| Solar EnerTech Corp.公布公司2010财年第三季度（截至6月30日）财务报告。第三季度公司总出货量8.55兆瓦，营业额为1640万美元，毛利润130万美元。 Solar EnerTech Corp. today announced financial results for the third quarter of fiscal year 2010 which ended June 30, 2010. Third Quarter Highlights: - Shipments increased 189% to 8.55MW as compared to 2.96MW in the third quarter in the prior year period. - Revenue increased 61% to $16.4 million as compared to $10.1 million for the third quarter of the prior year. - Gross profit increased 168% to $1.3 million as compared to $0.5 million in the third quarter in the prior year. Total module shipments increased 189% to 8.55MW in the third fiscal quarter 2010 as compared to 2.96MW in the third fiscal quarter of the prior year. Revenue for the third fiscal quarter 2010 increased 61% to $16.4 million as compared to $10.1 million in the third fiscal quarter a year ago. Revenue for the third fiscal quarter 2010 was comprised of approximately $15.8 million in solar module sales, of which more than 95% were sold into Europe and Australia; $0.2 million of solar cell sales; and $0.4 million from the resale of raw materials. The increase in revenue was driven by strong organic growth from existing customers in a growing market and increased sales orders from new customers as a result of heightened efforts by the Company's sales and marketing team. Gross profit for the third fiscal quarter 2010 increased to $1.3 million, as compared to $0.5 million for the third quarter a year ago. Gross margin for the third fiscal quarter 2010 was 8.0% as compared to 4.8% in the same prior year period. The improved gross margin was primarily due to the decrease in raw materials prices, specifically silicon wafer prices, and greater economy of scale generated from higher production volumes, which help offset the lower average selling prices relative to the comparable period last year. The total operating expense for the third fiscal quarter of 2010 was $2.5 million, which included $0.7 million in non-cash stock compensation charges. Excluding the non-cash item, operating expense for the third fiscal 2010 quarter was $1.8 million, or 11% of total net sales. In comparison, the total operating expense for the third fiscal quarter of 2009 was $3.1 million, which included $1.5 million of non-cash stock compensation charges related to the hiring and retention of key executives and $36,000 of non-cash charges related to losses from the extinguishment of debt. Excluding both of these non-cash items, operating expense for the third quarter a year ago was $1.6 million, or 16% of total net sales. Net loss for the third fiscal quarter 2010 was ($0.7) million, or ($0.004) per basic and diluted share, compared to a net loss of ($6.8) million, or ($0.08) per basic and diluted shares, for the same period in fiscal 2009. The net loss in the third quarter fiscal 2010 includes an impairment loss following the Company's write-off of its investment in 21-Century Silicon of $1.0 million. Leo Shi Young, the Company's Chief Executive Officer, stated, "We experienced strong growth in demand for our modules during the quarter and production and shipments increased to levels that greatly utilized our production capacity. Therefore, although selling prices declined significantly, the decline in raw materials costs, together with the efficiencies gained from greater output at our facilities meant our overall gross margin improved significantly. Equally pleasing was the expansion of shipment volumes to both new and existing customers in Europe and the improved application of technology to our production processes to further lowering manufacturing unit costs." Nine Month Results Revenue for the nine months ended June 30, 2010, was $51.8 million compared to $19.6 million for the same period in fiscal 2009, an increase of 164%. Gross profit was $4.2 million compared to a loss of ($3.2) million for the nine months ended June 30, 2009. Total operating expenses were $26.1 million, or 50% of sales, compared to $10.0 million, or 51% of sales, for the same period last year, an increase of 161% mainly due to debt restructurings. Net loss for the nine months ended June 30, 2010 was ($23.7) million, or ($0.18) per basic and diluted share compared to a net loss of ($16.1) million, or ($0.18) per basic and diluted shares, for the same period in fiscal 2009. The net loss in the nine months ended June 30, 2010 includes non-cash debt restructuring charges of $18.5 million and an impairment loss of $1.0 million on the Company's investment in 21-Century Silicon, both amounts are stated before tax. In the nine months ended June 30, 2009, the Company recorded a non-cash loss on debt extinguishment amounting to $0.5 million before tax. Financial Position As of June 30, 2010, the Company's assets included $2.7 million in cash, $13.5 million of accounts receivable, $0.3 million of prepayment primarily for purchase of raw materials, $5.0 million of inventories on hand and $0.6 million of VAT and other receivables. In addition, as of June 30, 2010, the Company's liabilities included $15.2 million of accounts payable, customer advance payments and accrued liabilities, $5.8 million of accounts payable and accrued liability from related parties and $0.7 million of short-term loans. As of June 30, 2010, the Company recorded a $1.5 million liability for an outstanding series B-1convertible note. The note bears an interest of 6% per annum and is due on March 19, 2012. |
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