•  
Siemens: RuggedCom RSG2488 New Timing CapabilitiesAdvertisement
BACK SEND PRINT

Trina Solar Announces Receipt of Favorable Arbitration Award and Adjusts Fourth Quarter and Full Year 2013 Earnings Results



March 20, 2014

Trina Solar Limited (NYSE: TSL) ("Trina Solar" or the "Company"), a global leader in photovoltaic ("PV") modules, solutions, and services, announced it has received US$20.4 million from a customer in an arbitration settlement involving an outstanding account balance under a solar module purchase agreement. The arbitration panel determined that Trina Solar was entitled to US$20.4 million, which included the full amount of the outstanding accounts receivable of US$17.4 million sought by the Company, plus sales tax and accrued interests.

Ms. Teresa Tan, CFO of Trina Solar, said, "We are pleased to see that our efforts to pursue outstanding accounts receivable in overseas markets are delivering positive results. Sound financial management is a key focus for Trina Solar. We remain strongly committed to maintaining a healthy balance sheet to support Trina's long-term growth."

The arbitration fund was received subsequent to the Company's fourth quarter and full year 2013 earnings results. As a result, the accounts receivable provision of US$5.7 million for bad debt previously accrued has been reversed in the fourth quarter of 2013. Consequently, related financial numbers previously stated in the Company's fourth quarter and full year 2013 earnings release are being adjusted to reflect this event.

Click here to read the full press release.

For more information :

Organization:
Trina Solar Limited
www.trinasolar.com

Contact person:
Teresa Tan, CFO
Trina Solar Limited
Tel: + (86) 519-8517-6823 (Changzhou)


Link http://www.electricenergyonline.com/detail_news.php?ID=475023
BACK SEND PRINT
Most consulted news

Contact us

Jaguar Expo Inc
1160 rue Levis, Suite 100
Terrebonne (Quebec) J6W 5S6

Tel.: 450-471-0796
Toll free: 888-332-3749
Fax: 450-471-5443 . 888-243-4562

info@electricenergyonline.com
www.electricenergyonline.com

  Press

  Jobs

  Events

  Subscription

  News

  Magazine

  News on your smartphone

© 2014, Jaguar Media inc. All rights reserved. 1996-2014