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China Sunergy Announces First Quarter 2014 Financial Results



May 28, 2014

China Sunergy Co., Ltd. (NASDAQ: CSUN) ("China Sunergy" or "the Company"), a specialized solar cell and module manufacturer, announced its financial results for the first quarter ended March 31, 2014.

Mr. Stephen Cai, CEO of China Sunergy, commented, "I'm pleased that in the first quarter we executed on our key initiatives for 2014 and laid a foundation for future development. We expanded our market presence in Japan, generated net profits at our Turkey plant, and sustained operating scale with OEM arrangements, which together combined to help us expand gross margin by more than 300 basis points year-over-year."

First Quarter 2014 Financial Highlights

  • Total revenue was US$62.7 million, an increase of 1.6% from US$61.7 million in the first quarter of 2013, and a decrease of 50.0% from US$125.5 million in the fourth quarter of 2013.
  • Shipments totaled 140.2MW, an increase of 36.8% (37.7MW) from 102.5MW in the first quarter of 2013, and a decrease of 40.5% (95.6MW) from 235.8MW in the fourth quarter of 2013. Module shipments, including module processed under OEM arrangements of 16.5MW, were 100.5MW. Cell shipments, including cell processed under OEM arrangements of 33.3MW, were 39.7MW.
  • Average selling price ("ASP") for the Company's solar modules, excluding those processed under OEM arrangements, was US$0.66 per watt, an increase of 11.9% from US$0.59 in the fourth quarter of 2013.
  • Conversion cost for cells was US$0.14 per watt, a decrease of one cent from US$0.15 per watt in the fourth quarter of 2013. Conversion cost for modules was US$0.20 per watt, an increase of one cent from US$0.19 in the fourth quarter of 2013.
  • Gross profit was US$2.3 million on gross margin of 3.7%, compared with US$0.3 million on gross margin of 0.4% for the first quarter of 2013, and US$6.6 million on gross margin of 5.2% in the fourth quarter of 2013.
  • Net loss attributable to ordinary shareholders was US$14.7 million, compared with US$22.9 million in the first quarter of 2013, and US$13.2 million in the fourth quarter of 2013.
  • Net loss attributable to ordinary shareholders per ADS was US$0.99, compared with US$1.71 in the first quarter of 2013, and US$0.89 in the fourth quarter of 2013.
  • Cash, cash equivalents and restricted cash totaled US$230.4 million, as of March 31, 2014.

Click here to read the full press release.

For more information :

Organization:
China Sunergy Co., Ltd.
www.csun-solar.com

Contact person:

CSUN Investor Relations
China Sunergy Co., Ltd.
Tel: + 86 25 5276 6696
E-mail: ir@chinasunergy.com


Link http://www.electricenergyonline.com/detail_news.php?ID=483652
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