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From: OmertaSoldier3/13/2008 6:38:01 PM
   of 79
 
3/5/08Trina Solar Announces Fourth Quarter and Fiscal Year 2007 Results
Tuesday March 4, 7:41 am ET

CHANGZHOU, China, March 4 /Xinhua-PRNewswire-FirstCall/ -- Trina Solar Limited (NYSE: TSL - News; "Trina Solar" or the "Company"), a leading integrated manufacturer of solar photovoltaic products from the production of ingots, wafers and cells to the assembly of PV modules, founded in 1997, today announced its financial results for the fourth quarter and fiscal year 2007.

Fourth Quarter 2007 Highlights
-- Total net revenues increased 22.8% sequentially and 161.6% year-over-
year to $101.4 million
-- Gross profit increased 66.3% sequentially and 205.7% year-over-year to
$27.6 million
-- Net income increased 116.8% sequentially and 242.2% year-over-year to
$15.7 million
-- Solar module shipments increased 13.0% to 23.91 MW from 21.15 MW in the
third quarter of 2007 and 166.3% from 8.98 MW in the fourth quarter of
2006

"We are extremely pleased with our results in the quarter to cap a year of many important achievements. We met or exceeded our annual 2007 targets for product shipment, revenue and net income, as the benefits of our fully integrated business model increased our bottom line," said Trina Solar's Chairman and CEO, Jifan Gao. "During the quarter we have tripled our in-house cell production to meet our integrated capacity expansion targets and reached historical highs in our in-house cell and module efficiencies, which combined drove significant margin expansion. In 2008, we continue to focus efforts to lower our module manufacturing costs through constant improvements in cell efficiencies, wafer thickness reduction, and manufacturing process innovation as we increase our production capacity and execute on our technology roadmap. These developments are central to our three core long-term strategies: developing a strong brand in the marketplace, investing continuously in our technology platform and ensuring our low cost position through our vertically integrated model."

During the quarter, the Company achieved the following milestones:

-- Expanded capacity to 150MW for each of ingot, wafer, cell and module
production
-- Successfully ramped four new cell production lines (No. 3, 4, 5, and 6)
-- Increased in-house cell processing proportion from 25% to over 75%
-- Launched commercial production of multicrystalline ingots of up to 420
kg in size
-- Commenced commercial production of 220-watt multicrystalline modules,
based on self-produced 156mm-sized cells
-- Realized in-house cell efficiency rates of up to 17.0% for
monocrystalline-based cells and up to 15.6% for multicrystalline-based
cells
-- Furthered the Company's brand recognition and market share by further
developing sales channels in developing solar markets, including the
Netherlands, Belgium, France, Greece, and Korea.

The geographic breakdown of the Company's sales for the fourth quarter was approximately 56% Spain, 7% Germany, and 16% Italy, thus bringing our full year 2007 geographic breakdown to approximately 34% Germany, 41% Spain, and 19% Italy.

Fourth quarter 2007 Results

Trina Solar's net revenues in the fourth quarter of 2007 were $101.4 million, an increase of 22.8% sequentially and 161.6% year-over-year. Total shipments increased to 23.91 MW, up from 21.15 MW in the third quarter of 2007 and 8.98 MW in the fourth quarter of 2006.

Cost of revenues in the fourth quarter of 2007 was $73.8 million, an increase of 11.8% sequentially and 148.1% year-over-year due to growth of Trina Solar's solar module business.

Gross profit in the fourth quarter of 2007 was $27.6 million, an increase of 66.3% sequentially and 205.7% year-over-year. Gross margin was 27.2% in the fourth quarter of 2007, an increase from 20.1% in the third quarter of 2007 and 23.3% in the fourth quarter of 2006. The sequential and year-over- year increases in gross margin were primarily due to higher module ASP and manufacturing benefits from increased vertical integration.

Operating expenses in the fourth quarter of 2007 were $11.4 million, an increase of 15.8% sequentially and 259.0% year-over-year. The Company's operating expenses were 11.2% of its fourth quarter net revenues, a decrease from 11.9% in the third quarter of 2007 and an increase from 8.2% in the fourth quarter of 2006. The year-over-year increase was primarily due to higher general and administrative ("G&A") expenses and sales and marketing expenses to support the rapid growth of the Company's business. The G&A expense was 6.4% of its fourth quarter revenues, a sequential decrease from 7.2% and an increase from 5.3% in the fourth quarter of 2006. The sequential decrease was due to measures taken by the Company for expense-control while the year-over-year increase was to support the rapid growth of the Company's business. Operating expenses in the fourth quarter of 2007 included approximately $736,000 of share-based compensation expenses.

Operating income in the fourth quarter of 2007 was $16.2 million, an increase of 139.5% sequentially and 177.0% year-over-year. Operating margin was 16.0% in the fourth quarter of 2007, compared to 8.2% in the third quarter of 2007 and 15.1% in the fourth quarter of 2006. The sequential and year- over-year increases in operating margin were due to higher module ASP and manufacturing benefits from increased vertical integration.

Interest expense in the fourth quarter of 2007 was $2.6 million, compared to $2.1 million in the third quarter of 2007 and $1.1 million in the fourth quarter of 2006. The sequential and year-over-year increase were due to additional bank borrowings compared to the third quarter of 2007 and the fourth quarter of 2006 to secure additional silicon materials. Interest Income was $2.4 million in the fourth quarter, compared to $1.5 million in the third quarter and $0.1 million in the fourth quarter of 2006.

The Company recorded an income tax benefit mainly due to tax refund received in the fourth quarter of 2007 relating to the purchase of domestically manufactured equipment.

Net income from continuing operations was $15.5 million in the fourth quarter of 2007, an increase of 119.7% sequentially and 253.8% year-over-year.

Net income was $15.7 million in the fourth quarter of 2007, an increase of 116.8% sequentially and 242.2% year-over-year. Net margin was 15.5% in the fourth quarter of 2007, compared to 8.8% in the third quarter of 2007 and 11.8% in the fourth quarter of 2006. Earnings per ADS in the quarter were $0.62 per fully diluted ADS, up 116.2% sequentially and 124.3% over the fourth quarter of 2006.

Full Year 2007 Results

For the full year 2007, net revenues were $301.8 million, up 163.6% from $114.5 million in 2006. Gross profit for the full year 2007 was $67.9 million, an increase of 126.0% from $30.0 million in 2006. Gross margin was 22.5% in 2007, compared to 26.2% in 2006. Operating income for the full year 2007 was $36.3 million, up 114.4% from $16.9 million in 2006. Operating margin was 12.0% in 2007, compared to 14.8% in 2006. The decline in operating margin in 2007 was primarily due to the lower gross margin in 2007 as a result of lower ASP and higher polysilicon prices. Net income from continuing operations for the full year 2007 was $34.5 million, an increase of 161.9% from 2006, and was due primarily to the growth in sales of the Company's solar module products. Net income for the full year 2007 was $34.9 million, an increase of 180.8% from 2006. Net margin was 11.6% in 2007, compared to 10.8% in 2006. Earnings per ADS for the full year 2007 were $1.47 per fully diluted ADS.

The Company's 4Q and 2007 financial statements are subject to change based on the Company completing its computation of the fair value of foreign exchange derivatives embedded in two of its material long-term silicon supply contracts. Such contracts provide that the purchase price of the silicon to be acquired is denominated in U.S. Dollars, which is not the functional currency of either of the contracting parties. Given the continued strengthening of the RMB against the USD, the Company believes that the ultimate impact would increase the earnings for both 4Q and fiscal 2007. The impact, if material, will be recorded as "Exchange Gain", a non-operating item, in the consolidated income statement.

Financial Condition

As of December 31, 2007, the Company had $59.7 million in cash and cash equivalents, which excludes the Company's restricted cash balance of $103.4 million. The Company's working capital balance was $121.9 million. Total bank borrowings stood at $171.8 million, of which $8.2 million were long term borrowings. Shareholders' equity was $366.6 million, up from $345.5 million at the end of the third quarter 2007.

Operations Outlook for 2008

Presales and Production

As of this date, the Company has contracted 100% and 85% of its first and second half 2008 targeted module production, respectively, representing approximately 90% of its targeted module production from 200MW to 210MW for 2008. The Company also plans to initiate sales in the United States this year, and is in the final process stage to receive its UL certifications. The Company anticipates its geographic breakdown of 2008 sales in its main markets to be approximately 34% Germany, 26% Spain, 18% Italy, 10% Benelux and 5% in the United States.

Silicon Feedstock

The Company has now secured over 80% of its estimated silicon feedstock requirements for 2008, an equivalent of approximately 170MW based on a module production target of 200-210MW of module output.

Capacity Expansion and Technology Roadmap

Trina Solar continues to be on target to meet its fully integrated capacity goal of 350 MW at end of 2008, and will add approximately 50MW of capacity in each quarter in ingot, wafer, cell, and module production value areas.

In the first quarter of 2008 the Company initiated commercial production of 180 micron monocrystalline wafers and cells from a current thickness of 200 microns and multicrystalline-based wafers of 200 microns from a current thickness of 220 microns. The Company expects to produce monocrystalline wafers of 160 microns and multicrystalline wafers of 180 microns by year end.

In 2008 the Company is developing second generation cell technologies to raise its monocrystalline and multicrystalline conversion efficiencies up to 17.5% and 16.0%, respectively. These improvements will result in our module products reaching output power up to 245 watts for monocrystalline and 230 watts for multicrystalline during 2008.

Module Cost Reduction

In the fourth quarter of 2007 the Company's manufacturing cost per watt excluding polysilicon was approximately $1.28 for combined ingot, wafer, cell, and module production. By fourth quarter 2008, we are targeting cost reduction of approximately 18% to reduce these costs to approximately $1.05 per watt. Driven by our technology development, transfer, and manufacturing process improvements, anticipated cost reductions will result from cell conversion improvements, wafer and cell breakage reduction, and production scale advantages.

Polysilicon Project Update

With goals to secure visibility on supply, price, and quality of up to 50% of its long-term polysilicon requirements, the Company is advancing project planning and financing to build and operate a multi-phased polysilicon production facility announced in the fourth quarter of 2007. We are highly confident that the construction of a polysilicon facility is the appropriate strategic direction to enable our vertically integrated platform to drive the necessary cost reductions to secure a sustainable competitive advantage in the global PV module market space.

We have made good progress in several areas in regard to our silicon production project announced in the fourth quarter. In December we announced our strategic development agreement with the Lianyungang Municipality in China's Jiangsu Province, which includes attractive government support in respect of land and electric power. We have also advanced negotiations for long lead time equipment and engineering procurement contractor (EPC) services. Additionally, we have well-progressed our technical and commercial due diligence work for a long term syndicate debt facility associated with the project.

First Quarter and Fiscal Year 2008 Guidance

For the first quarter of 2008, the Company expects to ship between 29 MW to 31 MW of PV modules and has expectations of total net revenues in the range of $112 million to $120 million. The Company believes gross margin for the first quarter will likely be between 23% and 25% and estimates operating margin to range between 13.5% to 15.5% of total net revenues.

For the full year of 2008 the Company expects total net revenues in the range of $770 million to $808 million, with PV module shipments between 200 MW to 210 MW. The Company is expecting gross margin for the year between 23% and 25% and believes operating margin will likely be in the range of 15% to 17% of total net revenues.

Conference Call

The Company will host a conference call at 8:00 a.m. ET on March 4, 2008, to discuss the results for the quarter ended December 31, 2007. Joining Jifan Gao, Chairman and CEO of Trina Solar, will be Sean Shao, Chief Financial Officer, Sean Tzou, Chief Operating Officer, Terry Wang, Senior Vice President of Finance, 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) 552-2116. International callers should dial +1(706)645-9795. Callers in Southern China may also dial 1-0800.1300748. The conference ID for the call is 34931439.

If you are unable to participate in the call at this time, a replay will be available on March 4, at 11:00 a.m. ET, through March 11,at 10:00 a.m. ET. To access the replay, dial +1(800)642-1687 international callers should dial +1(706)645-9291 and enter the conference ID 34931439.

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 a well recognized manufacturer of high quality modules and has a long history as a solar PV pioneer since it was founded in 1997 as a system installation company. Trina Solar is currently one of the few PV manufacturers that has developed a vertically integrated business model from the production of monocrystalline and multicrystalline ingots, wafers and cells to the assembly of high quality modules. This integrated value chain helps to ensure that high quality products can be delivered to its end customers around the globe, including a number of European countries, such as Germany, Spain and Italy. Trina Solar's solar modules provide reliable and environmentally- friendly electric power for residential, commercial, industrial and other applications worldwide. For further information, please visit Trina Solar'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 Year Ended
December 31, December 31,
2007 2006 2007 2006
(unaudited) (unaudited) (unaudited)

Net revenues $101,394 $38,766 $301,819 $114,500

Cost of revenues 73,796 29,740 233,905 84,450

Gross profit 27,598 9,026 67,914 30,050
Operating expenses
Selling
expenses 3,860 927 11,019 2,571
General and
administrative
expenses 6,533 2,050 17,817 8,656
Research and
development
expenses 978 190 2,805 1,903
Total operating
expenses 11,371 3,167 31,641 13,130

Operating income 16,227 5,859 36,273 16,920
Exchange gain or
(loss) (1,440) -- (1,999) --

Interest expenses (2,636) (1,069) (7,551) (2,137)

Interest income 2,362 122 4,810 261
Other income
(expenses) 502 3 1,268 (82)
Income before
income taxes 15,015 4,915 32,801 14,962
Income tax
(expenses) benefit 509 (527) 1,707 (1,788)
Net income from
continuing
operations 15,524 4,388 34,508 13,174
Net income (loss)
from discontinued
operations 162 196 368 (753)

Net income $15,686 $4,584 $34,876 $12,421

Earnings per ordinary
share from continuing
operations
Basic 0.006 0.003 0.015 0.010
Diluted 0.006 0.003 0.015 0.010

Earnings per ADS
from continuing
operations
Basic 0.622 0.271 1.475 0.978
Diluted 0.612 0.264 1.455 0.959

Earnings per
ordinary share
Basic 0.006 0.003 0.015 0.009
Diluted 0.006 0.003 0.015 0.009

Earnings per ADS
Basic 0.628 0.283 1.490 0.922
Diluted 0.619 0.276 1.470 0.904

Weighted average
ordinary shares
outstanding
Basic 2,495,985,720 1,152,016,485 2,339,917,459 1,038,316,484
Diluted 2,535,166,603 1,181,277,275 2,371,963,822 1,058,483,593

Weighted average
ADS outstanding
Basic 24,959,857 11,520,165 23,399,175 10,383,165
Diluted 25,351,666 11,812,773 23,719,638 10,584,836

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

December 31, December 31,
2007 2006
(unaudited)

ASSETS
Current assets:

Cash and cash equivalents $59,696 $93,380

Restricted cash 103,375 5,004

Inventories 58,548 32,230

Accounts receivable, net 72,323 29,353

Other receivables 3,063 1,228

Advances to suppliers 43,567 34,606
Value-added tax recoverable 1,417 1,035

Deferred tax assets 380 613
Current assets of discontinued operations 33 353

Total current assets 342,402 197,802

Property, plant and equipment 197,124 51,419

Intangible assets, net 5,462 2,372

Advances to suppliers - long-term 53,737 --

Deferred tax assets 1,095 152

TOTAL ASSETS $599,820 $251,745

LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Short-term borrowings, including
current portion of long-term debt $163,563 $71,409

Accounts payable 42,691 9,147

Accrued expenses 10,255 5,029

Advances from customers 2,371 1,200

Income tax payable 1,406 850
Current liabilities to be disposed 199 434

Total current liabilities 220,485 88,069

Long-term bank borrowings 8,214 5,122

Accrued warranty costs 4,486 1,400

Total liabilities 233,185 94,591

Ordinary shares 26 21

Additional paid-in capital 304,878 139,671

Retained earnings 50,466 15,622

Other comprehensive income 11,265 1,840

Total shareholders' equity 366,635 157,154
TOTAL LIABILITIES AND SHAREHOLDERS'
EQUITY $599,820 251,745

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From: OmertaSoldier5/5/2008 5:44:29 PM
   of 79
 
AP
LDK Solar, Qimonda sign deal for solar wafers, scrap silicon
Monday May 5, 5:31 pm ET
LDK Solar signs deal to supply solar wafers to Qimonda and get access to scrap silicon

NEW YORK (AP) -- LDK Solar Co. said Monday it received a five-year contract to supply solar wafers to Qimonda AG and get access to scrap silicon from the German memory-chip maker.
Financial terms of the deal were not disclosed.



Under the agreement, China-based LDK will supply a total of 540 megawatts of multicrystalline solar wafers to Qimonda or its joint venture with Centrosolar Group AG over five years beginning in 2009. In exchange, LDK will receive an advance payment and scrap silicon from Qimonda.

"We are very pleased to have secured an additional resource of scrap silicon material through this strategic partnership," LDK Chairman and Chief Executive Xiaofeng Peng said in a statement.

Accessing a sufficient, reliable supply of silicon -- a key ingredient in solar wafers and microchips -- has been a challenge for a number of solar-power companies amid growing demand for the alternative power source.

A one-megawatt plant running continuously at full capacity can power 778 households each year, according to the U.S. Department of Energy. Solar plants typically have less capacity because they depend on the sun for generation.

LDK shares jumped 80 cents to $36 in after-hours trading. Earlier, the stock rose $1.79, or 5.4 percent, to close at $35.20.

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From: OmertaSoldier5/12/2008 10:09:58 PM
   of 79
 
Press Release Source: LDK Solar Co., Ltd.

LDK Solar Reports Financial Results for the First Quarter 2008
Monday May 12, 4:05 pm ET

XINYU CITY, China and SUNNYVALE, Calif., May 12 /PRNewswire-FirstCall/ -- LDK Solar Co., Ltd. (NYSE: LDK - News), a leading manufacturer of multicrystalline solar wafers, today reported its unaudited financial results for the first quarter ended March 31, 2008.

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

First Quarter 2008 Financial Highlights:

-- Revenue of $233.4 million, up 21.1% quarter-over-quarter;
-- Signed 6 long-term wafer supply agreements since the beginning of the
year; and
-- Total wafer shipments increased 27.6% to 119.2 MW in the first quarter.

Net sales for the first quarter of fiscal 2008 were $233.4 million, up 21.1% from $192.8 million for the fourth quarter of fiscal 2007, and up 218.0% year-over-year from $73.4 million for the first quarter of fiscal 2007.

Gross profit for the first quarter of fiscal 2008 was $64.6 million, up 11.2% from $58.0 million for the fourth quarter of fiscal 2007, and up 127.5% year-over-year from $28.4 million for the first quarter of fiscal 2007. Gross profit margin for the first quarter of fiscal 2008 was 27.7% compared with 30.1% in the fourth quarter of fiscal 2007 and 38.7% in the first quarter of fiscal 2007.

Income tax expense for the first quarter of fiscal 2008 was $8.5 million. One of our operating subsidiaries in the PRC, after the first two years of exemptions, is now subject to a tax rate of 12.5% under the new PRC Enterprise Income Tax Law, or the EIT Law.

Net income for the first quarter of fiscal 2008 was $49.8 million, or $0.45 per diluted ADS, compared to net income of $49.2 million, or $0.44 per diluted ADS for the fourth quarter of fiscal 2007.

LDK Solar ended the first quarter of fiscal 2008 with $93.7 million in cash and cash equivalents.

"The first quarter of 2008 marked the beginning of another strong year for LDK," stated Xiaofeng Peng, Chairman and CEO of LDK Solar. "We recorded strong revenue and higher than expected wafer shipments for the first quarter despite the snow storm we experienced in South China. The demand for our wafers remained high and we have signed six significant wafer supply agreements since the beginning of the year. We ended the quarter with an annualized wafer production capacity of 580 MW. In response to sales backlog we have, we decided to increase our target annualized capacity to 1.1 GW by the end of 2008 and 2.0 GW by the end of 2009.

"Regarding our polysilicon plant project, the construction remains on track for completion based on our previously announced schedule. With the recent funding we secured, in addition to our other financial resources, such as advances from customers, LDK is well positioned to pursue its aggressive growth strategy," concluded Mr. Peng.

Business Outlook

The following statements are based upon management's current expectations. These statements are forward-looking in nature, and the actual results may differ materially. You should read the "Safe Harbor Statement" below with respect to the risks and uncertainties relating to these forward-looking statements.

For the second quarter of fiscal 2008, LDK Solar estimates its revenue to be in the range of $278 million to $288 million with wafer shipments between 136 MW to 146 MW. LDK Solar also revised its outlook for the full year of fiscal 2008. For the full year of fiscal 2008, LDK Solar currently estimates:

-- Revenue to be in the range of $1.08 billion to $1.18 billion;
-- Wafer shipments in the range of 560 MW to 580 MW;
-- Gross margin in the range of 23% to 28%; and
-- Annualized wafer production capacity to be 1.1 GW by the end of 2008
and 2.0 GW by the end of 2009.

Conference Call Details

The LDK Solar First Quarter 2008 teleconference and webcast is scheduled to begin at 6:00 p.m. Eastern Time (ET), on Monday, May 12, 2008. To listen to the live conference call, please dial 800-240-2430 (within U.S.) or 303-262-2051 (outside U.S.) at 5:50 p.m. ET on May 12, 2008. An audio replay of the call will be available to investors through May 16, 2008, by dialing 800-405-2236 (within U.S.) or 303-590-3000 (outside U.S.) and entering the passcode 11113408#.

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

3/31/2008 12/31/2007
Assets
Current assets
Cash and cash equivalents 93,705 83,470
Pledged bank deposits 142,086 135,950
Trade accounts receivable, net 8,905 3,767
Inventories, net 519,594 349,997
Prepayments to suppliers 206,330 138,193
Other current assets 39,187 29,825
Deferred income tax assets 658 546
Total current assets 1,010,465 741,748
Property, plant and equipment, net 501,078 336,763
Deposit for property, plant and equipments 200,725 151,233
Intangible asset, net 1,109 1,096
Land use rights 64,612 29,259
Inventories to be processed beyond one year, net 21,401 29,981
Prepayments to suppliers to be utilized
beyond one year 20,534 18,994
Pledged bank deposits - non-current 30,020 -
Other financial assets 2,794 525
Deferred income tax assets 368 387
Total assets 1,853,106 1,309,986

Liabilities and shareholders' equity
Current liabilities
Short-term bank borrowings 313,933 264,101
Trade accounts payable 37,465 18,032
Advance payments from customers 231,089 141,223
Accrued expenses and other payables 137,525 95,301
Income tax payable 4,466 -
Other financial liabilities 7,577 3,357
Total current liabilities 732,055 522,014
Long-term bank borrowings, excluding
current portions 37,795 25,125
Advance payments from customers - non-current 301,313 67,554
Other liabilities 2,164 2,222
Total liabilities 1,073,327 616,915
Shareholders' equity
Ordinary shares: US$0.10 par value; 499,580,000
shares authorized; 106,478,033 and 106,044,700
shares issued and outstanding as of March 31,
2008 and December 31, 2007, respectively 10,648 10,604
Additional paid-in capital 494,358 486,253
Statutory reserve 18,697 18,697
Accumulated other comprehensive income 60,214 31,481
Retained earnings 195,862 146,036
Total shareholders' equity 779,779 693,071
Total liabilities and shareholders' equity 1,853,106 1,309,986

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

Three Months Ended
3/31/2008 12/31/2007

Net sales 233,399 192,769
Cost of goods sold (168,831) (134,729)
Gross profit 64,568 58,040
Selling expenses (481) (210)
General and administrative expenses (11,185) (9,503)
Research and development expenses (371) (1,653)
Total operating expenses (12,037) (11,366)
Income from operations 52,531 46,674
Other income/(expenses):
Interest income 1,326 1,967
Interest expense (5,254) (3,060)
Foreign currency exchange gain, net 5,339 1,479
Government subsidy 4,521 1,956
Others (126) -
Income before income tax 58,337 49,016
Income tax (expenses)/benefit (8,511) 159
Net income available to ordinary shareholders 49,826 49,175
Net income per ADS, Diluted $0.45 $0.44

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 Solar sells multicrystalline wafers globally to manufacturers of photovoltaic products, including solar cells and solar modules. In addition, LDK Solar provides wafer processing services to monocrystalline and multicrystalline solar cell and module manufacturers. LDK Solar's headquarters and manufacturing facilities are located in Hi-Tech Industrial Park, Xinyu City, Jiangxi Province in the People's Republic of China. Its office in the United States is located in Sunnyvale, California.

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. All statements other than statements of historical fact in this announcement are forward-looking statements, including but not limited to, LDK Solar's ability to raise additional capital to finance its activities; the effectiveness, profitability, and marketability of its products; the future trading of its securities; its ability to operate as a public company; the period of time for which its current liquidity will enable it to fund its operations; its ability to protect its proprietary information; general economic and business conditions; the volatility of its operating results and financial condition; its ability to attract or retain qualified senior management personnel and research and development staff; and other risks detailed in LDK Solar'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 LDK Solar and the industry. These statements are based upon information available to LDK Solar's management as of the date hereof. Actual results may differ materially from the anticipated results because of certain risks and uncertainties. This press release also contains forward looking statements about the progress of LDK Solar's construction of its polysilicon plant. These statements are based on information available to its management today. Actual results may differ, including various factors which may delay or disrupt the plant's construction and completion, including, poor weather, the risk of labor difficulties, construction difficulties or financing difficulties.

LDK Solar undertakes no obligation to update forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although LDK Solar 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.

--------------------------------------------------------------------------------
Source: LDK Solar Co., Ltd.

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From: OmertaSoldier5/21/2008 9:34:07 AM
   of 79
 
STV Q1 2008 China Digital TV Announces Unaudited First Quarter 2008 Results
Wednesday May 14, 5:30 pm ET

BEIJING, China, May 14 /Xinhua-PRNewswire/ -- China Digital TV Holding, Co. Ltd. (NYSE: STV - News; ''China Digital TV'' or the ''Company''), the leading provider of conditional access (CA) systems to China's rapidly growing digital television market, announced today its unaudited financial results for the first quarter ended March 31, 2008.

Highlights for the First Quarter 2008

-- Total revenues in the first quarter were US$17.4 million, an increase
of 65.7% from the corresponding period in 2007 and a decrease of 11.7%
from the fourth quarter of 2007.

-- Net income for the first quarter was US$11.4 million, an increase of
84.1% from the corresponding period in 2007 and a decrease of 11.5%
from the fourth quarter of 2007.

-- Basic earnings per share in the first quarter were US$0.20, compared to
US$0.14 in the same period of 2007 and US$0.23 in the fourth quarter of
2007.

-- China Digital TV sold 2.3 million smart cards during the first quarter,
an increase of 78.3% from the corresponding period in 2007 and a
decrease of 11.5% from the fourth quarter of 2007.

-- Gross margin was 80.9% for the first quarter of 2008, compared to 83.7%
in the same period in 2007 and 79.8% in the fourth quarter of 2007.

-- Operating margin, defined as income from operations divided by net
revenue, for the first quarter of 2008 was 59.1%, compared to 64.0% for
the same period of 2007, and 54.0% for the fourth quarter of 2007.

-- During the first quarter, according to market data collected by the
Company, China Digital TV entered into 6 new contracts to install CA
systems out of a total of 9 contracts entered into in China during the
quarter, demonstrating the Company's superior competitive advantage in
the CA market.

''I am pleased to report another quarter of solid growth,'' said Mr. Jianhua Zhu, China Digital TV's chief executive officer. ''Despite expected seasonal weakness in the first quarter, we saw impressive growth across all sectors of our business compared to the corresponding period of 2007. This quarter alone we shipped 2.3 million smart cards, bringing our total number of cards shipped to date to more than 15 million. We continue to be the market leader with 170 contracts signed with network operators to provide CA systems. As those network operators deepen the penetration of digital television in their respective areas, we expect to maintain strong momentum of smart card sales in the near future.''

Dr. Zengxiang Lu, China Digital TV's chairman and chief strategy officer, commented, ''Our revenue from smart cards has been so strong that we've been able to invest heavily in our newly established subsidiary, Beijing Novel- Super Media Investment Co., Ltd., which is dedicated to the exploration of revenue-sharing models with network operators. We now have about 70 employees working for the subsidiary and continued to work on PC-TV services and electronic program guides (EPG) based advertising platforms this quarter. Our PC-TV products are in trial phases with five cable operators and our EPG-based platform is already in use with select operators. We are confident that these value-added services will contribute to China Digital's growth in the future.''

First Quarter 2008 Results

(Note: Unless otherwise stated, all financial statement amounts used in this press release are based on U.S. GAAP.)

For the first quarter of 2008, China Digital TV reported net revenues of US$17.2 million, an increase of 65.4% from US$10.4 million in the first quarter of 2007 and a decrease of 11.8% from US$19.5 million in the fourth quarter of 2007. The quarter-over-quarter decrease in net revenues was expected as the first quarter is typically the weakest season for smart card shipments. During the Chinese New Year period, the working calendar is shortened by one to two weeks when most network operators are not in operation. Additionally, cable operators tend to delay their purchase decisions until after the annual China Content Broadcasting Network (CCBN) industry show in March of each year.

In the first quarter of 2008, China Digital TV entered into 6 new contracts to install CA systems with network cable operators out of a total of 9 such contracts signed in China.

Revenues from smart cards and related products were US$15.8 million in the first quarter of 2008, an increase of 75.6% from the same period of 2007 and a decrease of 11.4% from US$17.9 million in the fourth quarter of 2007. The movement in revenue generally reflected the change in volume of smart cards sold. Sales of smart cards and related products made up 91.1% of the total revenues for this quarter. China Digital TV sold 2.3 million smart cards in the first quarter 2008, an increase of 78.3% from the same period of 2007 and a decrease of 11.5% from the fourth quarter of 2007.

Revenues from services were US$1.6 million in the first quarter 2008, an increase of 5.0% from the same period in 2007 and a decrease of 14.9% from the fourth quarter 2007. Service revenue was 8.9% of total revenues for this quarter.

Gross profit for the first quarter of 2008 was US$14.0 million, an increase of 60.0% from US$8.7 million in the same period of 2007 and a decrease of 10.5% from US$15.6 million in the fourth quarter of 2007. Gross margin was 80.9% for the first quarter of 2008, compared to 83.7% in the same period in 2007 and 79.8% in the fourth quarter of 2007. The slight quarter- over-quarter increase was mainly due to the Company's ability to maintain a relatively stable average selling price (ASP) of smart cards.

Operating expenses for the first quarter of 2008 were US$3.7 million, an increase of 83.6% from US$2.0 million in the same period of 2007 and a decrease of 25.4% from US$5.0 million in the fourth quarter of 2007.

-- Research and development expenses for this quarter increased 59.2% to
US$1.4 million from US$0.9 million in the same period of 2007 and
decreased 3.2% from US$1.5 million in the fourth quarter of 2007. The
year-over-year increases were largely due to an increase of more than
70 R&D headcount during the year-long period.

-- Sales and marketing expenses for the first quarter of 2008 increased
65.7% to US$1.0 million from US$0.6 million in the same period of 2007
and decreased 37.3% from US$1.7 million in the fourth quarter of 2007.
The year-over-year increases were primarily due to increased sales and
marketing headcount while the quarter-over-quarter decreases were
mainly the result of slight decreases in marketing campaign spending
and a break from marketing efforts during the Chinese New Year holiday.

-- General and administrative expenses for the first quarter of 2008
increased 148.6% to US$1.3 million from US$0.5 million in the same
period of 2007 and decreased 32.5% from US$1.9 million in the fourth
quarter of 2007. The year-over-year increase was primarily due to
additional headcount. The G&A expense declined quarter-over-quarter
mainly because the Company incurred certain significant professional
service expenses in the fourth quarter of 2007 as a result of being a
newly listed public company in the US.

Operating margin, defined as income from operations divided by net revenue, for the first quarter of 2008 was 59.1%, compared to 64.0% for the same period of 2007 and 54.0% for the fourth quarter of 2007.

Income tax expense in the first quarter of 2008 was US$1.3 million, an increase of 138.6% year-over-year and 182.3% sequentially, due to the significant increase in the income before tax and the new Enterprise Income Tax Law of the PRC, which took effect in January, 2008. The Company plans to apply for ''New and High-Tech Enterprise'' status, with an applicable 15% tax rate and a 50% reduction in 2008. But under applicable accounting rules, until the Company receives official approval of this status, income tax expense is calculated based on the 25% statutory tax rate provided for in the new Enterprise Income Tax Law and a 50% reduction, resulting in a 12.5% income tax rate for the first quarter of 2008, rather than the 7.5% tax rate used last year. Such an increase in tax rate contributed to the increase in our income tax expense in the first quarter.

Net income for the first quarter of 2008 was US$11.4 million, an increase of 84.1% from US$6.2 million in the same period of 2007 and a decrease of 11.5% from US$12.9 million in the fourth quarter of 2007. In the first quarter of 2008 basic and diluted earnings per share were US$0.20 and US$0.19, respectively.

As of March 31, 2008, China Digital TV had cash and cash equivalents, restricted cash and deposits with maturity over three months totaling US$258.5 million. Operating cash flow in the first quarter of 2008 was a net inflow of approximately US$9.7 million.

Non-GAAP net income, defined as net income excluding certain non-cash expenses, including share-based compensation expenses and amortization of acquired intangible assets, for the first quarter of 2008 was US$11.9 million, an increase of 39.5% from US$6.7 million in the same period of 2007 and a decrease of 20.0% from US$13.2 million in the fourth quarter of 2007.

Outlook for the second quarter ended June 30, 2008

Based on information available on May 14, 2008, China Digital TV expects its net revenues for the second quarter of 2008 to be in the range of US$17.5 million to US$19.5 million, representing year-over-year growth in the range of 57.2% to 75.2%.

Updated Outlook for the full year 2008

Based on information available on May 14, 2008, China Digital TV reiterates its expectation of net revenues for the full year 2008 to be in the range of US$79 million to US$84 million, representing year-over-year growth in the range of 42.5% to 51.5%.

China Digital TV's management will hold a conference call at 8 p.m. on May 14, 2008 U.S. Eastern Time (8a.m. on May 15, 2008 Beijing/Hong Kong time).

Dial-in details for this conference call are as follows:

United States Toll Free: 1.800.884.5695
International: 1.617.786.2960
Hong Kong: 852.3002.1672
China Toll Free: 10.800.130.0399

Please dial-in 10 minutes before the call is scheduled to begin and provide the passcode to join the call. The passcode for all regions is ''China Digital TV Earnings Call.''

Additionally, a live and archived webcast of this conference call will be accessible through the Investor Relations section of China Digital TV's website at ir.chinadtv.cn .

A replay may be accessed by phone at the following number until June 10, 2008:

United States: 1.888.286.8010
International: 1.617.801.6888
Passcode: 20810162

Safe Harbor Statements

This announcement contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such forward-looking statements are made under the ''safe harbor'' provisions of the U.S. Private Securities Litigation Reform Act of 1995.

These forward-looking statements can be identified by terminology such as ''will,'' ''expects,'' ''anticipates,'' ''future,'' ''intends,'' ''plans,'' ''believes,'' ''estimates,'' ''may,'' ''should'' and similar expressions. Such forward-looking statements include, without limitation, statements regarding the outlook for the second quarter of 2008 and full year of 2008 and comments by management in this announcement about trends in the CA systems, digital television, cable television and related industries in the PRC and China Digital TV's strategic and operational plans. China Digital TV may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about China Digital TV's beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained or implied in any forward-looking statement, including but not limited to the following: competition in the CA systems, digital television, cable television and related industries in the PRC and the impact of such competition on prices, our ability to implement our business strategies, changes in technology, the structure of the cable television industry or television viewer preferences, changes in PRC laws, regulations or policies with respect to the CA systems, digital television, cable television and related industries, including the extent of non-PRC companies' participation in such industries, and changes in political, economic, legal and social conditions in the PRC, including the government's policies with respect to economic growth, foreign exchange and foreign investment.

Further information regarding these and other risks and uncertainties is included in our registration statement on Form F-1 and other documents filed with the U.S. Securities and Exchange Commission. China Digital TV does not assume any obligation to update any forward-looking statements, which apply only as of the date of this press release.

About China Digital TV

Founded in 2004, China Digital TV is the leading provider of conditional access (''CA'') systems to China's rapidly growing digital television market. CA systems enable television network operators to manage the delivery of customized content and services to their subscribers. China Digital TV conducts substantially all of its business through its subsidiaries, Beijing Super TV Co., Ltd. and Beijing Novel-Super Media Investment Co., Ltd, and its affiliate, Beijing Novel-Super Digital TV Technology Co., Ltd.

For more information please visit the Investor Relations section of China Digital TV's website at ir.chinadtv.cn .

For investor and media inquiries, please contact:

In China:
Eric Yuan
China Digital TV
Tel: +86.10.8279-0021
Email: ericyuan@novel-supertv.com

Helen Plummer
Ogilvy Public Relations Worldwide (Beijing)
Tel: +86-10 8520-3090
Email: helen.plummer@ogilvy.com

In the United States:
Jessica Barist Cohen
Ogilvy Public Relations Worldwide (New York)
Tel: +1-646-460-9989
Email: jessica.cohen@ogilvy.com

China Digital TV Holding Co., Ltd.
Unaudited Condensed Consolidated Statements of Operations

( in U.S. dollars in thousands, except share data )

For the three months ended
March 31, December 31, March 31,
2008 2007 2007
Revenues:
Products 15,822 17,851 9,010
Services 1,545 1,815 1,471
Total revenues 17,367 19,666 10,481
Business taxes (126) (121) (59)
Net revenue 17,241 19,545 10,422

Cost of Revenues:
Products (2,624) (3,613) (1,195)
Services (664) (339) (507)
Total Cost of Revenues (3,288) (3,952) (1,702)
Gross Profit 13,953 15,593 8,720

Operating expenses:
Research and
development
expenses (1,439) (1,486) (904)
Sales and marketing
expenses (1,044) (1,666) (630)
General and
administrative
expenses (1,273) (1,886) (512)

Total Operating
Expense (3,756) (5,038) (2,046)

Income from operation 10,197 10,555 6,674

Interest income 2,379 2,522 60
Other income 115 263 -
Income before income
tax 12,691 13,340 6,734
Income tax benefits /
(expenses)
Income tax - current (1,345) (612) (556)
Income tax -
deferred 35 148 7
Net income before
income(loss) from
equity
investments 11,381 12,876 6,185
Net income(loss)
from
equity investments 4 (6) -
Net income 11,385 12,870 6,185

Net income per share:
Basic ordinary shares 0.20 0.23 0.14
Basic preferred shares - 0.30 0.14
Diluted ordinary
shares 0.19 0.22 0.13

Weighted average
shares used in
computation:
Basic ordinary shares 57,296,932 54,511,429 34,000,000
Basic preferred shares - 1,135,503 9,496,932
Diluted ordinary
shares 61,082,377 58,377,611 36,970,396

China Digital TV Holding Co., Ltd.
Unaudited Condensed Consolidated Balance Sheets

( in U.S. dollars in thousands )

March 31, December 31,
ASSETS 2008 2007
Current assets:
Cash and cash equivalents 228,092 228,958
Restricted cash 1,462 706
Deposits with maturity over three
months 28,986 17,948
Accounts receivable 8,419 6,118
Inventories, net 2,559 2,967
Prepaid expenses and other
current assets 1,903 1,254
Amounts due from related parties 1,475 1,277
Deferred costs-current 371 541
Deferred income taxes - current 195 184
Total current assets 273,462 259,953
Property and equipment, net 1,444 1,379
Intangible assets, net 941 1,002
Goodwill 486 467
Long-term investments 433 396
Deferred costs-non-current 397 488
Deferred income taxes -
non-current 84 50
Total assets 277,247 263,735

LIABILITIES AND SHAREHOLDERS'
EQUITY
Current liabilities:
Accounts payable 341 485
Accrued expenses and other
current liabilities 2,846 4,757
Deferred revenue - current 5,606 4,784
Income tax payable 1,627 722
Total current liabilities 10,420 10,748
Deferred revenue-non-current 1,116 1,136
Deferred income taxes -
non-current - -
Total Liabilities 11,536 11,884
Minority interest 4,000 4,000
Shareholders' equity:
Ordinary shares 29 29
Additional paid-in capital 225,245 224,863
Statutory reserve 5,688 5,688
Accumulated profit 25,729 14,344
Accumulated other comprehensive
income 5,020 2,927
Total shareholders' equity 261,711 247,851
TOTAL LIABILITIES, MINORITY
INTEREST, AND
SHAREHOLDERS' EQUITY 277,247 263,735

Reconciliation of Non-GAAP Measures

Non-GAAP net income excludes certain non-cash expenses, including share- based compensation expenses and amortization of acquired intangible assets. We believe that these non-GAAP financial measures provide meaningful supplemental information regarding our performance and liquidity by excluding certain non-cash expenses that may not be indicative of our operating performance from a cash perspective. We believe that both management and investors benefit from referring to this additional information in assessing our performance and when planning and forecasting future periods.

For the three months ended
March 31, December 31, March 31,
2008 2007 2007

Net Income - GAAP 11,385 12,870 6,185
Share-based compensation 382 230 309
Amortization of intangible
assets 99 97 164

Net Income - Non-GAAP 11,866 13,197 6,658

08

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From: OmertaSoldier5/24/2008 7:23:04 AM
   of 79
 
SOLF Q1 5/21/08 Press Release Source: Solarfun Power Holdings Co., Ltd.

Solarfun Reports 2008 First Quarter Results
Wednesday May 21, 6:35 am ET

SHANGHAI, China--(BUSINESS WIRE)--Solarfun Power Holdings Co., Ltd. (“Solarfun” or “the Company”) (NASDAQ:SOLF - News), an established vertically-integrated manufacturer of silicon ingots and photovoltaic (PV) cells and modules in China, today reported its unaudited financial results for the first quarter ended March 31, 2008.
2008 FIRST QUARTER RESULTS

Net revenue was RMB 1.20 billion (US$ 171.0 million), an increase of 529% from the fourth quarter of 2007.
PV module shipments showed good momentum, reaching 40.3MW, which represented 40% growth over 4Q2007 and 517% from the first quarter last year.
Average selling price (“ASP”) was strong at $4.07 and was significantly higher than the ASP of $3.85 in the fourth quarter of 2007. Spain and Germany saw particular pricing strength and the Company also benefited from the strong Euro during the period.
The geographic breakdown of net revenue was as follows: Spain 46%, Germany 36%, France 8%, Italy 6%, and Switzerland 4%. The company’s customer base remained diversified with only two customers accounting for over 10% of sales.
Gross profit was RMB 197.4 million (US$ 28.2 million), an increase of 502% from the same quarter last year.
As the Company had guided, gross margins softened slightly to 16.5% due primarily to higher polysilicon and wafer costs.
Operating profit was RMB 144.9 million (US$ 20.7 million), a rise of over 3300% from the same quarter last year and 56% from 4Q2007. Operating margins increased to 12.1%, as the Company managed to control operating costs, while revenues grew substantially.
Interest expense rose to US$ 3.8 million due to increased bank borrowing and the Company’s Convertible Senior Notes offering.
The Company recorded a currency gain of US$ 2.8 million as a result of the appreciation of the RMB relative to the U.S. Dollar.
Net income was RMB 107.0 million (US$ 15.3 million). The Company reported a small net loss in the comparable quarter in 2007.
Earnings per basic ADS were RMB 2.21 (US$ 0.32).
Harold Hoskens, CEO of Solarfun, noted, “During the first quarter, the Company was able to achieve both record shipments and profits in spite of tight supply and price increases of raw materials. Our customer demand is robust, pricing for our products remains strong, and we have good control of our operating expenses and improved working capital management.”

FIRST QUARTER 2008 FINANCIAL RESULTS

The Company’s total net revenue in the first quarter of 2008 was RMB 1.20 billion (US$ 171.0 million), representing an increase of 529% from RMB 190.7 million in the first quarter of 2007 and an increase of 21% from RMB 987.8 million in the fourth quarter of 2007. The increase was primarily due to an increase in shipments and an increase in ASP in the first quarter of 2008. Total net PV module shipments and ASP were 40.3MW and US$ 4.07 per watt in the first quarter of 2008 compared to 28.1MW and US$ 3.85 per watt in the fourth quarter of 2007 and 6.5MW and US$ 3.77 per watt in the first quarter of 2007.

Gross profit in the first quarter of 2008 was RMB 197.4 million (US$ 28.2 million), representing an increase of 501.5% from RMB 32.8 million in the first quarter of 2007 and an increase of 13.1% from RMB 174.5 million in the fourth quarter of 2007. The gross margin decreased to 16.5% from 17.2% in the first quarter of 2007, and from 17.7% in the fourth quarter of 2007. The sequential decrease in gross margin was largely attributable to the higher costs of silicon-based materials in the first quarter of 2008.

Income from operations in the first quarter of 2008 was RMB 144.9 million (US$ 20.7 million), or 12.1% of total net revenue, compared RMB 4.3 million, or 2.2% of total net revenue in the first quarter of 2007, and to RMB 92.7 million, or 9.4% of total net revenue in the fourth quarter of 2007. The decrease in operating margin was mainly due to the increase in gross profit and relatively constant total operating costs. In addition, the Company generally incurred lower operating costs during the early part of the year.

Net income attributable to ordinary shareholders in the first quarter of 2008 was RMB 107.0 million, compared to net loss of RMB 2.5 million in the first quarter of 2007, and to net income of RMB 66.4 million in the fourth quarter of 2007. Basic net income per ADS in the first quarter of 2008 was RMB 2.21 (US$ 0.32) per ADS, compared to net loss of RMB 0.05 per ADS in the first quarter of 2007, and to net income of RMB 1.38 per ADS in the fourth quarter of 2007.

FINANCIAL POSITION

As of March 31, 2008, the Company had cash and cash equivalents of RMB 595.2 million (US$ 84.9 million) and working capital of RMB 2.34 billion (US$ 334.0 million). Total bank borrowings were RMB 1.17 billion (US$ 167.3 million). On January 29, 2008 the Company placed US $172.5 million of Convertible Senior Subordinated Notes due 2018.

Net accounts receivable rose to RMB 674.6 million (US$ 96.2 million) due to the higher level of revenue, but continued focus on cash management practices reduced Days Sales Outstanding (DSO’s) to 42, down materially from the 91 days in the first quarter of 2007.

Capital outlays during the First Quarter totaled US$ 149.3 million, of which US$ 40.5 million was for capital expenditures and US$108.8 million was for pre-payments to suppliers.

BUSINESS OUTLOOK

Based on current operating trends and other conditions, the Company’s outlook is as follows:

For 2Q2008, management expects:

Demand to remain strong, with shipments between 40-45 MW and ASP’s around $4.00 based on current contracted pricing. However, the continuing decline in the value of the Euro could impact this ASP assumption.
Gross margin to continue to be impacted by higher silicon costs with further declines from the level seen in 1Q08.
For the full year 2008:

The Company raises its previous guidance of 160 MW in shipments to a range of 160-180 MW. Visibility on ASP in the second and third quarters of 2008 is good, although incentive changes in Spain and Germany could lead to less visibility on ASP’s beginning in the fourth quarter of 2008.
The 120 MW cell capacity expansion to our Qidong facility is expected to be completed by the early part of 3Q2008, which will raise aggregate annual manufacturing capacity (or “total nameplate capacity”), to 360 MW. In anticipation of improving polysilicon supply and in recognition of long lead time deliveries for certain equipment, the Company will continue to pursue its vertical integration strategy by expanding production capacity at its 52%-owned ingot manufacturing facility - Jiangsu Yangguang Solar Technology Ltd. In addition, the Company has begun development of a wire saw facility in Qidong. Over time, these programs are expected to improve the Company’s ability to control production costs, improve quality and secure reliable delivery of wafers.
Harold Hoskens, Chief Executive Officer, concluded, “We believe we are well positioned to take advantage of the continued burgeoning growth of PV demand. We are growing well in excess of the overall industry, securing good long-term relationships with key customers, are focused on improving our quality, and are building scale through a vertically-integrated business model which should allow us to maintain our ability to compete effectively from a low-cost production base.”

Conference Call:

Management will host a conference call to discuss the results at 8:00 am U.S. Eastern Time (8:00 pm Shanghai time) on May 21, 2008.

- U.S. Toll Free Number: +1 866 362 4820
- International dial-in number: +1 617 597 5345
- China Toll Free Number: +10 800 130 0399
Passcode: SOLF

A live webcast of the conference call will be available on the investor relations section of the Company’s website at: solarfun.com.cn. A replay of the webcast will be available for one month.

A telephone replay of the call will be available for twenty-four hours after the conclusion of the conference call. The dial-in details for the replay are as follows:

- U.S. Toll Free Number: +1 888 286 8010
- International dial-in number: +1 617 801 6888
Passcode: 74083898

Foreign Currency Conversion

The conversion in this release of Renminbi into U.S. dollars is made solely for the convenience of the reader, and 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 March 31, 2008, which was RMB7.0120 to US$1.00. 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 March 31, 2008, or at any other date. The percentages stated in this press release are calculated based on Renminbi amounts.

Financial Statements


SOLARFUN POWER HOLDINGS CO., LTD.
CONSOLIDATED STATEMENTS OF OPERATIONS
(Amounts in thousands of Renminbi ("RMB") and U.S. dollars ("US$"),
except for number of shares and per share data)

For the three months ended
March 31 December 31 March 31 March 31
2007 2007 2008 2008
(Unaudited) (Unaudited) (Unaudited) (Unaudited)
RMB RMB RMB USD
Net revenue
Photovoltaic modules 190,475 804,164 1,151,507 164,220
Photovoltaic cells 266 50,025 29,734 4,240
Photovoltaic cells processing - - - -
PV modules processing - 5,876 - -
Others - 127,706 18,088 2,580

Total net revenue 190,741 987,771 1,199,329 171,040

Cost of revenue
Photovoltaic modules (157,700 ) (653,667 ) (958,882 ) (136,749 )
Photovoltaic cells (225 ) (47,476 ) (27,918 ) (3,981 )
Photovoltaic cells processing - - - -
PV modules processing - (2,014 ) - -
Others - (110,110 ) (15,136 ) (2,159 )

Total cost of revenue (157,925 ) (813,267 ) (1,001,936 ) (142,889 )

Gross profit 32,816 174,504 197,393 28,151

Operating expenses
Selling expenses (6,438 ) (23,167 ) (21,989 ) (3,136 )
G&A expenses (15,892 ) (50,153 ) (25,685 ) (3,663 )
R&D expenses (6,224 ) (8,506 ) (4,784 ) (682 )

Total operating expenses (28,554 ) (81,826 ) (52,458 ) (7,481 )

Operating profit 4,262 92,678 144,935 20,670

Interest expenses (5,308 ) (11,293 ) (26,669 ) (3,803 )
Interest income 9,557 (1,805 ) 2,381 340
Exchange losses (11,253 ) (3,307 ) 19,430 2,771
Other income 1,050 (7,552 ) 2,011 287
Other expenses (331 ) (2,032 ) (12,323 ) (1,757 )
Value of embedded foreign currency derivative - - - -
Government grant 20 1,369 124 18

Net income (loss) before income tax and minority interest
(2,003 ) 68,058 129,889 18,526


Income tax benefit / (expenses) (424 ) (3,814 ) (19,488 ) (2,779 )
Minority interest (105 ) 2,199 (3,363 ) (480 )

Net income (loss) (2,532 ) 66,443 107,038 15,267

Net income attributable to ordinary shareholders
(2,532 ) 66,443 107,038 15,267


Net income / (loss) per share

Basic (0.0105 ) 0.2759 0.4424 0.0631
Diluted (0.0105 ) 0.2759 0.4424 0.0631

Shares used in computation
Basic 240,023,776 240,807,142 241,954,744 241,954,744
Diluted 240,023,776 240,807,142 241,954,744 241,954,744


Net income / (loss) per ADS

Basic (0.0527 ) 1.3796 2.2119 0.3155
Diluted (0.0527 ) 1.3796 2.2119 0.3155

ADSs used in computation
Basic 48,004,755 48,161,428 48,390,949 48,390,949
Diluted 48,004,755 48,161,428 48,390,949 48,390,949


SOLARFUN POWER HOLDINGS CO., LTD.
CONSOLIDATED BALANCE SHEETS
(Amounts in thousands of Renminbi ("RMB") and U.S. dollars ("US$"),
except for number of shares and per share data)


December 31 March 31 March 31
2007 2008 2008
(Unaudited) (Unaudited) (Unaudited)
RMB RMB US$
ASSETS
Current assets
Cash and cash equivalents 272,928 595,158 84,877
Restricted cash 42,253 474,725 67,702
Accounts receivable, net 430,692 674,629 96,211
Inventories, net 728,480 760,775 108,496
Advance to suppliers 640,118 1,121,311 159,913
Other current assets 218,918 155,767 22,214
Deferred tax assets 3,026 4,381 625
Amount due from related parties 920 917 131
Amount due from shareholders - - -

Total current assets 2,337,335 3,787,663 540,169

Non-current assets
Fixed assets – net 702,884 857,612 122,306
Intangible assets – net 94,282 93,800 13,377
Deferred tax assets 4,767 4,936 704
Long-term deferred expenses 209,946 200,026 28,526
Long-term investment 300 300 43


Total non-current assets 1,012,179 1,156,674 164,956

TOTAL ASSETS 3,349,514 4,944,337 705,125

LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities
Short-term bank borrowings 980,002 1,003,082 143,052
Long-term bank borrowings, current portion - - -
Accounts payable 141,709 187,965 26,806
Notes payable - - -
Accrued expenses and other liabilities 135,396 142,199 20,279
Customer deposits 27,628 90,654 12,928
Amount due to related parties 92,739 21,851 3,116
Amount due to shareholders - - -

Total current liabilities 1,377,474 1,445,751 206,181

Non-current liabilities
Long-term bank borrowings, non-current portion - 170,000 24,244
Convertible notes payable - 1,210,778 172,672
Long term payable - 10,000 1,426
Deferred tax liability 9,038 8,990 1,282

Total non-current liabilities 9,038 1,399,768 199,624

Minority interests 100,420 111,783 15,942


Temporary equity - 32 5


Shareholders’ equity
Ordinary shares
(par value US$0.0001 per share; 400,000,000 shares authorized; 241,954,744 shares and 241,954,744 issued and outstanding at December 31, 2007 and March 31, 2008, respectively) 194 194 28
Additional paid-in capital 1,601,853 1,619,236 230,924
Statutory reserves 37,548 50,935 7,264
Retained earnings 222,987 316,638 45,157

Total shareholders’ equity 1,862,582 1,987,003 283,373

TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY 3,349,514 4,944,337 705,125

Safe Harbor Statement

This news release contains forward-looking statements, as defined under the Private Securities Litigation Reform Act of 1995, such as the Company’s business outlook for 2008, including first quarter and full year 2008 estimates for net revenue, PV product shipments, raw materials and product prices, PV cell production capacity and gross margins. Forward-looking statements involve inherent risks and uncertainties and actual results may differ materially from such estimates depending on future events and other changes in business climate and market conditions. Solarfun disclaims any obligation to update or correct this information.

About Solarfun

Solarfun Power Holdings Co, Ltd. manufactures both PV cells and PV modules, provides PV cell processing services to convert silicon wafers into PV cells, and supplies solar system integration services in China. Solarfun produces both monocrystalline and multicrystalline silicon cells and modules, and manufactures 100% of its modules with in-house produced PV cells. Solarfun sells its products both through third-party distributors, OEM manufacturers and directly to system integrators. Solarfun was founded in 2004 and its products have been certified to TUV and UL safety and quality standards. SOLF-G

solarfun.com.cn

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To: OmertaSoldier who wrote (68)7/11/2008 5:22:08 PM
From: OmertaSoldier
   of 79
 
from seekingalpha M Lu 7/11/08

As you have read in my previous article last week, I believe LDK Solar (LDK) is in a solid position within the exploding solar industry. It's well on its way to becoming a world leading, vertically integrated wafer and polysilicon producer.

Some people pointed out in my previous article that I didn't include "this or that" aspect of the company, but the truth is that I probably did. However, the article was already quite extensive and would have been nearly twice as long if I wrote about every aspect I have examined in this company. I posted the points I thought were the most relevant and significant. As my first major piece, I am glad it was very well received. I appreciate everyone taking the time to read it.

As an investor/trader in a modern global market, I have found one of the biggest tools at my disposal is my fluency in Mandarin Chinese. I have found that this is very significant when it comes to Chinese companies. Hoping to one day be an accomplished financial analyst, I like to practice my analytical skills. One of the advantages of being bilingual is that it practically doubles your sources for analysis. You read articles, figures, and statistics in Chinese that have never been/never will be mentioned in western media.

This information is not your average day news article either. I'm talking about serious material information that could be a major advantage to those with access and ability. That's why I believe language is one of the strongest tools in the business world.

For example, I was recently researching Chinese news sources and media syndicates for information about LDK Solar. Being a Chinese company, LDK is a lot more likely to appear in Eastern media than in the west.

Interestingly; I came across the official website of the local government where LDK Solar is based, Xinyu City. Looking further into the site, I came across this page. It states:

" ?????LDK????,??????,?????????????LDK????????????????,??????????????????? ?????????????????????????????,??LDK?????????????,?6???,??????1.24???"

For those that don't read Chinese, the page is a government tax report stating the tax revenues generated by LDK Solar for the national government. The most important part is the last sentence that translates to:

As of the end of June, LDK Solar has generated a tax revenue of 124,000,000 CNY (Chinese Yuan) [year to date]

This information listed on an official government website which is quite significant on a number of different levels. The most significant is that it gives us the ability to back solve for the net income of the past 6 months. We can then subtract the reported earnings from the first quarter and know the net income and EPS for the second quarter which is not to be released until July 28th.

Therefore, due to government tax revenue reports being released before LDK's earnings reports; we can backsolve for LDK's yet to be released earnings results.

Information such as this would never leak in western media due to the language barrier.

Another page from the government's website suggests that LDK's revenues year to date (1/08-06/08), weighed in at 3.8 Billion CNY ($554,016,620):

"?6??,??????????38??"

Coming from the Chinese Government website report, I believe the source is very credible. There may be a few rounding errors or exchange issues but we can use more conservative figures.

Analyst Estimates:

LDK Solar is set to report 2nd quarter earnings on July 28th (est). Looking at current estimates, most analysts currently expect $0.42/share on revenues of $282.04 Million. We can simply look at the revenue for the YTD revenue figure and subtract the known figure from the first quarter 2008 earnings report, we come up with:

$554,016,620 - 233,399,000 = $320,617,620 Implied Q2-2008 Revenue

Now Let's Crunch Some Numbers

Because the figure from the government report looks slightly rounded, let's round down to be conservative (let's say 123,000,000 CNY). If we take an exchange rate of 6.859 CNY to 1USD, this would give us a total tax revenue of $17,932,643 to the government. It should actually be more since we rounded down and the fact that the dollar has significantly weakened versus the Chinese Yuan to the tune of about 6% YTD. Heres a 1 year chart of the USD to Yuan:

If you guys recall from my previous article, this is how LDK's ridiculously favorable tax situation stands:

NATIONAL INCOME TAX:

LDK will be exempt from national income taxes for 2 years (2006-2007)
LDK will pay a 50% reduced national income tax rate for the following 3 years (2008-2010): -12.5%
LDK will pay the full 25% national income tax thereafter (2011+)
LOCAL INCOME TAX:

LDK will be exempt from local taxes for 5 years (2006-2010)
LDK will pay a 50% reduced local tax tate for the 5 years (2011-2015): - 1.5%
LDK will pay the full 3% local income tax rate thereafter (2016+)
So to set this into perspective, LDK will only start paying its regular combined tax rate after 2016. Seeing how it is currently 2008, this is the first year LDK will pay its half off national tax rate and is still exempt from any local taxes. This is in contrast to the original 15/30% tax from the old law.

So since LDK is exempt from all local taxes until 2010, it is safe to assume that the figure on the website is the national tax revenues generated by LDK to the national government.

Knowing this, we can see the following information from the Q1-2008 income statement press release (figures in thousands of USD):

We can see th at the amount of income tax paid was $8,511,000 USD. This is a little more than at the stated tax rate of 12.5% as stated in the earnings release PR. I am still looking into why it's closer to 14.5% but i think it has to do with other gains/losses outside of operating income or the possibility of the tax differences in accounting standards. It is assumed on a national level that the government implemented IFRS accounting standards as of January 1st, 2007. This would take some effort to convert to GAAP and would be even more complicated since we don't have detailed figures. But for the sake of argument we'll use 15% to be conservative.

We can take the adjusted figure from the Xinyu Government website ($17,932,643) and subtract last quarter's income tax expense to see what LDK paid this quarter in national income tax:

$17,932,643 - $8,511,000= <$9,421,643 in Q2 Income Tax Expense

We then take this income tax expense and divide it by the adjusted 15% tax rate to get the net income for Q2.

$ 9,421,643/.15 = >62,810,953 in Q2 Net Income, Pre-Tax

We can then take the numbers and figure out what net income after tax should roughly be (with a very conservative skew for a generous margin of error) by simply subtracting the income tax expense from the pre-tax income:

$62,810,953 -$9,421,643 = >$53,389,310 in Q2 Net Income After Tax
We can then further solve for the EPS by looking at the outstanding shares as of 3-31-08, which is 106.5M shares. Its hard to say what the outstanding shares is due to the recent $400M in convertible bond offering and $200M buy back plan, but lets just keep it at 106.5M for arguments sake. Therefore the EPS should be:

$53,389,310/106,500,000 = >$0.50/share EPS for Q2 - 2008

Notice how I put the greater than sign in front of all the figures due to the ultra conservative nature of this calculation. Although these numbers may vary from the actual numbers due to rounding/calculation differences, this shows that based on government issued reports:

LDK will blow out Q2 Revenue by nearly 14% and EPS by nearly 20%+

Furthermore, the company is now in the monocrystalline business which diversifies its offerings. Everything I have read (English and Chinese) confirms that the plants are on track and business has never been better. This is quite ironic since the global economy has clearly seen better days.

I've also read material evidence that suggests Mr. Pichel's fears of ramping complications are unwarranted and irrational. Being completely sold out throughout 2009, the next 2 years of LDK are practically set. LDK has next to nothing to worry about.

Some people claim that they "can't trust the LDK management. And that they're a bunch of Chinese crooks that are cooking the books" but they seem to forget that LDK came out 100% clean from the independent investigation. They also seem to forget that Enron and MCI Worldcom were some of the most "American" companies in history. So to claim that LDK is a fraudulent company is more than foolish.

This company is truly a remarkable investment opportunity. It has recently formed a bottom and is a clear steal at current prices. Remember as Warren Buffet once said,

In the short run, the market's a voting machine and sometimes people vote very unintelligently. In the long run, it's a weighing machine and the weight of business and how it does is what affects values over time.

LDK is definitely a heavy-set company. I am actually hoping to visit LDK in JiangXi when I get a chance this summer to further evaluate the company. I look forward to watching this company prosper and grow. Who knows? Maybe I'll have an opportunity to work with them after graduation. The more I study this peculiar company, the more it interests me. LDK Solar is definitely in a great position.

But to the 14M+ Shorts: I Suggest Finding Cover. The Forecast is Looking VERY Sunny for LDK Solar. A Sunburn Would Be Painful.

Disclosure: Long LDK

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From: OmertaSoldier8/6/2008 7:26:47 PM
   of 79
 
China Digital TV 2Q Announces Unaudited Second Quarter 2008 Results
Wednesday August 6, 5:00 pm ET

BEIJING, Aug. 6 /Xinhua-PRNewswire/ -- China Digital TV Holding, Co. Ltd. (NYSE: STV - News; "China Digital TV" or the "Company"), the leading provider of conditional access (CA) systems to China's rapidly growing digital television market, today announced its unaudited financial results for the second quarter ended June 30, 2008.

Highlights for the Second Quarter 2008
-- Net revenue in the second quarter was US$19.4 million, a 74.2% increase
from the corresponding period in 2007 and a 12.5% increase from the
first quarter of 2008.

-- Income from operation in the second quarter was US$11.2 million, a
70.1% increase from the corresponding period in 2007 and a 9.4%
increase from the first quarter of 2008.

-- Basic earnings per share in the second quarter were US$0.20, compared
to US$0.14 in the corresponding period of 2007 and US$0.20 in the first
quarter of 2008.

-- China Digital TV sold approximately 2.69 million smart cards during the
second quarter, an increase of 75.8% from the corresponding period in
2007 and an increase of 16.8% from the first quarter of 2008.

-- Gross margin was 79.8% in the second quarter of 2008, compared to 80.3%
in the corresponding period in 2007 and 80.9% in the first quarter of
2008.

-- Operating margin, defined as income from operation divided by net
revenue, for the second quarter of 2008 was 57.6%, compared to 58.9% in
the corresponding period of 2007, and 59.1% in the first quarter of
2008.

-- During the second quarter, according to market data collected by the
Company, China Digital TV entered into 10 new contracts to install CA
systems out of a total of 16 contracts entered into in China during the
quarter.

"This was another solid quarter for China Digital TV. Strong results in our core CA business affirm the steady growth trajectory of our business," said Mr. Jianhua Zhu, China Digital TV's chief executive officer. Zhu continued, "In the second quarter, we celebrated groundbreaking events in our value added services (VAS) business. We signed joint venture agreements with partners in the cities of Guangzhou and Dongguan to develop and market various digital TV-based applications. The formation of these joint ventures is a significant step for us. China Digital TV is one of the few pioneers making real progress in the promising VAS business in the digital TV industry in China.

Mr. Mason Xu, China Digital TV's chief financial officer, added, "In the past quarter, we posted a 74% year-over-year increase in net revenue with healthy margins. Also, according to in-house data, we signed over 60% of the available contracts to install CA systems with network operators in China over the quarter. We achieved strong results despite cumulative negative effects from the earthquake in southwestern China, early impact from cable operators' postponing network upgrades until after the Beijing Olympic Games to be held this August and September and substantial investments made in our VAS business. Our results are compelling evidence that our company continues to leverage strong fundamentals to support future growth."

Second Quarter 2008 Results

(Note: Unless otherwise stated, all financial statement amounts used in this press release are based on U.S. GAAP.)

In the second quarter of 2008, China Digital TV reported net revenue of US$19.4 million, an increase of 74.2% from US$11.1 million in the second quarter of 2007 and an increase of 12.5% from US$17.2 million in the first quarter of 2008. The increase in net revenue was due to an increase in the volume of smart cards sold.

According to Company data, in the second quarter of 2008, China Digital TV entered into 10 new contracts to install CA systems with network cable operators out of a total of 16 such contracts signed in China.

Revenues from smart cards and related products were US$18.1 million in the second quarter of 2008, an increase of 79.0% from the corresponding period of 2007 and an increase of 14.2% from the first quarter of 2008. Sales of smart cards and related products accounted for 92.7% of total revenue for this quarter, up from 91.1% in the first quarter.

In the second quarter, of 180 existing operator customers, a total of 142 bought smart cards from the Company, compared with 135 in the first quarter. Revenue from the top five customers accounted for 30.9% of total revenue, compared to 48.4% in the first quarter.

Revenues from services were US$1.4 million in the second quarter of 2008, an increase of 29.4% from the corresponding period in 2007 and a decrease of 8.5% from the first quarter of 2008. Service revenue accounted for 7.3% of total revenue for this quarter. The quarter-over-quarter decrease is mainly due to a 30% decline in licensing income. In the second quarter, China Digital TV issued fewer certificates to set-top box manufacturers for CA system terminal-end software and set-box design than in the first quarter.

Gross profit in the second quarter of 2008 was US$15.5 million, an increase of 73.2% from US$8.9 million in the corresponding period of 2007 and an increase of 10.9% from US$14.0 million in the first quarter of 2008. Gross margin was 79.8% in the second quarter of 2008, compared to 80.3% in the corresponding period in 2007 and 80.9% in the first quarter of 2008.

Average selling price (ASP) decreased by 3.6% in the second quarter while unit cost decreased by 5.5%. The decrease in unit cost was mainly due to decreases in the cost of computer chips used in smart cards and outsourcing expenses. The slight decrease in overall gross margin mainly reflects a decline in gross margin of the system integration business.

Operating expenses in the second quarter of 2008 were US$4.3 million, an increase of 81.7% from US$2.4 million in the corresponding period of 2007 and an increase of 14.8% from US$3.8 million in the first quarter of 2008. In the second quarter, the Company hired 23 new employees, bringing the total number of employees to 462.

-- Research and development expenses in the second quarter increased 53.4%
to US$1.6 million from US$1.1 million in the corresponding period of
2007 and increased 12.2% from US$1.4 million in the first quarter of
2008. The year-over-year and quarter-over-quarter increases were
largely due to an increase of R&D headcount and R&D outsourcing
expenses during the period.

-- Sales and marketing expenses in the second quarter of 2008 increased
103.9% to US$1.3 million from US$0.6 million in the corresponding
period of 2007 and increased 20.9% from US$1.0 million in the first
quarter of 2008. The year-over-year and quarter-over-quarter increases
were primarily due to increases in sales and marketing headcount and
costs associated with corporate marketing and promotional activities.

-- General and administrative expenses in the second quarter of 2008
increased 104.6% to US$1.4 million from US$0.7 million in the
corresponding period of 2007 and increased 12.8% from US$1.3 million in
the first quarter of 2008. The year-over-year and quarter-over-quarter
increases were primarily due to increases in headcount, especially more
experienced, higher-level and managerial staff. Additionally,
professional service expenses increased in the second quarter.

Operating margin, defined as income from operations divided by net revenue, in the second quarter of 2008 was 57.6%, compared to 58.9% in the corresponding period of 2007 and 59.1% in the first quarter of 2008.

Income tax expense in the second quarter of 2008 was US$1.5 million, an increase of 126.1% year-over-year and 11.1% sequentially. The year-over-year increase was due to increased profit and new Enterprise Income Tax Law of the PRC, which took effect in January 2008. China Digital TV plans to apply for "New and High-Tech Enterprise" status, with an applicable 15% tax rate and a 50% reduction in 2008. Prior to receiving official approval of this status, the Company calculates income tax expense based on the 25% statutory tax rate, according to the new Enterprise Income Tax Law and a 50% reduction, resulting in a 12.5% income tax rate for the first half of 2008, rather than the 7.5% tax rate used last year.

Net income in the second quarter of 2008 was US$11.2 million, an increase of 88.2% from US$6.0 million in the corresponding period of 2007 and a decrease of 1.2% from US$11.4 million in the first quarter of 2008. The slight quarter-over-quarter decrease reflects the decline in interest income, due to a decrease in interest rates in the United States and a one-time RMB2 million special donation to earthquake affected regions in Sichuan, China.

Non-GAAP net income, defined as net income excluding certain non-cash expenses, including share-based compensation expenses and amortization of acquired intangible assets, in the second quarter of 2008 was US$11.5 million, an increase of 76.5 % from US$6.5 million in the corresponding period of 2007 and a decrease of 3.0% from US$11.9 million in the first quarter of 2008.

As of June 30, 2008, China Digital TV had cash and cash equivalents, restricted cash and deposits with maturity over three months totaling US$269.7 million. Operating cash flow in the second quarter of 2008 was a net inflow of approximately US$9 million.

Recent Developments
-- China Digital TV entered into two agreements to form joint ventures
in Guangzhou and Dongguan, both in Guangdong province in southern China.
These joint ventures plan to focus on developing value-added services
for digital TV platforms. The two cities currently have over two
million digital TV subscribers in total.

-- China Digital TV was chosen as the conditional access (CA) system
provider for two provincial cable TV network operators, Hubei Chutian
Digital TV Technology Co. Ltd. and Hebei Media Information Network
Holdings Co. Ltd., which together serve more than eight million
households. The ten operators signed in the second quarter serve over
ten million households in total.

-- China Digital TV was designated as a mobile TV solution developer by
the State Administration of Radio, Film and Television (SARFT), China's
regulatory authority on broadcasting. Under the agreement signed with
Zhongguang Satellite Mobile Broadcasting Corporation, a company
affiliated with SARFT, China Digital TV will develop Electronic Service
Guides (ESGs) based on the China Mobile Multimedia Broadcasting (CMMB)
standard, a home-grown broadcasting platform designed for mobile
devices.

-- China Digital TV launched STV-RT10UP, a chip used in digital PC-TV
receiving card, which enables PCs to support digital video recorder
(DVR) and HDTV functions on three channels simultaneously. The Company
plans to start marketing this innovative digital TV solution later this
year. The product initially targets viewers who watch analog TV
programs on their PCs, currently estimated at over 10 million people in
China.

Outlook for the Third Quarter Ended September 30, 2008 and the Full Year 2008

Based on information available on August 6, 2008, China Digital TV expects its net revenue for the third quarter of 2008 to be in the range of US$15.5 million to US$16.5 million, representing year-over-year growth in the range of 8% to 15%.

In May, a massive earthquake hit Sichuan province in southwestern China causing certain network operators to focus on recovery efforts and postpone planned network upgrades. Another macro issue affecting the third quarter is the 2008 Beijing Olympic Games. The Company has found a great number of operators have decided to wait until after the Games to make any technological changes to their network systems, ensuring that all existing systems are functioning properly during the Olympic Games. These operators will delay placing smart card orders. Both of these one-time events will impact third quarter results.

China Digital TV expects many of the orders deferred in the third quarter will be made up in the fourth quarter. Therefore, for the full year 2008, the Company maintains the forecast of smart card shipment volume at approximately 11 million.

Based on updated mid-year projections, China Digital TV has narrowed its expectation of full year 2008 net revenue to be in the range of US$80 million to US$83 million from the previous range of US$79 million to US$84 million, representing year-over-year growth in the range of 44% to 50%.

China Digital TV's management will hold a conference call at 8 p.m. on August 6, 2008 U.S. Eastern Time (8 a.m. on August 7, 2008 Beijing/Hong Kong time).

Dial-in details for this conference call are as follows:

United States Toll Free: +1.888.396.2386
International: +1.617.847.8712
Hong Kong: +852.3002.1672
China Toll Free: +10.800.130.0399

Please dial-in 10 minutes before the call is scheduled to begin and provide the passcode to join the call. The passcode for all regions is "China Digital TV Earnings Call."

Additionally, a live and archived webcast of this conference call will be accessible through the Investor Relations section of China Digital TV's website at ir.chinadtv.cn .

A replay may be accessed by phone at the following number until September
13, 2008:

United States: +1.888.286.8010
International: +1.617.801.6888
Passcode: 89545650

Safe Harbor Statements

This announcement contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such forward-looking statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995.

These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates," "may," "should" and similar expressions. Such forward-looking statements include, without limitation, statements regarding the outlook for the third quarter of 2008 and full year of 2008 and comments by management in this announcement about trends in the CA systems, digital television, cable television and related industries in the PRC and China Digital TV's strategic and operational plans. China Digital TV may also make forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about China Digital TV's beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from projections contained or implied in any forward-looking statement, including but not limited to the following: competition in the CA systems, digital television, cable television and related industries in the PRC and the impact of such competition on prices, our ability to implement our business strategies, changes in technology, the structure of the cable television industry or television viewer preferences, changes in PRC laws, regulations or policies with respect to the CA systems, digital television, cable television and related industries, including the extent of non-PRC companies' participation in such industries, and changes in political, economic, legal and social conditions in the PRC, including the government's policies with respect to economic growth, foreign exchange and foreign investment.

Further information regarding these and other risks and uncertainties is included in our registration statement on Form 20-F and other documents filed with the U.S. Securities and Exchange Commission. China Digital TV does not assume any obligation to update any forward-looking statements, which apply only as of the date of this press release.

About China Digital TV

Founded in 2004, China Digital TV is the leading provider of conditional access ("CA") systems to China's rapidly growing digital television market. CA systems enable television network operators to manage the delivery of customized content and services to their subscribers. China Digital TV conducts substantially all of its business through its subsidiaries, Beijing Super TV Co., Ltd. and Beijing Novel-Super Media Investment Co., Ltd, and its affiliate, Beijing Novel-Super Digital TV Technology Co., Ltd.

For more information please visit the Investor Relations section of China Digital TV's website at ir.chinadtv.cn .

China Digital TV Holding Co., Ltd.
Unaudited Condensed Consolidated Statements of Operations
( in U.S. dollars in thousands, except share data )

For the three months ended
June 30, March 31, June 30,
2008 2008 2007
Revenues:
Products 18,069 15,822 10,095
Services 1,413 1,545 1,092
Total revenues 19,482 17,367 11,187
Business taxes (94) (126) (57)
Net revenue 19,388 17,241 11,130

Cost of revenues:
Products (2,908) (2,624) (1,487)
Services (1,008) (664) (710)
Total cost of revenues (3,916) (3,288) (2,197)
Gross profit 15,472 13,953 8,933

Operating expenses:
Research and development
expenses (1,614) (1,439) (1,052)
Sales and marketing
expenses (1,262) (1,044) (619)
General and administrative
expenses (1,436) (1,273) (702)
Total operating expense (4,312) (3,756) (2,373)

Income from operation 11,160 10,197 6,560

Interest income 1,778 2,379 62
Other (expense) /income (232) 115 --
Income before income tax 12,706 12,691 6,622
Income tax benefits /
(expenses)
Income tax-current (1,433) (1,345) (659)
Income tax-deferred (23) 35 15
Net income before minority
interest and net (loss) /
income from equity
method investments 11,250 11,381 5,978
Minority interest 1 -- --
Net (loss)/income from equity
method investments (3) 4 --
Net income 11,248 11,385 5,978

Net income per share:
Basic ordinary shares 0.20 0.20 0.14
Basic preferred shares -- -- 0.14
Diluted ordinary shares 0.18 0.19 0.13

Weighted average shares used
in computation:
Basic ordinary shares 57,346,818 57,296,932 34,000,000
Basic preferred shares -- -- 9,496,932
Diluted ordinary shares 60,915,126 61,082,377 37,264,505

China Digital TV Holding Co., Ltd.
Unaudited Condensed Consolidated Balance Sheets
( in U.S. dollars in thousands )

June 30, December 31,
ASSETS 2008 2007
Current assets:
Cash and cash equivalents 232,174 228,958
Restricted cash 2,149 706
Deposits with maturity over three months 35,369 17,948
Accounts receivable 10,261 6,118
Inventories, net 3,485 2,967
Prepaid expenses and other current assets 2,185 1,254
Amounts due from related parties 1,509 1,277
Deferred costs-current 330 541
Deferred income taxes - current 170 184
Total current assets 287,632 259,953
Property and equipment, net 1,582 1,379
Intangible assets, net 859 1,002
Goodwill 497 467
Long-term investments 441 396
Deferred costs-non-current 340 488
Deferred income taxes - non-current 92 50
Total assets 291,443 263,735

LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable 636 485
Accrued expenses and other current liabilities 4,981 4,757
Deferred revenue - current 3,611 4,784
Income tax payable 2,012 722
Total current liabilities 11,240 10,748
Deferred revenue-non-current 831 1,136
Total Liabilities 12,071 11,884
Minority interest 4,720 4,000
Shareholders' equity:
Ordinary shares 29 29
Additional paid-in capital 225,470 224,863
Statutory reserve 5,688 5,688
Accumulated profit 36,977 14,344
Accumulated other comprehensive income 6,488 2,927
Total shareholders' equity 274,652 247,851
TOTAL LIABILITIES, MINORITY INTEREST, AND
SHAREHOLDERS' EQUITY 291,443 263,735

Reconciliation of Non-GAAP Measures

Non-GAAP net income excludes certain non-cash expenses, including share-based compensation expenses and amortization of acquired intangible assets. We believe that these non-GAAP financial measures provide meaningful supplemental information regarding our performance and liquidity by excluding certain non-cash expenses that may not be indicative of our operating performance from a cash perspective. We believe that both management and investors benefit from referring to this additional information in assessing our performance and when planning and forecasting future periods.

For the three months ended
June 30, March 31, June 30,
2008 2008 2007

Net income - GAAP 11,248 11,385 5,978
Share - based compensation 161 382 378
Amortization of intangible
assets 102 99 165

Net income - Non-GAAP 11,511 11,866 6,521

For investor and media inquiries, please contact:

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From: OmertaSoldier8/11/2008 6:43:49 PM
   of 79
 
LDK Solar Reports Financial Results for the Second Quarter 2008
Monday August 11, 4:05 pm ET

XINYU CITY, China and SUNNYVALE, Calif., Aug. 11 /PRNewswire-FirstCall/ -- LDK Solar Co., Ltd. (NYSE: LDK - News), a leading manufacturer of solar wafers, today reported its unaudited financial results for the second quarter ended June 30, 2008.

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

Second Quarter 2008 Financial Highlights:
-- Revenue of $441.7 million, up 89.2% quarter-over-quarter;
-- Annualized wafer production capacity reached 880 MW by end of June;
-- Signed nine long-term wafer supply agreements year-to-date;
-- Total wafer shipments increased 60.8% to 191.7 MW during the quarter;
and
-- Gross profit margin for the quarter was 25.4%.

Net sales for the second quarter of fiscal 2008 were $441.7 million, up 89.2% from $233.4 million for the first quarter of fiscal 2008, and up 345.9% year-over-year from $99.1 million for the second quarter of fiscal 2007.

Gross profit for the second quarter of fiscal 2008 was $112.3 million, up 73.9% from $64.6 million for the first quarter of fiscal 2008, and up 221.8% year-over-year from $34.9 million for the second quarter of fiscal 2007. Gross profit margin for the second quarter of fiscal 2008 was 25.4% compared with 27.7% in the first quarter of fiscal 2008 and 35.2% in the second quarter of fiscal 2007. Operating profit for the second quarter of fiscal 2008 was $100.3 million, up 90.9% from $52.5 million for the first quarter of fiscal 2008, and up 225.4% year-over-year from $30.8 million for the second quarter of fiscal 2007. Operating profit margin for the second quarter of fiscal 2008 was 22.7% compared with 22.5% in the first quarter of fiscal 2008 and 31.1% in the second quarter of fiscal 2007.

Income tax expense for the second quarter of fiscal 2008 was $13.3 million. One of our operating subsidiaries in the PRC, after the first two years of exemptions, is now subject to the tax rate of 12.5% under the PRC Enterprise Income Tax Law that became effective on January 1, 2008.

Net income for the second quarter of fiscal 2008 was $149.5 million, or $1.29 per diluted ADS, compared to net income of $49.8 million, or $0.45 per diluted ADS for the first quarter of fiscal 2008.

LDK Solar ended the second quarter of fiscal 2008 with $83.7 million in cash and cash equivalents and with $261.9 million in pledged bank deposits.

"We experienced substantial revenue growth during the second quarter as our wafer capacity expansion exceeded our expectations," stated Xiaofeng Peng, Chairman and CEO of LDK Solar. "We were also pleased to introduce our first Nova wafers using Upgraded Metallurgical Silicon (UMG), which began shipping to certain customers, ahead of schedule during the quarter. Customer demand remains strong and we have signed nine long-term wafer supply agreements year-to-date, further diversifying our customer base. In response to our sales backlog, we are again raising our target annualized capacity to 1.2 GW by the end of 2008, 2.2 GW by the end of 2009 and 3.2 GW by the end of 2010."

"We are pleased with our continued success of executing our growth strategies. In addition to our wafer capacity expansion, tremendous progress has been made to date on the construction of our polysilicon plants and the project remains on schedule," concluded Mr. Peng.

Business Outlook

The following statements are based upon management's current expectations. These statements are forward-looking in nature, and the actual results may differ materially. You should read the "Safe Harbor Statement" below with respect to the risks and uncertainties relating to these forward-looking statements.

For the third quarter of fiscal 2008, LDK Solar estimates its revenue to be in the range of $486 million to $496 million with wafer shipments between 210 MW to 220 MW. LDK Solar also updated its outlook for the full year of fiscal 2008. For the full year of fiscal 2008, LDK Solar currently estimates:

-- Revenue to be in the range of $1.65 billion to $1.75 billion;
-- Wafer shipments in the range of 750 MW to 770 MW;
-- Gross margin in the range of 23% to 28%; and
-- Annualized wafer production capacity to be 1.2 GW by the end of 2008.

Conference Call Details

The LDK Solar Second Quarter 2008 teleconference and webcast is scheduled to begin at 5:00 p.m. Eastern Time (ET), on Monday, August 11, 2008. To listen to the live conference call, please dial 800-366-3908 (within U.S.) or 303-205-0033 (outside U.S.) at 4:50 p.m. ET on August 11, 2008. An audio replay of the call will be available to investors through August 14, 2008, by dialing 800-405-2236 (within U.S.) or 303-590-3000 (outside U.S.) and entering the passcode 11117794#.

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

6/30/2008 3/31/2008
Assets
Current assets
Cash and cash equivalents 83,742 93,705
Pledged bank deposits 261,934 142,086
Trade accounts receivable, net 34,964 8,905
Inventories, net 656,202 519,594
Prepayments to suppliers 253,806 206,330
Other current assets 48,830 39,187
Deferred income tax assets 1,307 658
Total current assets 1,340,785 1,010,465
Property, plant and equipment, net 705,784 501,078
Deposit for property, plant and equipments 222,400 200,725
Intangible asset, net 1,103 1,109
Land use rights 78,946 64,612
Inventories to be processed beyond one year, net 10,529 21,401
Prepayments to suppliers to be utilized beyond
one year 20,538 20,534
Pledged bank deposits - non-current 33,444 30,020
Convertible senior notes issuance costs 10,530 -
Other financial assets 3,196 2,794
Deferred income tax assets 596 368
Total assets 2,427,851 1,853,106

Liabilities and shareholders' equity
Current liabilities
Short-term bank borrowings 375,634 313,933
Trade accounts payable 67,003 37,465
Advance payments from customers 242,962 231,089
Accrued expenses and other payables 166,994 137,525
Income tax payable 5,293 4,466
Other financial liabilities 6,213 7,577
Total current liabilities 864,099 732,055
Long-term bank borrowings, excluding current
portions 99,158 37,795
Convertible senior notes 400,000 -
Advance payments from customers - non-current 364,706 301,313
Other liabilities 2,252 2,164
Total liabilities 1,730,215 1,073,327
Shareholders' equity

Ordinary shares: US$0.10 par value;
499,580,000 shares authorized;
106,478,033 shares issued and outstanding
as of June 30, 2008 and March 31, 2008 10,648 10,648
Additional paid-in capital 238,555 494,358
Statutory reserve 18,697 18,697
Accumulated other comprehensive income 84,340 60,214
Retained earnings 345,396 195,862
Total shareholders' equity 697,636 779,779

Total liabilities and shareholders' equity 2,427,851 1,853,106

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

For the 3 Months Ended
6/30/2008 3/31/2008

Net sales 441,665 233,399

Cost of goods sold (329,372) (168,831)
Gross profit 112,293 64,568
Selling expenses (599) (481)
General and administrative expenses (10,956) (11,185)
Research and development expenses (437) (371)
Total operating expenses (11,992) (12,037)
Income from operations 100,301 52,531
Other income/(expenses):
Interest income 1,698 1,326
Interest expense (10,197) (5,254)
Foreign currency exchange gain, net 5,823 5,339
Government subsidy 4,347 4,521
Change in fair value of prepaid forward
contracts 60,028 -
Others 856 (126)
Income before income tax 162,856 58,337
Income tax (expenses)/benefit (13,322) (8,511)
Net income available to ordinary shareholders 149,534 49,826

Net income per ADS, Diluted $1.29 $0.45

About LDK Solar

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

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. All statements other than statements of historical fact in this announcement are forward-looking statements, including but not limited to, LDK Solar's ability to raise additional capital to finance its activities; the effectiveness, profitability, and marketability of its products; the future trading of its securities; its ability to operate as a public company; the period of time for which its current liquidity will enable it to fund its operations; its ability to protect its proprietary information; general economic and business conditions; the volatility of its operating results and financial condition; its ability to attract or retain qualified senior management personnel and research and development staff; and other risks detailed in LDK Solar'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 LDK Solar and the industry. These statements are based upon information available to LDK Solar's management as of the date hereof. Actual results may differ materially from the anticipated results because of certain risks and uncertainties. This press release also contains forward looking statements about the progress of LDK Solar's construction of its polysilicon plant. These statements are based on information available to its management today. Actual results may differ, including various factors which may delay or disrupt the plant's construction and completion, including, poor weather, the risk of labor difficulties, construction difficulties or financing difficulties.

LDK Solar undertakes no obligation to update forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although LDK Solar 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.

--------------------------------------------------------------------------------
Source: LDK Solar Co., Ltd.

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From: OmertaSoldier8/16/2008 4:03:22 AM
   of 79
 
LDK Signs Five-Year Wafer Supply Agreement with XL Telecom & Energy Limited
Wednesday August 13, 3:15 am ET

XINYU CITY, China and SUNNYVALE, Calif., Aug. 13 /PRNewswire-FirstCall/ -- LDK Solar Co., Ltd ("LDK Solar"; NYSE: LDK), a leading manufacturer of solar wafers, today announced that it has signed a five-year contract to supply multicrystalline solar wafers to India-based XL Telecom & Energy Limited.


Under the terms of the agreement, LDK Solar will deliver approximately 300 MW of multicrystalline silicon solar wafers to XL Telecom & Energy Limited over a five-year period, commencing in the first quarter of 2009 and extending through 2013. XL Telecom & Energy Limited will make a down payment representing a portion of the contract value to LDK Solar.

"We are pleased to enter into this long-term supply contract with XL Telecom & Energy Limited, a leading Solar Export company," stated Mr. Xiaofeng Peng, Chairman and CEO of LDK Solar. "With this most recent supply contract we are looking forward to building a relationship with XL Telecom & Energy Limited as well as expanding our presence in India."

"As we work to achieve our capacity expansion and growth goals to meet the increasing demands of the global photovoltaic market in the coming years, we are very pleased to have LDK Solar as a long-term partner and look forward to their supply, in order to secure an important part of our wafer needs," commented Dinesh Kumar, Managing Director and CEO of XL Telecom & Energy Limited.

About LDK Solar (NYSE: LDK - News)

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

About XL Telecom & Energy Limited

XL Telecom & Energy Limited, a NSE and BSE listed Company with its headquarters out of Hyderabad, India, and is a leading Solar Exporter. XL is in the process of establishing its 120 MW Solar Cell manufacturing facility in Rajiv Gandhi Nano Technology Park SEZ, which is scheduled to commence its operations in Sep/Oct 2008. XL Telecom and Energy is a Rs.7 Billion Revenues company with its focus in Solar, Ethanol and Telecom segments and was established in 1985.

Safe Harbor

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From: OmertaSoldier8/25/2008 12:18:35 PM
   of 79
 
LDK's 2009 revenue outlook above estimates
Monday August 25, 7:30 am ET
LDK offers upbeat 2009 revenue outlook as expansion of wafer production is ahead of schedule

NEW YORK (AP) -- LDK Solar Co. Ltd. on Monday projected 2009 revenue above Wall Street estimates as the China-based solar wafer maker said it met its goal of expanding its wafer production capacity ahead of schedule.
LDK said it expects revenue between $2.8 billion and $3 billion for 2009. It also expects to ship between 1.45 gigawatts and 1.55 gigawatts of wafer shipments for next year.

Analysts surveyed by Thomson Reuters expect full-year revenue of $2.43 billion for next year.

The company said that it reached its goal of shipping 1.0 gigawatts ahead of schedule, which is in line with the company's previously announced plans to reach annualized wafer production capacity of up to 1.2 gigawatts by the end of the year; 2.2 gigawatts by the end of 2009 and 3.2 gigawatts by the end of 2010.

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