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LDK Solar Reports Financial Results for Fourth Quarter of Fiscal 2009


News provided by

LDK Solar Co., Ltd.

Mar 30, 2010, 07:00 ET

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XINYU CITY, China and SUNNYVALE, Calif., March 30 /PRNewswire-FirstCall/ -- LDK Solar Co., Ltd. ("LDK Solar";NYSE: LDK), a leading manufacturer of multicrystalline solar wafers and PV products, today reported its unaudited financial results for the fourth quarter ended December 31, 2009.

All financial results are reported in U.S. dollars on a U.S. GAAP basis.

Recent Highlights:

  • Fourth quarter 2009 revenue was $304.6 million;
  • Shipped 340.4 MW of wafers in the fourth quarter, up 33.8% year-over-year;
  • Gross margin for the fourth quarter of fiscal 2009 was 9.9%;
  • Net loss was $7.3 million, or $0.07 per diluted ADS for the fourth quarter;
  • Increased wafer capacity to 1.8 GW in 2009;
  • Sold 15% ownership stake in 15,000 metric ton (MT) annualized capacity polysilicon plant to Jiangxi International Trust and Investment Co., Ltd. for proceeds of approximately $219.7 million; and
  • Completed follow-on public offering and received net proceeds of $111.0 million.

Net sales for the fourth quarter of fiscal 2009 were $304.6 million, compared to $281.9 million for the third quarter of fiscal 2009, and $426.6 million for the fourth quarter of fiscal 2008.

For the fourth quarter of fiscal 2009, gross profit was $30.2 million, compared to $56.8 million in the third quarter of fiscal 2009, and a gross loss of $211.4 million for the fourth quarter of fiscal 2008.

Gross margin for the fourth quarter of fiscal 2009 was 9.9%, compared to 20.1% in the third quarter of fiscal 2009 and negative 49.6% in the fourth quarter of fiscal 2008.  

Loss from operations for the fourth quarter of fiscal 2009 was $3.5 million, compared to income from operations of $37.1 million for the third quarter of 2009, and compared to loss from operations of $251.6 million for the fourth quarter of fiscal 2008.  Fourth quarter 2009 loss from operations includes a non-recurring charge of $10.0 million for the settlement of a class action lawsuit.

Operating margin for the fourth quarter of fiscal 2009 was negative 1.1% compared to 13.2% in the third quarter of fiscal 2009 and negative 59.0% in the fourth quarter of fiscal 2008.

Income tax benefit for the fourth quarter of fiscal 2009 was $0.7 million, compared to income tax expense of $6.6 million in the third quarter of fiscal 2009 and an income tax benefit of $30.5 million in the fourth quarter of fiscal 2008.

Net loss for the fourth quarter of fiscal 2009 was $7.3 million, or $0.07 per diluted ADS, compared to a net income of $29.4 million, or $0.27 per diluted ADS for the third quarter of fiscal 2009.

Excluding the one-time items of $10.0 million for the settlement of a class action lawsuit, net income for the fourth quarter of fiscal 2009 was $2.7 million, or $0.03.

LDK Solar ended the fourth quarter of fiscal 2009 with $384.8 million in cash and cash equivalents and $68.9 million in short-term pledged bank deposits.

"During the fourth quarter, we continued to see strengthening wafer demand and improvement in the operating environment for the solar industry," stated Xiaofeng Peng, Chairman and CEO of LDK Solar.  "We reached a number of important milestones and took steps to further strengthen our business.  We expanded our wafer capacity to 1.8 GW at the end of the quarter, further extending our market leadership in wafer capacity.   We took several initiatives to strengthen our financial position including the sale of 15% ownership stake in our polysilicon manufacturing facility, the swap of short-term borrowings with long-term borrowings and a follow-on equity offering.  These actions provided the Company with additional liquidity and operating flexibility."

"We continue to make progress in ramping polysilicon production.  Our 1,000 MT plant is producing near capacity. We continued ramping up operations for the first 5,000 MT train of our 15,000 MT plant during the quarter and increasing output on a monthly basis."

"We made significant progress in diversifying and integrating our business.  We are now able to serve our global customer base with a new line of solar module products via the acquisition of the module assembly assets from Best Solar.  We are encouraged that we will be able to expand our sales throughout Europe, North America and Asia.  We continue to be excited by the long-term growth opportunities in the solar industry," concluded Mr. Peng.

LDK Solar will include full year 2009 financial results in its upcoming 20-F filing with the SEC.

Business Outlook

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 first quarter of fiscal 2010, LDK Solar estimates its revenue to be in the range of $310 million to $330 million with wafer shipments between 370 MW to 400 MW and module shipments between 25 MW to 30 MW.

Conference Call Details

The LDK Solar Fourth Quarter 2009 teleconference and webcast is scheduled to begin at 8:00 a.m. Eastern Time (ET), on March 30, 2010.  To listen to the live conference call, please dial 877-941-2324 (within U.S.) or 480-629-9716 (outside U.S.) at 7:50 a.m. ET on March 30, 2010. An audio replay of the call will be available through April 1, 2010, by dialing 800-406-7325 (within U.S.) or 303-590-3030 (outside U.S.) and entering the pass code 4263815#.

    
    
    
                               LDK Solar Co., Ltd.
                Unaudited Condensed Consolidated Balance Information
                    (In US$'000, except share and per share data)
    
    
                                                 12/31/2009 9/30/2009
                                                 ---------- ---------
    Assets
    Current assets
      Cash and cash equivalents                     384,761    67,753
      Pledged bank deposits                          68,913    72,665
      Trade accounts receivable                     214,157   247,212
      Bills receivable                                8,270     5,208
      Inventories                                   432,193   392,409
      Insurance recoveries receivable                 6,000         -
      Prepayments to suppliers, net                  48,874    74,063
      Due from related parties                       37,615    15,309
      Other current assets                          150,697   154,098
      Deferred income tax assets, net                45,879    69,909
                                                     ------    ------
    Total current assets                          1,397,359 1,098,626
    Property, plant and equipment, net            2,608,725 2,480,554
    Deposits for purchases of property, plant
     and equipment                                   32,529    56,742
    Intangible asset, net                             1,018     1,035
    Land use rights                                 175,533   164,422
    Inventories to be processed beyond one
     year                                            10,947    25,314
    Prepayments to suppliers expected to be
     utilized beyond one year, net                   26,482    30,624
    Pledged bank deposits – non-current              50,797    50,382
    Debt issuance costs, net                          4,909     5,813
    Investment in an associate and a joint
     venture                                         75,373    74,540
    Deposits relating to sales and leaseback
     transactions                                    13,921     7,322
    Deferred income tax assets                       18,078    16,907
    Other non-current assets                          4,106       494
                                                      -----       ---
    Total assets                                  4,419,777 4,012,775
                                                  ========= =========
    
    Liabilities and equity
    Current liabilities
      Short-term bank borrowings and current
       installments of long-term bank
       borrowings                                   980,359 1,103,754
      Bills payable                                  97,872   103,065
      Trade accounts payable                        191,240   154,438
      Advance payments from customers, current
       portion                                      199,075   488,677
      Accrued expenses and other payables           656,697   537,006
      Due to related parties                         62,271    32,628
      Income tax payable                              9,577    12,409
      Obligations under capital leases – current
       portion                                       33,380    19,241
      Other financial liabilities                     7,880     1,345
                                                      -----     -----
    Total current liabilities                     2,238,351 2,452,563
    
    Convertible senior notes                        400,000   400,000
    Debt discount                                    (8,358)   (9,898)
    Long-term bank borrowings, excluding
     current installments                           408,062   298,918
    Obligations under capital leases,
     excluding current installments                  50,664    25,576
    Advance payments from customers – non-
     current                                        177,773   177,967
    Other liabilities                               250,561    64,821
    Deferred income tax liability                     8,545     7,170
                                                      -----     -----
    Total liabilities                             3,525,598 3,417,117
    
    Total equity                                   894,179    595,658
                                                   -------    -------
    Total liabilities and shareholders' equity   4,419,777  4,012,775
                                                 =========  =========
    
    
    
                               LDK Solar Co., Ltd.
      Unaudited Condensed Consolidated Statements of Operations Information
                         (In US$'000, except per ADS data)
    
    
                                                   For the 3 Months Ended
                                                   ----------------------
                                                 12/31/2009        9/30/2009
    
    Net sales                                       304,590          281,888
    Cost of goods sold                             (274,345)        (225,118)
                                                   --------         --------
    Gross profit (loss)                              30,245           56,770
    Selling expenses                                 (1,533)          (1,549)
    General and administrative expenses             (21,021)         (16,110)
    Research and development expenses                (1,168)          (2,007)
    Legal settlements, net of insurance
     recoveries                                     (10,000)               -
                                                    -------              ---
    Total operating expenses                        (33,722)         (19,666)
                                                    -------          -------
    (Loss) Profit from operations                    (3,477)          37,104
    Other income (expenses):
      Interest income                                   625              696
      Interest expense and amortization of
       convertible senior notes issuance
       costs and debt discount                      (14,434)         (11,365)
      Foreign currency exchange (loss) gain,
       net                                           (1,782)             925
      Government subsidy                              9,501           13,819
      Others                                          1,907           (5,236)
                                                      -----           ------
    (Loss) Profit before income tax                  (7,660)          35,943
    Income tax benefit (expense)                        664           (6,562)
                                                        ---           ------
    Net (loss) income after taxes before
     minority interest                               (6,996)          29,381
                                                     
    (Profit) Loss attributable to non-
     controlling interest                              (289)              60
                                                       ----               --
    Net (loss) income attributable to
     holders of ordinary shares                      (7,285)          29,441
                                                     ------           ------
    Net (loss) income per ADS, Diluted               $(0.07)           $0.27
                                                     ------            -----
    
    

About LDK Solar (NYSE: LDK)

LDK Solar Co., Ltd. (NYSE: LDK) is a leading vertically integrated manufacturer of photovoltaic (PV) products and the world's largest producer of multicrystalline wafers.  LDK Solar manufactures polysilicon, mono and multi crystalline ingots, wafers, modules, and engages in project development activities in selected segments of the PV market. Through its broad product offering of mono and multi crystalline solar wafers and modules, LDK Solar provides its customers with a full spectrum of solutions. LDK Solar's headquarters and manufacturing facilities are located in Hi-Tech Industrial Park, Xinyu City, Jiangxi Province in the People's Republic of China. LDK Solar's office in the United States is located in Sunnyvale, California.  For more information about our company and products, please visit www.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, LDK Solar's ability to raise additional capital to finance its operating activities, the effectiveness, profitability and marketability of its products, the future trading of its securities, the ability of LDK Solar to operate as a public company, the period of time during which its current liquidity will enable LDK Solar to fund its operations, its ability to protect its proprietary information, the general economic and business environment and conditions, the volatility of LDK Solar's operating results and financial condition, its ability to attract and retain qualified senior management personnel and research and development staff, its ability to timely and efficiently complete its ongoing construction projects, including its polysilicon plants, and other risks and uncertainties disclosed in LDK Solar's filings with the Securities and Exchange Commission. These forward-looking statements involve known and unknown risks and uncertainties and are based on information available to LDK Solar's management as of the date hereof and on its current expectations, assumptions, estimates and projections about LDK Solar and the solar industry. Actual results may differ materially from the anticipated results because of such and other risks and uncertainties. LDK Solar undertakes no obligation to update forward-looking statements to reflect subsequent events or circumstances, or changes in its expectations, assumptions, estimates and projections except as may be required by law.

SOURCE LDK Solar Co., Ltd.

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