.5 million in the second quarter of 2006. The sequential increase was due to additional bank borrowings in the second quarter of 2007.

The Company recorded an income tax benefit of $56,000 in the second quarter. The Company received approval from the tax authority of additional tax benefit in the second quarter under qualified export enterprise classification.

Net income from continuing operations reached $7.2 million in the second quarter of 2007, an increase of 53.2% sequentially and 280.6% year-over-year.

Net income was $7.2 million in the second quarter of 2007, an increase of 51.4% sequentially and 540.0% year-over-year.

First Half 2007 Results

Revenues for the six months ended June 30, 2007 increased 171.7% over the comparable period in 2006, to $117.9 million. Gross profit increased 89.3% over the comparable period in 2006, to $23.7 million, yielding a gross margin of 20.1%. Operating expenses in the first half of 2007 increased 83.9% over the comparable period in 2006 to $11.2 million as a result of the Company's rapid growth. Operating income in the first half of 2007 was up 94.4% over the comparable period in 2006 to $ 12.6 million, reflecting an operating margin of 10.7%.

Net income for the six months ending June 30, 2007 was $12.0 million, an increase of 201.6% over the comparable period in 2006.

Financial Condition

As of June 30, 2007, the Company had $173.5 million in cash and cash equivalents and working capital of $224.9 million. Total bank borrowings stood at $114.8 million, $5.3 million of which were long-term borrowings. Shareholders' equity was $335.6 million, up from $171.6 million at the end of the first quarter 2007.

Business Outlook

The Company affirms its previous guidance of total net revenues in the range of $270 million to $300 million and net income in the range of $34.5 million to $36.5 million for the full year 2007. The Company expects to ship between 75 MW to 80 MW of modules for the full year 2007.

Trina Solar is on track to meet its year end capacity expansion goals of 150 MW and 350 MW for 2007 and 2008, respectively. The Company has successfully upgraded its infrastructure, including installation of utilities such as electrical power supply and new water cooling facilities. In line with its technology roadmap, Trina Solar has achieved commercial production of wafers of 200-micron thickness from 220-micron thickness to reduce the usage of silicon during the third quarter. Such wafers currently account for over 70% of its output, with the remaining wafers being produced at 220-micron thickness. We are currently converting our remaining equipment to produce all wafers of 200-micron thickness by the end of the third quarter.

In terms of polysilicon supply, the Company has entered into contracts covering approximately 90% and 60% of its 2007 and 2008 feedstock requirements, respectively, and continues to pursue an optimal mix of short-term and medium- term contracts with polysilicon manufacturers, semiconductor companies and silicon reclamation companies.

''Our outlook is positive as recent sales contracts have confirmed our strengths to successfully execute our sales and marketing strategies in key European markets, particularly in Southern Europe where climatic conditions and government policies are more favorable towards the solar power industry. Market demand is still extremely strong, and we are currently sold out through the rest of the year. With additional cell lines and ingot and wafer capacities being installed for production in the fourth quarter, we are on track to realize increased scale efficiencies under a vertically integrated business model. Our focus remains to achieve cell efficiencies in excess of 16.5% by the year end, to enhance our product quality and to improve our cost structure, especially in the area of silicon feedstock utilization,'' said Mr. Gao. ''Our efforts to expand our geographic footprint into new markets and diversify our customer base have proven increasingly successful, as evidenced by an increasing percentage of new customers from Spain and Italy during the quarter. Going forward, our sales force will continue to target large and medium-sized companies in these and other markets."

During the second quarter of 2007, the Company diversified its revenue base by adding 12 new customers to end the quarter with approximately 30 active customers and a total portfolio of over 50 customers. The geographic breakdown of our sales for the second quarter was approximately 57% Germany, 28% Spain, and 11% Italy, thus bringing our first half of 2007 geographic breakdown to approximately 40% Germany, 31% Spain, and 15% Italy.

Recent Events

On May 21, 2007, Trina Solar announced the appointment of Mr. Qian Zhao as independent director to the Company's Board of Directors. Mr. Zhao is a lawyer by training and has practiced law for 17 years specializing in corporate finance, cross-border investments, securities and M&A.

On May 31, 2007, the Company raised approximately US$155 million in net proceeds through its follow-on offering of 3,600,016 American Depository Shares. The net proceeds will be used to expand manufacturing lines for the production of silicon ingots, wafers, solar cells and modules, research and development, raw materials purchases and general working capital purposes.

On July 9, 2007, the Company confirmed initial shipments on four recently signed contracts covering 88 to 99 MW of sales to new key accounts in Italy and Germany over the next two to three years.

Conference Call

The company will host a conference call at 8:00 a.m. ET on August 23, 2007, to discuss the results for the quarter ended June 30, 2007. Joining Jifan Gao, Trina Solar's Chairman and Chief Executive Officer, will be Sean Shao, Chief Financial Officer, Sean Tzou, Chief Operations Officer, Andy Klump, Vice President of Business Development, Arturo Herrero, Vice President of Sales and Marketing, and Thomas Young, Director of Investor Relations. To participate in the conference call, please dial the following number five to ten minutes prior to the scheduled conference call time: (+1 888) 482-0024. International callers should dial (+1 617) 801-9702. The passcode for the call is 13859684.

If you are unable to participate in the call at this time, a replay will be available on Thursday, August 23 at 10:00 a.m. ET, through Thursday, August 30, at 10:00 at 10:00 a.m. ET. To access the replay, dial (+1 888) 286-8010, international callers should dial (+1 617) 801-6888 and enter the passcode 87710119. Callers in Southern China may also dial 10 800 130 0399.

This conference call will be broadcast live over the Internet and can be accessed by all interested parties on Trina Solar's website at trinasolar.com . To listen to the live webcast, please go to Trina Solar's website at least fifteen minutes prior to the start of the call to register, download, and install any necessary audio software. For those unable to participate during the live broadcast, a replay will be available shortly after the call on Trina Solar's website for 90 days.

About Trina Solar Limited

Trina Solar Limited (NYSE: TSL - News), through its wholly-owned subsidiary Changzhou Trina Solar Energy Co., Ltd., is an integrated solar PV manufacturer based in China. The company began research and development efforts in solar products in 1999 and in 2002 it started the system integration business. The company moved into the assembly of solar modules in 2004 as well as the manufacturing of monocrystalline ingots, wafers and cells in 2005, 2006 and 2007, respectively. The company's solar modules provide reliable and environmentally-friendly electric power for residential, commercial, industrial and other applications worldwide. The company sells its products to customers around the globe, including a number of European countries, such as Germany, Spain and Italy, where government incentives have accelerated the adoption of solar power. For further information, visit the company's website at trinasolar.com .

Safe Harbor Statement

This announcement contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact in this announcement are forward-looking statements, including but not limited to, the company's ability to raise additional capital to finance the company's activities; the effectiveness, profitability, and marketability of its products; the future trading of the securities of the company; the ability of the company to operate as a public company; the period of time for which its current liquidity will enable the company to fund its operations; the company's ability to protect its proprietary information; general economic and business conditions; the volatility of the company's operating results and financial condition; the company's ability to attract or retain qualified senior management personnel and research and development staff; and other risks detailed in the company's filings with the Securities and Exchange Commission. These forward-looking statements involve known and unknown risks and uncertainties and are based on current expectations, assumptions, estimates and projections about the companies and the industry. The company undertakes no obligation to update forward-looking statements to reflect subsequent occurring events or circumstances, or to changes in its expectations, except as may be required by law. Although the company believes that the expectations expressed in these forward looking statements are reasonable, they cannot assure you that their expectations will turn out to be correct, and investors are cautioned that actual results may differ materially from the anticipated results.

-- FINANCIAL TABLES FOLLOW --

Trina Solar Limited
Consolidated Statement of Operations
(US dollars in thousands, except ADS and share data)

For the three months ended For the six months ended
June 30, June 30,
2007 2006 2007 2006
(unaudited) (unaudited) (unaudited) (unaudited)

Net revenues $75,305 $28,921 $117,852 $43,373
Cost of
revenues 61,090 20,966 94,129 30,841
Gross profit 14,215 7,955 23,723 12,532
Operating
expenses
Selling
expenses 2,335 716 3,929 1,094
General and
administrative
expenses 3,354 2,804 6,025 3,386
Research and
development
expenses 439 1,518 1,214 1,594
Total
operating
expenses 6,128 5,038 11,168 6,074
Operating
income 8,087 2,917 12,555 6,458
Interest
expenses (1,632) (464) (2,834) (653)
Interest
income 563 57 955 64
Other income
(expenses) 138 (29) 28 (55)
Income before
income taxes 7,156 2,481 10,704 5,814
Income tax
expenses 55 (586) 1,213 (1,025)
Net income
from
continuing
operations 7,211 1,895 11,917 4,789
Net income
(loss) from
discontinued
operations (13) (770) 35 (826)
Net income $7,198 $1,125 $11,952 $3,963

Earnings per
ordinary
share from
continuing
operations
Basic 0.003 0.002 0.005 0.005
Diluted 0.003 0.002 0.005 0.005
Earnings per
ADS from
continuing
operations
Basic 0.321 0.190 0.546 0.479
Diluted 0.315 0.190 0.537 0.479
Earnings per
ordinary
share
Basic 0.003 0.001 0.005 0.004
Diluted 0.003 0.001 0.005 0.004
Earnings per
ADS
Basic 0.320 0.113 0.548 0.396
Diluted 0.315 0.113 0.538 0.396
Weighted
average
ordinary
shares
outstanding
Basic 2,246,839,501 1,000,000,000 2,181,736,235 1,000,000,000
Diluted 2,287,462,645 1,000,000,000 2,221,166,769 1,000,000,000
Weighted
average ADS
outstanding
Basic 22,468,395 10,000,000 21,817,362 10,000,000
Diluted 22,874,626 10,000,000 22,211,668 10,000,000

Trina Solar Limited
Consolidated Balance Sheet
(US dollars in thousands)

June 30, 2007 December 31, 2006
(unaudited) (audited)
ASSETS
Current assets:
Cash and cash equivalents $173,494 $93,380
Restricted cash 11,249 5,004
Inventories 65,686 32,230
Accounts receivable, net 67,856 29,353
Other receivables 2,573 1,228
Advances to suppliers 37,134 34,606
Value-added tax recoverable 1,020 1,035
Deferred tax assets 34 613
Current assets of
discontinued operations 280 353
Total current assets 359,326 197,802
Property, plant and
equipment 92,725 51,419
Intangible assets, net 2,408 2,372
Advances to suppliers -
long-term 22,795
Deferred tax assets 650 152
TOTAL ASSETS $477,904 $251,745

LIABILITIES AND
SHAREHOLDERS' EQUITY
Current liabilities:
Short-term borrowings,
including current portion
of long-term debt $109,515 $71,409
Accounts payable 20,526 9,147
Accrued expenses 3,545 5,029
Advances from customers 384 1,200
Income tax payable 84 850
Current liabilities to be
disposed 389 434
Total current liabilities 134,443 88,069
Long-term bank borrowings 5,252 5,122
Accrued warranty costs 2,602 1,400
Total liabilities 142,297 94,591

Ordinary shares 22 21
Additional paid-in capital 304,124 139,671
Retained earnings 27,543 15,622
Other comprehensive income 3,918 1,840
Total shareholders' equity 335,607 157,154
TOTAL LIABILITIES AND
SHAREHOLDERS' EQUITY $477,904 $251,745

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