Solarfun (Nasdaq:SOLF) Reports Third Quarter 2009 Results
Windsor, Alberta 11/18/2009 07:25 PM GMT (TransWorldNews)
Solarfun Power Holdings Co., Ltd. (Nasdaq:SOLF) a vertically integrated manufacturer of silicon ingots, wafers and photovoltaic (PV) cells and modules in China, recently reported its unaudited financial results for the quarter ended September 30, 2009.
Stock Market Weekly, an online financial publication, provides investors timely stock market alerts and news.
Sign Up Today for our Free Stock Newsletter
Peter Xie, President of Solarfun, commented, "We are extremely pleased with the continued progress achieved in the third quarter of 2009. Of particular note were quarterly shipment volumes exceeding 100 MW for the first time in the Company's history, gross margins reaching 20%, and a return to profitability. We also improved our capital structure by reducing short-term bank borrowings and raising additional equity capital." Peter Xie concluded by noting, "We expect to see a healthy demand environment in 2010. The preliminary shipment target for 2010 is 500 MW. We expect strong demand from Germany as project development is accelerated in response to expected feed-in-tariff reductions, from new markets like China and the United States, and as the general availability of funding for solar projects improves. We have made some important additions to our senior management team this past quarter and will continue to recruit critical talent in the near future. We will continue to drive product and process innovation, and reduce processing costs through increased scale, manufacturing efficiencies and technological advancements." Under the equity distribution agreement entered into with Morgan Stanley & Co. Incorporated on September 17, 2009, at the end of the third quarter of 2009, the Company sold 1,955,310 ADSs, raising US$12.5 million in gross proceeds, of which US$0.3 million was paid to Morgan Stanley & Co. Incorporated as manager for the sale. As of November 18, 2009, the Company has raised a total of US$23.1 million in gross proceeds from the sale of 3,888,399 ADSs, of which US$0.6 million was paid to Morgan Stanley & Co. Incorporated as manager for the sale. Solarfun has the option to recommence sales, subject to market conditions, after this earnings release under this existing agreement.
Sign Up for Stock Market Weekly's FREE Stock Market Today
About Stock Market Weekly
Stock Market Weekly is a financial website and independent electronic publication that provides information and free stock marketing alerts and news on selected publicly traded companies. We also track small cap companies that may be positioned to break out.
Stock Market Weekly is not a registered investment advisor or broker-dealer. Please do your own Due Diligence before investing in any of the stocks mentioned above. To feature a company on our web site please contact us at the email listed below.
admin@stockmarketweekly.com
www.stockmarketweekly.com
Email Article to a friend
|
View Profile
Visit Blogs
|
NEWS ALERTS
Receive alerts for
Stock Market Weekly
to your inbox.
Sign up for TransWorldNews Alerts
TransWorldNews, Inc. and its affiliate sites disclaim all liability for information and content provided by clients and appearing within their news and press releases.
