United
States
SECURITIES
AND EXCHANGE COMMISSION
Washington
D.C. 20549
FORM
6-K
REPORT
OF FOREIGN PRIVATE ISSUER
PURSUANT
TO RULE 13a-16 OR 15d-16 OF THE
SECURITIES
EXCHANGE ACT OF 1934
For the
month of May 2009
_________
Commission
File Number: 001-33911
_________
RENESOLA
LTD
No. 8
Baoqun Road, YaoZhuang
Jiashan,
Zhejiang 314117
People’s
Republic of China
(Address
of principal executive offices)
Indicate
by check mark whether the registrant files or will file annual reports under
cover Form 20-F or Form 40-F.
|
Form
20-F x
|
Form
40-F o
|
Indicate
by check mark if the registrant is submitting the Form 6-K in paper as permitted
by Regulation S-T Rule 101(b)(1): o
Indicate
by check mark if the registrant is submitting the Form 6-K in paper as permitted
by Regulation S-T Rule 101(b)(7): o
Indicate
by check mark whether by furnishing the information contained in this Form, the
registrant is also thereby furnishing the information to the Commission pursuant
to Rule 12g3-2(b) under the Securities Exchange Act of 1934.
|
Yes
o
|
No x
|
If "Yes"
is marked, indicate below the file number assigned to the registrant in
connection with Rule 12g3-2(b):
82-
N/A
SIGNATURE
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has
duly caused this report to be signed on its behalf by the undersigned, thereunto
duly authorized.
|
RENESOLA
LTD
|
|||
|
By:
|
/s/
Xianshou Li
|
|
|
|
Name:
|
Xianshou
Li
|
||
|
Title:
|
Chief
Executive Officer
|
||
Date: May
22, 2009
2
Exhibit
Index
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Page
|
|
|
Exhibit
99.1 – Press Release
|
4
|
3
ReneSola
Ltd Announces First Quarter 2009 Results and Acquisition of Cell and Module
Manufacturer
--
First quarter 2009 average processing cost decreased to $0.36 per
watt
--
First quarter 2009 silicon consumption rate decreased to 6.0 grams per
watt
--
Company evolving into fully integrated solar manufacturer through acquisition of
JC Solar
JIASHAN, China, May 21, 2009 –
ReneSola Ltd (“ReneSola” or the “Company”) (NYSE: SOL) (AIM: SOLA), a leading
global manufacturer of solar wafers, today announced its unaudited financial
results for the quarter ended March 31, 2009.
Recent
Operating Highlights
|
·
|
Q1
2009 wafer and other solar product shipment was 90.5 megawatts (“MW”), of
which 70.7 MW was from wafer sales and 19.8 MW was from tolling
services.
|
|
·
|
Q1
2009 export sales reached 60%, demonstrating further diversification of
ReneSola’s customer base.
|
|
·
|
Silicon
consumption rate decreased to 6.0 grams per watt in Q1 2009 from 6.05
grams per watt in Q4 2008.
|
|
·
|
Average
processing cost decreased to US$0.36 per watt in Q1 2009 compared to
US$0.39 per watt in Q4 2008.
|
|
·
|
ReneSola
strengthened its balance sheet by retiring approximately RMB 270 million
of its convertible bond due March 2012 while increasing its total onshore
bank credit lines to US$577
million.
|
|
·
|
Wafer manufacturing capacity
expansion is on track and is expected to increase to 825 MW by July
2009.
|
|
·
|
Phase
1 of Sichuan polysilicon plant remains on schedule to reach mechanical
completion by end of June 2009.
|
|
·
|
ReneSola
intends to embark on a two-pronged downstream expansion strategy that (1)
will make it one of the world’s most cost competitive fully integrated
solar companies with manufacturing capabilities spanning from polysilicon
to module production, and (2) will seek to gain a strong foot hold in
China’s solar project space.
|
First Quarter 2009 Financial
Highlights
|
·
|
Q1 2009 net revenues were
US$106.9 million, a decrease of 13.0% from US$123.0 million in Q1 2008 and
a decrease of 32.6% from US$158.6 million in Q4
2008.
|
4
|
·
|
Q1
2009 gross loss and gross margin were US$51.1 million and negative 47.8%,
respectively, compared to gross loss and gross margin of US$130.1 million
and negative 82.0%, respectively, in Q4 2008.1 Excluding the
US$68.0 million inventory write-down in Q1 20092, adjusted gross profit and gross
margin were US$17.0 million and positive 15.9%,
respectively.
|
|
·
|
Q1
2009 net loss attributable to holders of ordinary shares was US$30.0
million compared to Q4 2008
net loss attributable to holders of ordinary shares of US$128.3 million.
Q1 2009 adjusted net income attributable to holders of ordinary shares was
US$2.1 million excluding the inventory write-down2.
|
|
·
|
Q1
2009 basic and diluted loss per share was US$0.22, and basic and diluted
loss per American Depositary Share (“ADS”) was
US$0.44.
|
|
Three
months
ended
3/31/08
|
Three
months
ended
12/31/08
|
Three
months
ended
12/31/08*
|
Three
months
ended
3/31/09
|
Three
months
ended
3/31/09*
|
||||||||||||||||
|
Unaudited
|
Unaudited
|
Unaudited
(Adjusted)
|
Unaudited
|
Unaudited
(Adjusted)
|
||||||||||||||||
|
Net
revenue (US$000)
|
122,982 | 158,623 | 158,623 | 106,946 | 106,946 | |||||||||||||||
|
Gross
profit (loss) (US$000)
|
27,234 | (130,139 | ) | 6,916 | (51,087 | ) | 16,960 | |||||||||||||
|
Gross
margin (%)
|
22.1 | % | (82.0 | %) | 4.4 | % | (47.8 | %) | 15.9 | % | ||||||||||
|
Operating
profit (loss) (US$000)
|
23,187 | (143,126 | ) | (6,071 | ) | (58,346 | ) | 9,701 | ||||||||||||
|
Foreign
exchange loss (US$000)
|
(56 | ) | (1,052 | ) | (1,052 | ) | (550 | ) | (550 | ) | ||||||||||
|
Profit
(loss) for the period (US$000)
|
17,675 | (128,275 | ) | (8,494 | ) | (30,019 | ) | 2,083 | ||||||||||||
* Figures
noted exclude the US$137.1 million fourth quarter 2008 inventory write-down and
the US$68.0 million first quarter 2009 inventory write-down.
“Against
the backdrop of extremely challenging market conditions, I am pleased to report
that ReneSola produced a resilient first quarter performance underpinned by
relatively strong wafer shipments and further reductions in production costs,”
commented Mr. Xianshou Li, ReneSola’s chief executive officer. “We are
benefiting from our continued focus on execution and cost reduction. Our
commitment to continual technological and operational improvements also helps
maintain our competitive advantage. As a result, our production costs were
reduced to US$0.36 per watt and our silicon consumption rate fell to an average
of 6.0 grams per watt during the first quarter of 2009.
“I am
also very pleased to announce that we recently took the initial steps towards
downstream integration in the PV market through the acquisition of JC Solar, a
China-based cell and module manufacturer with respective annualized
manufacturing capacities of 25 MW and 50 MW. Our plan is to maintain annual cell
manufacturing capacity at 25 MW and to increase annual module manufacturing
capacity to 100 MW during 2009. With our expected commencement of in-house
polysilicon production in July, ReneSola will become an early mover as a fully
integrated solar company. Building a diversified global customer base remains
one of our key strategies and JC Solar possesses the essential technological
certificates necessary for module sales in Europe and the United States. We
expect to quickly gain market share across these markets by capitalizing on
ReneSola’s cost competitiveness and JC Solar’s cell and module manufacturing and
distribution capabilities.
1 In the fourth quarter of 2008, the
Company recorded a US$137.1 million inventory write-down against the net
realizable value of inventories as a result of the rapid decrease in the market
price and value of feedstock such as polysilicon and scrap silicon materials,
work in progress materials and finished solar wafers.
2 In the first quarter of 2009, the
Company recorded a US$68.0 million inventory write-down against the net
realizable value of inventories as a result of the rapid decrease in the market
price and value of feedstock such as polysilicon and scrap silicon materials,
work in progress materials and finished solar
wafers.
5
“As
production costs continue to decline, the PV industry is becoming increasingly
competitive. As such, full vertical integration from polysilicon to module
manufacturing becomes key in maintaining cost competitiveness and gaining market
share. We continue to believe there will be a recovery in global demand as the
year progresses and we remain confident in the long term prospects of the solar
industry.”
Mr.
Charles Bai, ReneSola’s chief financial officer, added, “We made steady progress
in liquidity management with another quarter of generating positive operating
cash flows. Our credit facility lines from domestic banks increased to $577
million during the quarter from $463 million at the end of fourth quarter of
2008. Cash from operating activities and additional credit lines enabled us to
repurchase approximately RMB 270.0 million of convertible bonds during the
second quarter of 2009 at a significant discount to face value. We also
restructured the repayment profile of our credit facility lines, increasing the
ratio of mid- to long-term loans in our loan portfolio. The convertible bond
repurchases and debt composition restructuring have contributed additional
strength to our balance sheet and will provide added support for our growth
plans.”
Financial
Results for the First Quarter 2009
Net
Revenues
Net
revenues for Q1 2009 were US$106.9 million, a decrease of 13.0% year-over-year
and 32.6% sequentially. The decrease in revenues was primarily attributable to
falling wafer ASPs and a reduction in wafer shipments during the quarter. The
average selling price (“ASP”) of wafers in Q1 2009 decreased to US$1.27 per watt
from US$2.16 in Q4 2008.
Gross
Profit (Loss)
Gross
loss for Q1 2009 was US$51.1 million, compared to gross loss of US$130.1 million
in Q4 2008 and gross profit of US$27.2 million in Q1 2008. Excluding the
inventory write-down, adjusted gross profit for Q1 2009 was US$17.0 million.
Gross margin for Q1 2009 was negative 47.8%, compared to negative 82.0% for Q4
2008 and positive 22.1% for Q1 2008. Excluding the inventory write-down,
adjusted gross margin for Q1 2009 was positive 15.9%.
6
Operating
Profit (Loss)
Operating
loss for Q1 2009 was US$58.3 million, compared to operating loss of US$143.1
million for Q4 2008 and operating profit of US$23.2 million for Q1 2008.
Excluding the inventory write-down, adjusted operating profit for Q1 2009 was
US$9.7 million.
Operating
margin for Q1 2009 was negative 54.6%, compared to negative 90.2% for Q4 2008
and positive 18.9% for Q1 2008. Excluding the inventory write-down, adjusted
operating margin for Q1 2009 was 9.1%. Total operating expenses for Q1 2009 were
US$7.3 million, down from US$13.0 million for Q4 2008. Of the total
operating expenses for Q1 2009, US$4.0 million was attributable to general and
administrative expenses, down from US$9.2 million for Q4 2008.
Earnings
(Loss) Before Income Tax
Loss
before income tax for Q1 2009 was US$62.8 million, compared to a loss of
US$146.9 million for Q4 2008 and earnings of US$21.3 million for Q1 2008.
Excluding the inventory write-down, adjusted income before income tax for Q1
2009 was US$5.3 million. Finance costs increased by 9.6% sequentially,
reflecting the rise in bank borrowings to US$412.7 million, which includes
long-term borrowings of US$135.7 million as of March 31, 2009. Q1 2009
foreign exchange loss was approximately US$0.6 million compared to a
foreign exchange loss of US$1.1 million for Q4 2008.
Taxation
A tax
benefit of US$32.8 million was recognized for Q1 2009, with US$37.1 million of
the total tax benefit arising from the estimated loss, compared with a tax
benefit of US$18.3 million for Q4 2008, of which US$17.3 million of the total
tax benefit was attributable to the Q4 2008 inventory write-down.
Net
Income (Loss) Attributable To Holders of Ordinary Shares
Net loss
attributable to holders of ordinary shares for Q1 2009 was US$30.0 million,
compared to net loss attributable to holders of ordinary shares of US$128.3
million for Q4 2008 and net income attributable to holders of ordinary shares of
US$17.7 million for Q1 2008. Excluding the inventory write-down, adjusted net
income attributable to holders of ordinary shares for Q1 2009 was US$2.1
million.
Q1 2009
basic and diluted loss per share was US$0.22, and basic and diluted loss per ADS
was US$0.44. Excluding the inventory write-down, Q1 2009 adjusted basic and
diluted earnings per share was US$0.02, while adjusted basic and diluted
earnings per ADS was US$0.04.
Recent
Business Developments
Acquisition
of JC Solar
ReneSola’s
wholly owned subsidiary Zhejiang Yuhui Solar Energy Source Co., Ltd entered into
an agreement on May 20, 2009 to acquire the entire issued share capital of solar
cell and module manufacturer, Wuxi Jiacheng Solar Energy Technology Co. ("JC
Solar") (the “Acquisition”). The total consideration for the Acquisition was
RMB 118 million, paid in cash.
7
JC Solar
is located in the Yixing Economic Development Zone of Wuxi City, Jiangsu
province, and is an established cell and module manufacturer. JC Solar has
approximately 300 employees with current annual cell production capacity of 25 MW and annual
module production capacity of 50 MW. In the year ended December 31, 2008, JC
Solar recorded an unaudited net profit of RMB 69 million and had a net
asset value of RMB 98 million at that date. The Acquisition provides
ReneSola with a means of downstream integration.
Convertible
Bond Repurchases
On May
19, 2009, ReneSola announced that during the second quarter of 2009, the Company
repurchased approximately RMB 270 million aggregate principal amount of its RMB
928,700,000 U.S. Dollar Settled 1.0% Convertible Bonds due March 26, 2012 (the
"Bonds"), for a total consideration of approximately RMB 186 million. The total
consideration was paid approximately 76% by cash and 24% by shares.
ReneSola
may from time to time seek to make additional repurchases of its Bonds. Such
repurchases, if any, will depend on prevailing market conditions, the Company's
liquidity requirements and other factors.
Zhejiang
Province’s First BIPV Project
On May
13, 2009, ReneSola announced that it obtained approval from Zhejiang’s
provincial government to pioneer a 5 MW building integrated photovoltaic
(“BIPV”) rooftop project in China’s Zhejiang province. The BIPV rooftop project
has a total planned area of 80,400 square meters on several government buildings
in Jiashan County, Zhejiang province and is subject to final approval by the
Ministries of Finance and Housing and Urban-Rural Development.
The BIPV
rooftop project has a budgeted total investment of RMB 160 million and will be
partially funded through the RMB 15 per watt subsidy announced by China’s
Ministry of Finance in March 2009. The local government may provide additional
subsidies and ReneSola has reached a tentative partnership agreement with a
local bank to provide additional funding.
Divestment
of ReneSola Malaysia
In July
2007, the Company invested approximately Ringgt Malaysia 1.3 million for 51%
equity interest in ReneSola (Malaysia) SDN. BHD (“ReneSola Malaysia”), which was
incorporated in Malaysia in February 2007 to process certain types of
reclaimable silicon raw materials sourced overseas that did not meet the import
requirements of the Chinese government. The processed reclaimable silicon was
then shipped to Zhejiang Yuhui for further processing as feedstock for the
Company’s wafer manufacturing. The Company sold its 51% equity interest to the
Malaysian joint venture partner for a consideration of Ringgt Malaysia 1 as part
of the Company’s strategy to use polysilicon, instead of reclaimable silicon
materials, as the Company’s primary feedstock for wafer manufacturing. The
divestment was recently completed.
8
2009
Outlook
The
Company’s wafer shipment for the second quarter of 2009 is expected to
be in the range of 85 MW to 95 MW, with full year product
shipment expected to be between 450 MW to 500 MW. Full year revenue is expected
to be between US$500 million to US$550 million.
Conference
Call Information
ReneSola’s
management will host an earnings conference call on Thursday, May 21, 2009 at 9
am U.S. Eastern Time / 9 pm Beijing/Hong Kong time / 2 pm British Summer
Time.
Dial-in
details for the earnings conference call are as follows:
|
U.S.
/ International:
|
+1-617-614-6205
|
|
United
Kingdom:
|
+44-207-365-8426
|
|
Hong
Kong:
|
+852-3002-1672
|
Please
dial in 10 minutes before the call is scheduled to begin and provide the
passcode to join the call. The passcode is “ReneSola Call.”
A replay
of the conference call may be accessed by phone at the following number until
May 28, 2009:
|
International:
|
+1-617-801-6888
|
|
Passcode:
|
16044506
|
Additionally,
a live and archived webcast of the conference call will be available on the
Investor Relations section of ReneSola’s website at http://www.renesola.com.
About
ReneSola
ReneSola
Ltd (“ReneSola”) is a leading global manufacturer of solar wafers based in
China. Capitalizing on proprietary technologies and technical know-how, ReneSola
manufactures monocrystalline and multicrystalline solar wafers. In addition,
ReneSola strives to enhance its competitiveness through upstream integration
into virgin polysilicon manufacturing. ReneSola possesses a global network of
suppliers and customers that include some of the leading global manufacturers of
solar cells and modules. ReneSola’s shares are currently traded on the New York
Stock Exchange (NYSE: SOL) and the AIM of the London Stock Exchange (AIM: SOLA).
For more information about ReneSola, please visit www.renesola.com.
9
Safe
Harbor Statement
This
press release contains statements that constitute ''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, and as defined in the U.S. Private Securities Litigation Reform Act of
1995. Whenever you read a statement that is not simply a statement of historical
fact (such as when we describe what we “believe,” “expect” or “anticipate” will
occur, what “will” or “could” happen, and other similar statements), you must
remember that our expectations may not be correct, even though we believe that
they are reasonable. We do not guarantee that the forward-looking statements
will happen as described or that they will happen at all. Further information
regarding risks and uncertainties that could cause actual results to differ
materially from those in the forward-looking statements is included in our
filings with the U.S. Securities and Exchange Commission, including our annual
report on Form 20-F. We undertake no obligation, beyond that required by law, to
update any forward-looking statement to reflect events or circumstances after
the date on which the statement is made, even though our situation may change in
the future.
For
investor and media inquiries, please contact:
In
China:
Ms. Julia
Xu
ReneSola
Ltd
|
Tel:
|
+86-573-8477-3372
|
|
E-mail:
|
julia.xu@renesola.com
|
Mr. Derek
Mitchell
Ogilvy
Financial, Beijing
|
Tel:
|
+86-10-8520-6284
|
|
E-mail:
|
derek.mitchell@ogilvy.com
|
In the
United States:
Mr.
Thomas Smith
Ogilvy
Financial, New York
|
Tel:
|
+1-212-880-5269
|
|
E-mail:
|
thomas.smith@ogilvypr.com
|
In the
UK:
Mr. Tim
Feather / Mr. Richard Baty
Hanson
Westhouse Limited
|
Tel:
|
+44-20-7601-6100
|
|
E-mail:
|
tim.feather@hansonwesthouse.com
/ richard.baty@hansonwesthouse.com
|
10
CONSOLIDATED
BALANCE SHEET
|
As
at
|
As
at
|
As
at
|
||||||||||
|
March
31, 2008
|
December
31, 2008
|
March
31, 2009
|
||||||||||
|
US$000
|
US$000
|
US$000
|
||||||||||
|
ASSETS
|
||||||||||||
|
Current
assets:
|
||||||||||||
|
Cash
and cash equivalents
|
67,441 | 112,333 | 172,614 | |||||||||
|
Restricted
cash
|
- | 5,958 | 67,394 | |||||||||
|
Accounts
receivable, net of allowances for doubtful receivables
|
16,234 | 43,160 | 34,965 | |||||||||
|
Inventories
|
156,277 | 193,036 | 148,856 | |||||||||
|
Advances
to suppliers
|
88,843 | 36,991 | 18,930 | |||||||||
|
Amounts
due from related parties
|
36,046 | 457 | 441 | |||||||||
|
Value
added tax recoverable
|
3,808 | 15,498 | 22,829 | |||||||||
|
Prepaid
expenses and other current assets
|
4,972 | 13,722 | 10,107 | |||||||||
|
Deferred
tax assets
|
8,861 | 18,979 | 38,748 | |||||||||
|
Total
current assets
|
382,482 | 440,134 | 514,884 | |||||||||
|
Property,
plant and equipment, net
|
172,330 | 341,427 | 415,561 | |||||||||
|
Prepaid
land rent, net
|
9,391 | 13,472 | 13,372 | |||||||||
|
Deferred
tax assets
|
629 | 2,340 | 15,049 | |||||||||
|
Deferred
convertible bond issue costs
|
3,087 | 1,970 | 1,573 | |||||||||
|
Advances
to suppliers over one year
|
45,729 | 48,635 | ||||||||||
|
Advances
for purchases of property, plant and equipment
|
77,169 | 161,705 | 164,959 | |||||||||
|
Other
long-term assets
|
1,011 | 1,064 | ||||||||||
|
Total
assets
|
645,088 | 1,007,788 | 1,175,097 | |||||||||
|
LIABILITIES
AND EQUITY
|
||||||||||||
|
Current
liabilities:
|
||||||||||||
|
Short-term
borrowings
|
88,968 | 191,987 | 277,006 | |||||||||
|
Accounts
payable
|
22,373 | 37,942 | 37,181 | |||||||||
|
Advances
from customers
|
72,188 | 49,284 | 58,584 | |||||||||
|
Amount
due to related party
|
15 | 11,863 | 24 | |||||||||
|
Other
current liabilities
|
12,328 | 42,060 | 47,156 | |||||||||
|
Total
current liabilities
|
195,872 | 333,136 | 419,951 | |||||||||
|
Convertible
bond payable
|
133,999 | 138,904 | 139,080 | |||||||||
|
Long-term
borrowings
|
34,085 | 32,833 | 135,667 | |||||||||
|
Advances
from customers over one year
|
105,203 | 113,181 | ||||||||||
|
Other
long-term liabilities
|
1,114 | 15,624 | 15,197 | |||||||||
|
Total
liabilities
|
365,070 | 625,700 | 823,076 | |||||||||
|
|
||||||||||||
|
ReneSola
Ltd. Shareholders' equity
|
||||||||||||
|
Common
shares
|
145,291 | 330,666 | 330,666 | |||||||||
|
Additional
paid-in capital
|
15,579 | 17,769 | 18,457 | |||||||||
|
Retained
earnings (Deficit)
|
83,875 | 11,294 | (18,725 | ) | ||||||||
|
Accumulated
other comprehensive income
|
17,638 | 22,080 | 21,623 | |||||||||
|
Total
ReneSola Ltd. Shareholders' equity
|
262,383 | 381,809 | 352,021 | |||||||||
|
Noncontrolling
interests
|
17,635 | 279 | - | |||||||||
|
Total
equity
|
280,018 | 382,088 | 352,021 | |||||||||
|
Total liabilities and
equity
|
645,088 | 1,007,788 | 1,175,097 | |||||||||
11
CONSOLIDATED
INCOME STATEMENT
|
Three
months ended
|
Three
months ended
|
Three
months ended
|
||||||||||
|
March
31, 2008
|
December
31, 2008
|
March
31, 2009
|
||||||||||
|
US$000
|
US$000
|
US$000
|
||||||||||
|
Net
revenues
|
122,982 | 158,623 | 106,946 | |||||||||
|
Cost
of revenues
|
(95,748 | ) | (288,762 | ) | (158,033 | ) | ||||||
|
Gross
profit (loss)
|
27,234 | (130,139 | ) | (51,087 | ) | |||||||
| 22.1 | % | -82.0 | % | -47.8 | % | |||||||
|
Operating
expenses:
|
||||||||||||
|
Sales
and marketing
|
(267 | ) | (43 | ) | (116 | ) | ||||||
|
General
and administrative
|
(3,389 | ) | (9,160 | ) | (3,956 | ) | ||||||
|
Research
and development
|
(442 | ) | (2,771 | ) | (3,446 | ) | ||||||
|
Impairment
loss on property, plant and equipment
|
- | (763 | ) | - | ||||||||
|
Other
general income (expenses)
|
51 | (250 | ) | 259 | ||||||||
|
Total
operating expenses
|
(4,047 | ) | (12,987 | ) | (7,259 | ) | ||||||
|
Income
(loss) from operations
|
23,187 | (143,126 | ) | (58,346 | ) | |||||||
|
Interest
income
|
306 | 929 | 456 | |||||||||
|
Interest
expenses
|
(2,144 | ) | (3,692 | ) | (4,048 | ) | ||||||
|
Foreign
exchange (loss) gain
|
(56 | ) | (1,052 | ) | (550 | ) | ||||||
|
Equity
in losses of investee
|
- | - | (291 | ) | ||||||||
|
Income
(loss) before income tax
|
21,293 | (146,941 | ) | (62,779 | ) | |||||||
|
Income
tax benefit(expenses)
|
(3,560 | ) | 18,278 | 32,760 | ||||||||
|
Net
income (loss)
|
17,733 | (128,663 | ) | (30,019 | ) | |||||||
|
Less:
net (income) loss attributable to noncontrolling interests
|
(58 | ) | 388 | - | ||||||||
|
Net
income (loss) attributable to holders of ordinary shares
|
17,675 | (128,275 | ) | (30,019 | ) | |||||||
|
|
||||||||||||
|
Earnings
(Loss) per share
|
||||||||||||
|
Basic
|
0.15 | (0.93 | ) | (0.22 | ) | |||||||
|
Diluted
|
0.14 | (0.93 | ) | (0.22 | ) | |||||||
|
Weighted
average number of shares used in computing earnings per
share:
|
||||||||||||
|
Basic
shares
|
113,906,186 | 137,624,912 | 137,624,912 | |||||||||
|
Diluted
shares
|
124,460,612 | 137,624,912 | 137,624,912 | |||||||||
12
ADJUSTED
CONSOLIDATED INCOME STATEMENT
|
Three
months ended
|
Adjustment
for
|
Three
months ended
|
Three
months ended
|
Adjustment
for
|
Three
months ended
|
|||||||||||||||||||
|
March
31, 2009
|
inventory
write-down
|
March
31, 2009
|
December
31, 2008
|
inventory
write-down
|
December
31, 2008
|
|||||||||||||||||||
|
US$000
|
US$000
|
US$000
|
US$000
|
US$000
|
US$000
|
|||||||||||||||||||
|
<Adjusted
Non-GAAP>
|
<Adjusted
Non-GAAP>
|
|||||||||||||||||||||||
|
Net
revenues
|
106,946 | 106,946 | 158,623 | 158,623 | ||||||||||||||||||||
|
Cost
of revenues
|
(158,033 | ) | 68,047 | (89,986 | ) | (288,762 | ) | 137,055 | (151,707 | ) | ||||||||||||||
|
Gross
profit (loss)
|
(51,087 | ) | 68,047 | 16,960 | (130,139 | ) | 137,055 | 6,916 | ||||||||||||||||
| -47.8 | % | 15.9 | % | -82.0 | % | 4.36 | % | |||||||||||||||||
|
Operating
expenses:
|
||||||||||||||||||||||||
|
Sales
and marketing
|
(116 | ) | (116 | ) | (43 | ) | (43 | ) | ||||||||||||||||
|
General
and administrative
|
(3,956 | ) | (3,956 | ) | (9,160 | ) | (9,160 | ) | ||||||||||||||||
|
Research
and development
|
(3,446 | ) | (3,446 | ) | (2,771 | ) | (2,771 | ) | ||||||||||||||||
|
Impairment
loss on property, plant and equipment
|
- | - | (763 | ) | (763 | ) | ||||||||||||||||||
|
Other
general income (expenses)
|
259 | 259 | (250 | ) | (250 | ) | ||||||||||||||||||
|
Total
operating expenses
|
(7,259 | ) | (7,259 | ) | (12,987 | ) | (12,987 | ) | ||||||||||||||||
|
Income
(loss) from operations
|
(58,346 | ) | 68,047 | 9,701 | (143,126 | ) | 137,055 | (6,071 | ) | |||||||||||||||
| -54.6 | % | 9.1 | % | -90.23 | % | -3.83 | % | |||||||||||||||||
|
Interest
income
|
456 | 456 | 929 | 929 | ||||||||||||||||||||
|
Interest
expenses
|
(4,048 | ) | (4,048 | ) | (3,692 | ) | (3,692 | ) | ||||||||||||||||
|
Foreign
exchange (loss) gain
|
(550 | ) | (550 | ) | (1,052 | ) | (1,052 | ) | ||||||||||||||||
|
Equity
in losses of investee
|
(291 | ) | (291 | ) | - | - | ||||||||||||||||||
|
Income
(loss) before income tax
|
(62,779 | ) | 68,047 | 5,268 | (146,941 | ) | 137,055 | (9,886 | ) | |||||||||||||||
|
Income
tax benefit (expenses)
|
32,760 | (35,945 | ) | (3,185 | ) | 18,278 | (17,274 | ) | 1,004 | |||||||||||||||
|
Net
income (loss)
|
(30,019 | ) | 32,102 | 2,083 | (128,663 | ) | 119,781 | (8,882 | ) | |||||||||||||||
|
Less:
net (income) loss attributable to noncontrolling interests
|
- | - | 388 | 388 | ||||||||||||||||||||
|
Net
income (loss) attributable to holders of ordinary shares
|
(30,019 | ) | 32,102 | 2,083 | (128,275 | ) | 119,781 | (8,494 | ) | |||||||||||||||
|
|
||||||||||||||||||||||||
|
Earnings
(Loss) per share
|
||||||||||||||||||||||||
|
Basic
|
(0.22 | ) | 0.02 | (0.93 | ) | (0.06 | ) | |||||||||||||||||
|
Diluted
|
(0.22 | ) | 0.02 | (0.93 | ) | (0.06 | ) | |||||||||||||||||
|
Weighted
average number of shares used in computing earnings per
share:
|
||||||||||||||||||||||||
|
Basic
shares
|
137,624,912 | 137,624,912 | 137,624,912 | 137,624,912 | ||||||||||||||||||||
|
Diluted
shares
|
137,624,912 | 137,624,912 | 137,624,912 | 137,624,912 | ||||||||||||||||||||
13