Message #3 From:
NewsBot Date: December 31, 2007 10:26:43 PM
LDK Solar Reports Financial Results for the Third Quarter 2007
LDK Solar Co., Ltd. (NYSE: LDK), a leading manufacturer of multicrystalline
solar wafers, today reported its unaudited financial results for the third
quarter ended September 30, 2007.
All financial results are reported on a U.S. GAAP basis.
Third Quarter 2007 Financial Highlights: -- Revenue of $158.7 million, up 60% quarter-over-quarter -- Gross profit of $48.9 million, up 40% quarter-over-quarter -- Net income of $41.6 million, or $0.37 per diluted ADS, up 45% quarter-over-quarter -- Signed four long-term wafer supply agreements during the third quarter -- Total wafer shipments increased 49% sequentially to 78.9MW in the third quarter
Net sales for the third quarter of fiscal 2007 were $158.7 million, up
60.2% sequentially from $99.1 million for the second quarter of fiscal 2007,
and up 404.7% year-over-year from $31.5 million for the third quarter of
fiscal 2006.
Gross profit for the third quarter of fiscal 2007 was $48.9 million, up
40.2% sequentially from $34.9 million for the second quarter of fiscal 2007,
and up 295.1% year-over-year from $12.4 million for the third quarter of
fiscal 2006. Gross margin for the third quarter of fiscal 2007 was 30.8%
compared with 35.2% in the second quarter of fiscal 2007 and 39.4% in the
third quarter of fiscal 2006.
Net income for the third quarter of fiscal 2007 was $41.6 million, or
$0.37 per diluted ADS, compared to net income of $28.7 million, or $0.29 per
diluted ADS for the second quarter of fiscal 2007, and $5.0 million, or $0.04
per diluted ADS for the third quarter of fiscal 2006.
The Company ended the third quarter of fiscal 2007 with $125.9 million in
cash and cash equivalents.
'We are pleased to report strong results for the third quarter, following
a positive outcome of the independent inventory review,' stated Xiaofeng Peng,
Chairman and CEO of LDK Solar. 'With the inventory investigation behind us,
we have returned our focus to growing our business. During the third quarter
we experienced continued robust demand for our wafers and made great strides
in expanding our customer base. We signed four long-term wafer supply
contracts during the third quarter and five more since the quarter closed. We
view these agreements as a testament to the quality of our products.
'We remain on track to meet our wafer production capacity goal of 400MW by
the end of 2007. Additionally, the construction of our polysilicon plant is
tracking with our original plan. In addition to the anticipated cost
efficiencies we expect to achieve upon completion of our polysilicon plant, we
are continuing cost reduction efforts through further advancements of our
product processes,' concluded Mr. Peng.
Business Outlook
The following statements are based upon management's current expectations.
These statements are forward-looking, and actual results may differ materially.
The Company undertakes no obligation to update these statements.
For the fourth quarter of fiscal 2007, LDK estimates revenue to be in the
range of $180 to $185 million for wafer shipments of 87 to 92MW. The Company
also estimates fully diluted earnings per ADS to be in the range of $0.40 to
$0.43.
Conference Call Details
The LDK Third Quarter teleconference and webcast is scheduled to begin at
6:00 p.m. Eastern Time (ET), on Wednesday, December 19, 2007. To listen to the
live conference call, please dial 800-366-7449 (within U.S.) or 303-262-2193
(outside U.S.) at 5:50 p.m. ET on December 19, 2007. An audio replay of the
call will be available to investors through December 24, 2007, by dialing
800-405-2236 (within U.S.) or 303-590-3000 (outside U.S.) and entering the
passcode 11104747##.
A live webcast of the call will be available on the company's investor
relations website at investor.ldksolar.com.
