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|LDK Solar Reports Financial Results for Third Quarter of Fiscal 2012|
All financial results are reported in U.S. dollars on a U.S. GAAP basis.
Third Quarter Highlights:
Net sales for the third quarter of fiscal 2012 were
Gross loss for the third quarter of fiscal 2012 was
Gross margin for the third quarter of fiscal 2012 was negative 11.2%, compared to negative 39.1% in the second quarter of fiscal 2012, and negative 3.6% in the third quarter of fiscal 2011.
During the preparation of its third quarter 2012 financial results,
Loss from operations for the third quarter of fiscal 2012 was
Operating margin for the third quarter of fiscal 2012 was negative 26.0% compared to negative 73.4% in the second quarter of fiscal 2012, and negative 16.3% in the third quarter of fiscal 2011.
Income tax benefit for the third quarter of fiscal 2012 was
Net loss available to
"We were pleased to deliver third quarter results that were in line with expectations," stated Xingxue Tong, President and CEO of LDK Solar. "While we saw improvement to our top and bottom line in the third quarter, our results continue to reflect the industry-wide pricing pressure and demand weakness that is negatively impacting the entire solar supply chain."
"Over the past several weeks, we have taken a number of steps to increase operating efficiencies and improve our liquidity, including realigning the management team and the share purchase agreement with Heng Rui Xin Energy. We are making progress on our strategy to streamline operations, prudently manage expenses and diversify our business. We plan to continue to actively manage our business to adapt to market developments and position the company for future growth," concluded Mr. Tong.
The following statements are based upon management's current expectations. These statements are forward-looking in nature, and the actual results may differ materially. You should read the "Safe Harbor Statement" below with respect to the risks and uncertainties relating to these forward-looking statements.
For the fourth quarter of fiscal 2012,
For fiscal 2012,
Conference Call Details
The LDK Solar Third Quarter 2012 teleconference and webcast is scheduled to begin at
A live webcast of the call will be available on the company's investor relations website at http://investor.ldksolar.com.
Safe Harbor Statement
This press release contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact in this press release are forward-looking statements, including but not limited to,
Lisa Laukkanen, The Blueshirt Group for LDK Solar, +1-415-217-4967, email@example.com; Jack Lai, Executive VP and CFO, LDK Solar Co., Ltd., +1-408-245-8801, IR@ldksolar.com