SOLAR ENERTECH CORP. 
By
Second Quarter Highlights:
-- Shipments increased 314% as compared to the second quarter in the prior
year period.
-- Revenue increased 302% to $17.8 million as compared to $4.4 million for
the second quarter of the prior year.
-- Gross profit increased to $0.9 million as compared to ($1.3) million in
the second quarter in the prior year.
Total module shipments increased 314% in the second fiscal quarter 2010 as
compared to the second fiscal quarter of the prior year. Revenue for the
second fiscal quarter 2010 increased 302% to
Gross profit for the second fiscal quarter 2010 increased to
The total operating expense for the second fiscal quarter of 2010 was
Net loss for the second fiscal quarter 2010 was
Mr.
"In
"Management is focusing on lowering the costs of our solar modules; increasing the efficiency of our solar cells; and increasing our output by doubling our manufacturing capacity in order to optimize our competitive position within the global solar market." concluded Mr. Young.
Six Month Results
Revenue for the six months ended
Net loss for the six months ended
Financial Position
As of
As of
About Solar EnerTech Corp.
Solar EnerTech is a photovoltaic solar energy cell manufacturing
enterprise incorporated in
Solar EnerTech has also established a Joint R&D Lab at
Safe Harbor Statement
Statements contained in this press release, which are not historical facts, are forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based largely on current expectations and are subject to a number of known and unknown risks, uncertainties and other factors beyond our control that could cause actual events and results to differ materially from these statements. These statements are not guarantees of future performance, and readers are cautioned not to place undue reliance on these forward-looking statements, which are relevant as of the date of the given press release and should not be relied upon as of any subsequent date. Solar EnerTech undertakes no obligation to update publicly any forward-looking statements.
Solar EnerTech Corp.
Unaudited Consolidated Statements of Operations
Three Months Ended March 31, Six Months Ended March 31,
2010 2009 2010 2009
Sales $17,751,000 $4,412,000 $35,444,000 $9,496,000
Cost of sales (16,824,000) (5,714,000) (32,586,000) (13,134,000)
Gross profit
(loss) 927,000 (1,302,000) 2,858,000 (3,638,000)
Operating expenses:
Selling, general and
administrative 2,550,000 3,086,000 4,768,000 5,647,000
Research and
development 125,000 436,000 233,000 771,000
Loss on debt
extinguishment 18,549,000 181,000 18,549,000 491,000
Total operating
expenses 21,224,000 3,703,000 23,550,000 6,909,000
Operating loss (20,297,000) (5,005,000) (20,692,000) (10,547,000)
Other income
(expense):
Interest income 1,000 3,000 4,000 10,000
Interest expense (899,000) (558,000) (5,324,000) (923,000)
Gain on change in
fair market value
of compound
embedded derivative 294,000 113,000 398,000 588,000
Gain on change in
fair market value
of warrant
liability 2,055,000 99,000 2,976,000 1,743,000
Other expense (312,000) (194,000) (444,000) (214,000)
Net loss $(19,158,000) $(5,542,000) $(23,082,000) $(9,343,000)
Net loss per share -
basic $(0.14) $(0.06) $(0.20) $(0.11)
Net loss per share -
diluted $(0.14) $(0.06) $(0.20) $(0.11)
Weighted average
shares outstanding
- basic 140,801,393 87,716,403 114,240,342 87,376,406
Weighted average
shares outstanding
- diluted 140,801,393 87,716,403 114,240,342 87,376,406
Solar EnerTech Corp.
Consolidated Balance Sheets
March 31, 2010 September 30, 2009
(Unaudited) (Audited)
ASSETS
Current assets:
Cash and cash equivalents $897,000 $1,719,000
Accounts receivable, net of allowance
for doubtful account of $96,000 and
$96,000 at March 31, 2010 and
September 30, 2009, respectively 13,351,000 7,395,000
Advance payments and other 199,000 799,000
Inventories, net 5,532,000 3,995,000
Deferred financing costs, net of
accumulated amortization -- 1,250,000
VAT receivable 1,085,000 334,000
Other receivable 115,000 408,000
Total current assets 21,179,000 15,900,000
Property and equipment, net 9,965,000 10,509,000
Other assets 732,000 --
Investment 1,000,000 1,000,000
Deposits 102,000 87,000
Total assets $32,978,000 $27,496,000
LIABILITIES AND STOCKHOLDERS' EQUITY
Accounts payable $12,326,000 $5,794,000
Customer advance payment 20,000 27,000
Accrued expenses 2,252,000 1,088,000
Accounts payable and accrued
liabilities, related parties 5,730,000 5,646,000
Convertible notes, net of discount -- 3,061,000
Derivative liabilities -- 178,000
Total current liabilities 20,328,000 15,794,000
Convertible notes, net of discount 1,535,000 --
Derivative liabilities 1,279,000 --
Warrant liabilities 2,437,000 2,068,000
Total liabilities 25,579,000 17,862,000
STOCKHOLDERS' EQUITY:
Common stock - 400,000,000 shares
authorized at $0.001 par value
177,224,747 and 111,406,696 shares
issued and outstanding at March 31,
2010 and September 30, 2009,
respectively 177,000 111,000
Additional paid in capital 96,159,000 75,389,000
Other comprehensive income 2,467,000 2,456,000
Accumulated deficit (91,404,000) (68,322,000)
Total stockholders' equity 7,399,000 9,634,000
Total liabilities and stockholders'
equity $32,978,000 $27,496,000
For more information, please contact:
CCG Investor Relations Inc.
Pierre Maccagno, Account Manager
Tel: +1-646-833-3422
Email: pierre.maccagno@ccgir.com
Mr. Crocker Coulson, President
Tel: +1-646-213-1915
Email: crocker.coulson@ccgir.com
Web: http://www.ccgirasia.comSOURCE Solar EnerTech Corp.
