NANJING, China, August 14, 2012 /PRNewswire-Asia/ -- China Sunergy Co., Ltd. (Nasdaq: CSUN) ("China Sunergy" or the "Company"), a specialized solar cell and module manufacturer, today announced updated guidance for the second quarter ended June 30, 2012 and said that it would report its financial results for the second quarter ended June 30, 2012 on Thursday, August 30, 2012, before the market opens in the United States.
China Sunergy reiterates its solar product shipments in the second quarter of 2012 to be between 145 and 155MW, and expects its overall gross margin in the second quarter of 2012 to be at breakeven level, compared to previous guidance of mid-single-digit level.
The lowered gross margin was mainly due to Euro depreciation against the US dollars during the period. As a result, the average selling price and revenue recognized for sales dominated in Euro were less than the Company's expectation after translation into US dollars.
Mr. Stephen Cai, the Chief Executive Officer of China Sunergy, commented, "Our shipments were on track and within expectations for this period, although our revenues and ASP tell a different story. Currency fluctuations had a dramatic influence on gross margins, which otherwise would have fallen within expectations. On August 30, we will elaborate further on our business progress and prospects, which we believe to be promising."
China Sunergy's management will host an earnings conference call on Thursday, August 30, 2012 at 8:00 a.m. Eastern Time (Thursday, August 30, 2012 at 8:00 p.m. Beijing/Hong Kong time). The management team will be on the call to discuss financial highlights of the second quarter in 2012, provide business outlook and answer questions.
To access the conference call, please dial:
United States toll-free:
+1 866 519 4004
+ 65 6723 9381
800 819 0121 (Domestic) /400 620 8038 (Domestic Mobile)
+852 2475 0994
Please ask to be connected to Q2 2012 China Sunergy Co., Ltd. Earnings Conference Call and provide the following passcode: 16251555.
China Sunergy will also broadcast a live audio webcast of the conference call. The broadcast will be available for 7 days by visiting the "Investor Relations" section of the company's web site at http://www.chinasunergy.com
Following the earnings conference call, an archive of the call will be available by dialing:
United States toll-free:
+1 866 214 5335
+61 2 8235 5000
The passcode for replay participants is: 16251555. The telephone replay also will be archived on the "Investor Relations" section of the company's website for seven days following the earnings announcement.
About China Sunergy Co., Ltd.
China Sunergy Co., Ltd. is a specialized manufacturer of solar cell and module products in China. China Sunergy manufactures solar cells from silicon wafers, which utilize crystalline silicon solar cell technology to convert sunlight directly into electricity through a process known as the photovoltaic effect, and assembles solar cells into solar modules. China Sunergy sells these solar products to Chinese and overseas module manufacturers, system integrators, and solar power systems for use in various markets. For more information, please visit our website at http://www.chinasunergy.com.
Investor and Media Contacts:
China Sunergy Co., Ltd.
Safe Harbor Statement
This announcement 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 facts in this announcement are forward-looking statements. These forward-looking statements are based on current expectations, assumptions, estimates and projections about the Company and the industry, and involve known and unknown risks and uncertainties, including but not limited to, the Company's ability to raise additional capital to finance the Company's activities; the effectiveness, profitability, and the marketability of its products; litigations and other legal proceedings, including any decisions by the US International Trade Committee and Department of Commerce on the petitions filed; the economic slowdown in China and elsewhere and its impact on the Company's operations; demand for and selling prices of the Company's products, execution of our strategy to expand into downstream solar power businesses, the future trading of the common stock of the Company; the ability of the Company to operate as a public company; the period of time for which its current liquidity will enable the Company to fund its operations; the Company's ability to protect its proprietary information; general economic and business conditions; the volatility of the Company's operating results and financial condition; the Company's ability to attract or retain qualified senior management personnel and research and development staff; future shortage or availability of the supply of raw materials; impact on cost-competitiveness as a result of entering into long-term arrangements with raw material suppliers and other risks detailed in the Company's filings with the Securities and Exchange Commission. The Company undertakes no obligation to update forward-looking statements to reflect subsequent occurring events or circumstances, or to changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward looking statements are reasonable, it cannot assure you that its expectations will turn out to be correct, and investors are cautioned that actual results may differ materially from the anticipated results.