v10.0
Full Year Revenues of US$350.9 million, an Increase of 49.4% from 2007; Annual
Shipments of 107.2 MW Represents a Year-over-Year Growth of 44.9%.
NANJING, China, March 19 /PRNewswire-Asia/ -- China Sunergy Co., Ltd. (Nasdaq: CSUN), ("China Sunergy" or the "Company") a specialized solar cell manufacturer based in Nanjing, China, announced today its financial results for the fourth quarter and full year 2008.
Full Year Financial Results
-- Revenues increased 49.4% to US$350.9 million from US$234.9 million in
2007.
-- Gross profit for 2008 was US$15.5 million, a decline from US$18.0
million in 2007. Gross margin was 4.4% compared to 7.7% in 2007.
-- Adjusted non-GAAP net loss, which excludes share-based compensation and
change in fair value of foreign currency derivative loss of US$9.9
million, was US$9.4 million, compared to non-GAAP net loss of US$5.0
million in 2007. GAAP net loss was US$22.5 million as the Company was
impacted by the global financial crisis during the second half of 2008.
-- Adjusted non-GAAP net loss per ADS, which excludes share-based
compensation and change in fair value of foreign currency derivative
loss, was US$0.24 both on basic and diluted basis, compared to a
non-GAAP net loss of US$0.16 in 2007. GAAP net loss per ADS was US$0.57
both on basic and diluted basis.
Fourth Quarter Financial Results
-- Revenues were US$43.2 million, representing a 39.6% and 63.7% decrease
compared to the fourth quarter of 2007 and the third quarter of 2008,
respectively; revenues generated from solar cell sales were US$40.5
million, representing a 40.2% and 64.3% decrease compared to the fourth
quarter of 2007 and the third quarter of 2008, respectively.
-- Gross loss was US$14.3 million compared to gross profit US$4.6 million
and gross profit US$11.1 million during the fourth quarter of 2007 and
the third quarter of 2008, respectively. Gross margin was negative
33.1%, compared to 6.4% and 9.3% during the fourth quarter of 2007 and
the third quarter of 2008, respectively. Gross margin excluding
inventory provision was negative 8.5%, in line with expectations
announced in February.
-- Adjusted non-GAAP net loss, which excludes share-based compensation and
change in fair value of foreign currency derivative loss of US$9.0
million, was US$16.6 million, compared to non-GAAP net loss of US$2.1
million and non-GAAP net income of US$2.0 million in the fourth quarter
of 2007 and the third quarter of 2008, respectively. GAAP net loss was
US$26.3 million, including a US$10.6 million inventory provision.
-- Adjusted non-GAAP net loss per ADS, which excludes share-based
compensation and change in fair value of foreign currency derivative
loss, was US$0.42 on both basic and diluted basis, compared to a non-
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