Solarfun Reports Fourth Quarter 2009 Results
SHANGHAI, March 5 /PRNewswire-FirstCall/ -- Solarfun Power Holdings Co., Ltd. ( "Solarfun" or the "Company") (Nasdaq:SOLF - News), a vertically integrated manufacturer of silicon ingots, wafers and photovoltaic (PV) cells and modules in China, today reported its unaudited financial results for the quarter ended December 31, 2009.
FOURTH QUARTER 2009 HIGHLIGHTS
- Total net revenues were US$183.5 million in 4Q09, an increase of 26.9% from 3Q09 and an increase of 11.6% from 4Q08.
- Gross profit was US$34.5 million and the gross margin was 18.8%.
- Net income attributable to shareholders on a non-GAAP basis was US$14.1 million, an increase of 40.6% from 3Q09.
- Annualized ROE on a non-GAAP basis improved to 17.4% from 13.4% in 3Q09.
- As of December 31, 2009, the Company had cash and cash equivalents of US$94.6 million and working capital of US$278.4 million.
- Net cash from operating activities was US$49.4 million
BUSINESS OUTLOOK
The Company provides the following guidance based on current operating trends and market conditions.
For 1Q10, the Company expects:
Total module shipments to be 130MW to 140MW, of which approximately 30% will be for PV module processing services.
Average selling prices for PV module shipments to decline by approximately 10% from 4Q09 on the assumption that the Euro/US dollar exchange rate stays at approximately 1.35 for the rest of the quarter.
ABOUT SOLARFUN
Solarfun 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. Solarfun sells its products both through third-party distributors, OEM manufacturers and directly to system integrators
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