Message #3 From:
NewsBot Date: May 13, 2008 05:09:06 PM
Canadian Solar Reports First Quarter 2008 Results
Q108 Results
-- Q108 net revenues of $171.2 million, a 34% increase over Q407 net revenues of $127.5 million
-- Q108 net income per diluted share of $0.61, compared to Q407 net income per diluted share of $0.21
-- Q108 shipments of 41.8MW, compared to Q407 shipments of 37.8MW
2008 Outlook and Developments
-- Reiterating full year 2008 net revenue guidance of $650-$750 million on shipments of 200-220MW, excluding e-Module shipments.
-- Production of e-Modules, a medium power module product using
100% upgraded metallurgical grade (UMG) silicon, began in March and
shipments started in May.
-- Phase Two of the solar cell plant on track with the installation
of an additional 150MW of annual nameplate cell capacity starting in May
-- Phase One of our ingot and wafer plant in Luoyang on track with
installation of 60MW annual nameplate wafer capacity starting in May
JIANGSU, China, May 13 /Xinhua-PRNewswire/ -- Canadian Solar Inc. ('the
Company,' 'CSI' or 'we') (Nasdaq: CSIQ) today reported its preliminary
unaudited US GAAP financial information for the first quarter ended March 31,
2008.
Net revenues for the quarter were $171.2 million (including $2.2 million
of silicon material sales), compared to net revenues of $17.5 million for the
first quarter of 2007 (including $2.8 million of silicon materials sales) and
$127.5 million for the fourth quarter of 2007 (including $2.4 million of
silicon materials sales). Net income for the quarter was $19.0 million, or
$0.61 per diluted share, compared to a net loss of $3.9 million, or $0.14 per
diluted share, for the first quarter of 2007 and net income of $5.9 million,
or $0.21 per diluted share, for the fourth quarter of 2007. If share-based
compensation expenses of $2.2 million were excluded, non-GAAP net income for
the quarter would have been $21.2 million, or $0.65 per diluted share.
Dr. Shawn Qu, Chairman and CEO of CSI, commented: 'I am very pleased with
our first quarter results and proud to say that our team has now achieved four
consecutive quarters of revenue growth and profit margin improvement. Our
impressive performance in the first quarter was due to a result of robust
market demand for our products, strong pricing, effective management of
foreign exchange exposure, strong operational execution of our flexible
vertical integration business model, and our balanced supply strategy, which
allowed us to increase our product delivery despite a general market shortage
of silicon materials. In Q1, we significantly increased our internal solar
cell production, which resulted in a positive impact on our bottom line. Our
new Changshu solar module plant was completed on schedule during the quarter.
This gave us the ability to quickly increase shipments in March following the
severe weather conditions earlier in the year. Deliveries from most of our
strategic suppliers are now generally on track.'
Bing Zhu, CFO of CSI, noted: 'We delivered on our promise to improve our
gross margins and we were able to increase diluted earnings per share by close
to 200% compared with Q4 2007 due to our disciplined financial management and
continued operational efficiency. The significant upside to our bottom line
was mainly contributed by three factors -- strong pricing, the strong Euro vs.
USD, and our internal cost cutting. Although the large foreign exchange gain
is likely a one-time event, we believe that the other factors will remain
positive, and will, therefore, help us maintain a similar level of
profitability going forward.'
