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|LDK Solar Reports Financial Results for First Quarter of Fiscal 2013|
All financial results are reported in U.S. dollars on a U.S. GAAP basis.
First Quarter Highlights:
Net sales for the first quarter of fiscal 2013 were
Gross loss for the first quarter of fiscal 2013 was
Gross margin for the first quarter of fiscal 2013 was negative 57.0%, compared to negative 71.4% in the fourth quarter of fiscal 2012, and negative 65.5% in the first quarter of fiscal 2012.
During the preparation of its first quarter 2013 financial results,
Loss from operations for the first quarter of fiscal 2013 was
Operating margin for the first quarter of fiscal 2013 was negative 89.4% compared to negative 311.7% in the fourth quarter of fiscal 2012, and negative 67.9% in the first quarter of fiscal 2012.
Income tax benefit for the first quarter of fiscal 2013 was
Net loss available to
"The first quarter operating environment remained challenging for the solar industry," stated Xingxue Tong, President and CEO of LDK Solar. "We are undertaking a number of initiatives focused on the restructuring of our business. We are working closely with our stakeholders and relevant governmental agencies to negotiate solutions. Furthermore, we remain committed to improving our cost structure by driving down production costs, tightening operating expenses and adapting our overall business to the evolving demand environment to position
"While China still represents the strongest global growth opportunity, we believe that
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 second quarter of fiscal 2013,
Conference Call Details
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, firstname.lastname@example.org, Jack Lai, Executive VP and CFO, LDK Solar Co., Ltd., +1-408-245-8801, IR@ldksolar.com