CHINA SUNERGY, 2Q

China Sunergy Announces Second Quarter 2011 Financial Results; Missed Shipment Guidance, but Prospects in Emerging Markets Bright
August 19, 2011 (PR Newswire via Sunergy)

"China Sunergy Co…a specialized solar cell and module manufacturer…financial results for the second quarter ended June 30, 2011… reflected lower quarterly shipments, but slightly higher gross margins compared to [company expectations]…

"Total revenue was US$144.0 million, a 22.4% increase over Q2 2010 but a 13.1% sequential decrease from Q1 2011...Shipments totaled 89.3 MW (87.4 MW of which were solar modules) in the second quarter, representing an 8.9% decrease over Q1 2011."

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"Average selling price (ASP) per watt for the Company's solar modules was US$1.64 per watt…Gross profit decreased to US$3.7 million, a decrease of 84.1% over Q2 2010 and a decrease of 79.2% over Q1 2011.

"Gross margin was 2.6%. In-house gross margin related to modules produced with the Company's in-house cells was 6.1%...Net losses were US$16.9 million, and net margin was negative 11.7%...Operating cash inflow in the second quarter was US$37.3 million. As of June 30, 2011, the Company had cash and cash equivalents of US$117.4 million…"