Third Quarter Highlights: -- Shipments increased 189% to 8.55MW as compared to 2.96MW in the third quarter in the prior year period. -- Revenue increased 61% to $16.4 million as compared to $10.1 million for the third quarter of the prior year. -- Gross profit increased 168% to $1.3 million as compared to $0.5 million in the third quarter in the prior year.
Total module shipments increased 189% to 8.55MW in the third fiscal
quarter 2010 as compared to 2.96MW in the third fiscal quarter of the prior
year. Revenue for the third fiscal quarter 2010 increased 61% to
Gross profit for the third fiscal quarter 2010 increased to
The total operating expense for the third fiscal quarter of 2010 was
Net loss for the third fiscal quarter 2010 was
Nine Month Results
Revenue for the nine months ended
Net loss for the nine 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.
(Unaudited Financial Statements Follow) Solar EnerTech Corp. Unaudited Consolidated Statements of Operations Three Months Ended June 30, Nine Months Ended June 30, 2010 2009 2010 2009 Sales $16,355,000 $10,143,000 $51,799,000 $19,639,000 Cost of sales (15,051,000) (9,657,000) (47,637,000) (22,791,000) Gross profit (loss) 1,304,000 486,000 4,162,000 (3,152,000) Operating expenses: Selling, general and administrative 2,475,000 2,577,000 7,243,000 8,224,000 Research and development 54,000 463,000 287,000 1,234,000 Loss on debt extinguishment -- 36,000 18,549,000 527,000 Total operating expenses 2,529,000 3,076,000 26,079,000 9,985,000 Operating loss (1,225,000) (2,590,000) (21,917,000) (13,137,000) Other income (expense): Interest income 1,000 3,000 5,000 13,000 Interest expense (59,000) (1,015,000) (5,383,000) (1,938,000) Gain (loss) on change in fair market value of compound embedded derivative 717,000 (238,000) 1,115,000 350,000 Gain (loss) on change in fair market value of warrant liability 1,393,000 (3,158,000) 4,369,000 (1,415,000) Impairment loss on investment (1,000,000) -- (1,000,000) -- Other income (expense) (485,000) 217,000 (929,000) 3,000 Net loss $(658,000) $(6,781,000) $(23,740,000) $(16,124,000) Net loss per share - basic $(0.004) $(0.08) $(0.18) $(0.18) Net loss per share - diluted $(0.004) $(0.08) $(0.18) $(0.18) Weighted average shares outstanding - basic 156,502,573 88,256,706 128,327,753 87,669,839 Weighted average shares outstanding - diluted 156,502,573 88,256,706 128,327,753 87,669,839 Solar EnerTech Corp. Consolidated Balance Sheets June 30, 2010 September 30, 2009 (Unaudited) (Audited) ASSETS Current assets: Cash and cash equivalents $2,662,000 $1,719,000 Accounts receivable, net of allowance for doubtful account of $96,000 and $96,000 at June 30, 2010 and September 30, 2009, respectively 13,544,000 7,395,000 Advance payments and other 347,000 799,000 Inventories, net 4,987,000 3,995,000 Deferred financing costs, net of accumulated amortization -- 1,250,000 VAT receivable 422,000 334,000 Other receivable 173,000 408,000 Total current assets 22,135,000 15,900,000 Property and equipment, net 9,407,000 10,509,000 Other assets 730,000 -- Investment -- 1,000,000 Deposits 101,000 87,000 Total assets $32,373,000 $27,496,000 LIABILITIES AND STOCKHOLDERS' EQUITY Accounts payable $12,286,000 $5,794,000 Customer advance payment 420,000 27,000 Accrued expenses 2,474,000 1,088,000 Accounts payable and accrued liabilities, related parties 5,773,000 5,646,000 Short-term loans 729,000 -- Convertible notes, net of discount -- 3,061,000 Derivative liabilities -- 178,000 Total current liabilities 21,682,000 15,794,000 Convertible notes, net of discount 1,542,000 -- Derivative liabilities 562,000 -- Warrant liabilities 1,044,000 2,068,000 Total liabilities 24,830,000 17,862,000 STOCKHOLDERS' EQUITY: Common stock - 400,000,000 shares authorized at $0.001 par value 169,793,496 and 111,406,696 shares issued and outstanding at June 30, 2010 and September 30, 2009, respectively 170,000 111,000 Additional paid in capital 96,881,000 75,389,000 Other comprehensive income 2,554,000 2,456,000 Accumulated deficit (92,062,000) (68,322,000) Total stockholders' equity 7,543,000 9,634,000 Total liabilities and stockholders' equity $32,373,000 $27,496,000 For more information, please contact: Solar EnerTech Corp. Phone: +86-21-6886-2220 Web: http://www.solarE-power.com/ Mr. Mark Collinson, Partner CCG Investor Relations Phone: +1-310-954-1343 Email: mark.collinson@ccgir.com Web: http://www.ccgirasia.com
SOURCE Solar EnerTech Corp.