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I cannot find any bad news on TSL. What was the reason for that huge 25% drop today?
Any guess?
Nice !
Trying for 7 to addd here ,,
GLTY!
Take
TSL
Nice add .. I was able to add a few . Still a bit in the red . Chart looking formidably better .
GLTY
Take
Sorry, didn't mean to ignore you...Had a busy week
Great week imo!
Subsidy Worries Continue to Weigh on JA Solar and Trina Solar
Trina Solar Limited Sponsored Adr (Cayman Islands) (NYSE:TSL)
Intraday Stock Chart
Today : Monday 3 October 2011
Click Here for more Trina Solar Limited Sponsored Adr (Cayman Islands) Charts.
Alternative or renewable energies are fuel sources other than those derived from fossil fuels and are typically not as harmful to the environment. While skyrocketing gas prices have led to increased attention on renewable energy, changes in government incentives in Europe and delays for certain projects has caused a pullback for some companies. The Bedford Report examines the outlook for the Solar Industry and provides equity research on JA Solar Holdings, Co. Ltd. (NASDAQ: JASO) and Trina Solar Ltd. (NYSE: TSL). Access to the full company reports can be found at:
www.bedfordreport.com/JASO
www.bedfordreport.com/TSL
Recent data courtesy of Reuters shows that the renewable energy sectors have lagged fossil fuel energy stocks over the past couple of months. Alternative energy stocks are considered exceptionally vulnerable during economic downturns as these companies are dependent on subsidy programs. In addition, with global economic concerns at a high, climate change worries have been pushed to the backburner.
HSBC hasn't lost all confidence in the renewable energy sector. In a recent note, HSBC analysts argued that Emerging Markets are boosting alternative energy demand. Analysts at S&P go on to note that crisis at Japan's Fukushima nuclear plant created "tremendous potential" in the land of the rising sun.
The Bedford Report releases stock research on the alternative energy sector so investors can stay ahead of the crowd and make the best investment decisions to maximize their returns. Take a few minutes to register with us free at www.bedfordreport.com and get exclusive access to our numerous analyst reports and industry newsletters.
Despite solar heavyweights Italy and Germany cutting back on solar support amid growing economic turbulence in the Eurozone, Europe continues to drive the solar industry. Based on a study looking at five major solar markets -- Germany, Italy, France, Spain and Britain -- the European Photovoltaic Industry Association (EPIA) said that power generated from solar modules in Europe could be competitive in relation to conventional forms of energy by the end of the decade. "Under the right policy and market conditions, PV competitiveness with grid electricity can be achieved in some markets as early as 2013, and then spread across the continent in the different market segments by 2020," EPIA said.
The Bedford Report provides Market Research focused on equities that offer growth opportunities, value, and strong potential return. We strive to provide the most up-to-date market activities. We constantly create research reports and newsletters for our members. The Bedford Report has not been compensated by any of the above mentioned publicly traded companies. The Bedford Report is compensated by other third party organizations for advertising services. We act as an independent research portal and are aware that all investment entails inherent risks. Please view the full disclaimer at http://www.bedfordreport.com/disclaimer
"Personally I don't think any private industry should be subsidized..."
I agree, sort of. But the issue is really complex. First, if established industries have enjoyed decades of subsidies, and we want to prime newer technologies (e.g. photovoltaic), then is it fair to expect newer technologies to compete? Even if you could magically remove all subsidies today, older tech has had a huge head start; a huge war chest to fend off new competition. It's like giving the Minnesota Vikings a 20 point lead at half time, then asking the lowly Detroit Lions to make a game of it in the 2nd half. Nearly impossible. Ooops, bad example...
Second, the U.S. can't control how other countries subsidize their businesses. So, do we sit idly by while countries like China eat our lunch? Do we become a country that China mines for raw natural resources, so they can add the value and export finished products to us? The international business scene is hypercompetitive, and certain governments have no qualms about wanting to become the #1 solar (or widget) manufacturer in the world, and will do what it takes to get there.
Third, if we remove all subsidies, we have to account for externalities, and hold companies to high standards. Things like trashing ecosysems; pollution; safety. Coal, for example, is heavily subsidized in the form of Big Coal passing massive external costs on to the public at large. Make them clean up their act, and make them pay for external costs that they haven't yet remedied. This would create a fairer environment for commerce to compete in.
Not saying solar is pollution free -- the recent Jinko Solar debacle proves that manufacturing can be messy. They should be held to a high standard too. Make them clean up their act, or make them pay dearly for the external costs.
Personally I don't think any private industry should be subsidized, let the best compete with each other in the free market and succeed or fail by their own product. As an investor, obviously subsidies to Trina would be beneficial, but in principal, the government doesn't do its economy any favors by helping certain companies succeed.
Trina depends on Chinese subsidies, maybe American subsidized companies do business with Trina, but at the end of the day, were more concerned with Chinese subsidies. If they increase, Trina should have nice rebound.
I'd like to see solar compete too. If our Congress takes away solar subsidies, then also take away the massive subsidies the coal industry enjoys. A nice analysis thereof can be found here: http://sierraclub.typepad.com/mrgreen/2010/03/does-the-coal-industry-get-subsidies.html
The article doesn't really support the headline that "U.S. Clean Energy Program Could Double"
When i read that headline, it make me think that the U.S is about to commit twice as much money to clean energy as in the past.
What the article ACTUALLY says, and I think this is the reality, is that the Dept. of Energy has already given 10 billion in loan guarantees, and has another 9 million in the pipeline, that must be completed before the end of the current fiscal year, or the money can no longer be spent for that purpose.
With the very bad press on Solyndra, even the wizards at DOE will be a little careful shoveling out these new loan guarantees, before Sept. 30.
And if anyone here thinks this Republican House of Reps is going to appropriate any new money, after September 30, 2011, for loan guarantees for clean energy, you haven't been reading the paper. It is not going to happen.
Solar, wind, geothermal, bio-fuels will have to start competing with traditional fuels, if they are going to make it. While China is still subsidizing its green companies, the writing is on the wall- some of these technologies just are not competitive without big subsidies, and those are going away. That's why the whole sector is depressed.
Trina may be able to compete, if it is the low-cost producer, but it won't be able to rely on the fat subsidies anymore.
TSL
Managed a 9.60 ish average here ,, looking to add
It always gets darkest before it gets pitch black ...
GLTA!
Take
That makes sense, thnx
Unilateral support is the key.
During the second quarter of 2011, the Company:
Announced that its subsidiary, Trina Solar (U.S.) Inc., signed a sales agreement with US-based FRV AE Solar, LLC, a subsidiary of Fotowatio Renewable Ventures, Inc., to supply approximately 35 MW of the Company’s powerful utility-scale solar modules for one of the largest PV projects in the United States......
Announced that Trinamount mounting solutions are ready for shipment to the North American market. These innovative mounting solutions are expected to considerably reduce overall system costs and increase the pricing competitiveness of solar energy compared to traditional energy sources. Trinamount hardware will be compatible with a wide variety of roof types, from tile to commercial flat roofs;
Awesome, but will this help Trina? Its a Chinese company, isn't Chinese government funding the key?
Get ready to load up down here!!
U.S. clean energy loan program could double
http://money.cnn.com/2011/09/16/technology/energy_loan/index.htm?hpt=hp_t2
How come a lot of your replies are to "deleted messages"? Are they private posts or something? Post public, were all in this together.
Reallly ??
I enjoy your posts ,,, Started buying TSL @ 16 ish .. I look at this as a major opportunity to accumulate ... love .. no LOVE being on the other side of panic .
GLTY
Take
TSL
Trina Solar Announces Second Quarter 2011 Results
print
Trina Solar Limited Sponsored Adr (Cayman Islands) (NYSE:TSL)
Intraday Stock Chart
Today : Tuesday 23 August 2011
Trina Solar Limited (NYSE: TSL) ("Trina Solar" or the "Company"), a leading integrated manufacturer of solar photovoltaic products from the production of ingots, wafers and cells to the assembly of PV modules, announced today its financial results for the second quarter of 2011.
Second Quarter 2011 Financial and Operating Highlights
Solar module shipments were approximately 396 MW for the second quarter of 2011, representing an increase of 23.7% sequentially and an increase of 77.9% year-over-year
Net revenues were $579.5 million, an increase of 5.2% sequentially and 56.3% year-over-year
Gross profit was $98.3 million, a decrease of 35.0% sequentially and 17.3% year-over-year
Gross margin was 17.0%, compared to 27.5% in the first quarter of 2011 and 32.1% in the second quarter of 2010
Gross margin relating to the Company's in-house wafer production to module production was 20.4%
Operating income was $32.8 million, compared to $84.5 million in the first quarter of 2011 and $83.3 million in the second quarter of 2010
Operating margin was 5.7%, compared to 15.3% in the first quarter of 2011 and 22.5% in the second quarter of 2010
Net income was $11.8 million, compared to net income of $47.7 million in the first quarter of 2011 and $38.7 million in the second quarter of 2010
Earnings per fully diluted American Depositary Share ("ADS") were $0.17, compared to $0.63 in the first quarter of 2011 and $0.52 in the second quarter of 2010
"Amidst continuing demand environment challenges, we achieved record shipment volumes in the second quarter," said Mr. Jifan Gao, Chairman and CEO of Trina Solar. "Despite this increase, our sales were affected by end-market financing and high industry inventory due in part to recently-issued regulatory revisions and reduction of solar subsidies in Italy.
"In the third quarter, we expect a significant reduction in our manufacturing costs due in large part to recently completed renegotiation of the majority of our long term polysilicon feedstock and wafer agreements. We have seen substantial improvement in order pipeline from our distributors and large commercial and utility segment customers across Europe and North America. In addition to recently concluded agreements, we are also advancing discussions with new and existing customers to secure a growing number of sales agreements that extend through the second half of the year and early 2012.
"We are very encouraged by China's solar feed-in-tariff updates announced on August 1, which we believe reflect the improved economics and efficiency of solar energy. Since our recently announced agreements to supply two large-scale solar projects in Qinghai, we have seen increased opportunities to expand our domestic shipment allocations as the market expands.
"We remain focused on quality performance, product innovation and improved manufacturing efficiency, with the ultimate goal of improving total PV system performance, reliability and cost factors to further differentiate our product offerings. To support these goals, we recently announced our collaboration with Australia National University to develop high efficiency n-type monocrystalline solar cells with conversion efficiencies of 20%, and the launch of our innovative Trinamount mounting solutions to reduce overall system costs through systems-level innovation and product design.
"Lastly, we are excited to announce an improved warranty program that extends our product workmanship warranty from five to ten years and offers a 25-year linear performance warranty that positions Trina Solar's modules as one of the safest investments in the renewable energy marketplace."
Recent Business Highlights
During the second quarter of 2011, the Company:
Announced that it was ranked No. 2 globally for environmental and social performance in the 2011 Solar Company Scorecard, an award system established by the Silicon Valley Toxics Coalition;
Announced that its subsidiary, Trina Solar (U.S.) Inc., signed a sales agreement with US-based FRV AE Solar, LLC, a subsidiary of Fotowatio Renewable Ventures, Inc., to supply approximately 35 MW of the Company's powerful utility-scale solar modules for one of the largest PV projects in the United States;
Announced through its subsidiary, Changzhou Trina Solar Energy Co. Ltd., the extension of its national distribution agreement with Australia's leading renewable energy distributor, RF Industries Pty Ltd. ("RFI") through December 31, 2012. Under the terms of the agreement, Trina Solar is expected to supply RFI with up to 40 MW of PV modules during 2011;
Announced through its subsidiary, Changzhou Trina Solar Energy Co. Ltd., the signing of a three year research agreement with the Australian National University ("ANU"). Under the terms of the agreement, Trina Solar will collaborate with ANU to develop high efficiency n-type silicon solar cells with conversion efficiencies of 20% for mass production by leveraging existing and proven processing tools currently used for p-type cells;
Announced the opening of its new sales and business development office in Sydney, Australia, to support its growing base of customers and to seek out business development opportunities in the region;
Announced through its subsidiary, Trina Solar (Germany) GmbH, the signing of a sales agreement to supply 130 MW of module products to Mohring Energie GmbH, a well-established German-based project developer and engineering, procurement and construction services company, with deliveries commencing in the second quarter of 2011;
The appointment of Mr. Mark Kingsley to the new position of Chief Commercial Officer. His joining is expected to enhance the Company's first class customer service and product management in an increasing number of end-markets and distribution channels worldwide as well as help the Company to realize its anticipated market share increases in 2011 and beyond:
Announced the introduction of an improved warranty program, which extends its product workmanship warranty to ten years, improving on the industry standard of five years. Additionally, the Company has replaced its two-step performance warranty with a linear performance warranty that guarantees module power output will not decrease by more than approximately 0.7% per year after the initial year of service. The Company does not expect that there will be a significant increase in its warranty cost as a result of this improved warranty program;
Announced that Trinamount mounting solutions are ready for shipment to the North American market. These innovative mounting solutions are expected to considerably reduce overall system costs and increase the pricing competitiveness of solar energy compared to traditional energy sources. Trinamount hardware will be compatible with a wide variety of roof types, from tile to commercial flat roofs; and
Announced that through its subsidiary, Trina Solar (Spain) S.L.U., it has signed a sales agreement with Gestamp Asetym Solar, S.L. ("Gestamp Solar"), a well-established Spanish-based developer of large-scale solar energy projects, to power Renault's manufacturing plants in France. Under the terms of the agreement, Trina Solar is expected to supply Gestamp Solar with 55 MW of the Company's solar modules which are expected to be installed on Renault's manufacturing sites in France, including Douai, Maubeuge, Flins, Batilly and Sandouville.
Subsequent Events
Subsequent to the second quarter of 2011, the Company:
Announced changes to its board and board committees, including its audit and corporate governance and nominating committees. In light of Peter Mak's departure from the Company's board of directors, Mr. Jerome Corcoran, an independent director of the Company, has been appointed as chairman of the audit committee of the board to replace Mr. Mak. Dr. Yeung Kwok On, an independent director of the Company, has been appointed as chairman of the corporate governance and nominating committee of the board.Mr. Qian Zhao, an independent director of the Company, has been appointed to the corporate governance and nominating committee of the board.
Announced that its subsidiary, Changzhou Trina Solar Energy Co. Ltd, has signed supply agreements with Huanghe Hydropower Development Co., Ltd, a subsidiary of China Power Investment Corporation, for two ground-mounted solar projects in China for a total of 30 MW of PV modules;
Announced that the right of the holders of the Company's 4.00% Convertible Senior Notes due 2013 to surrender their Securities for purchase (the "Option") by the Company expired at 5:00 p.m., New York City time, on August 9, 2011. Securities with an aggregate principal amount of $320,000 were validly surrendered prior to the expiration of the Option. After this purchase, $137,680,000 principal amount of the Securities remains outstanding;
Announced that its Mono and Multi Module Series have successfully received the ammonia gas resistance certificate from TUV Rheinland ("TUV") and its Multi Module Series has already received salt mist certificate from Intertek Testing Services ("Intertek"); and
Announced that through its subsidiary, Trina Solar Australia Pty Ltd, it has signed a strategic partnership with Origin Energy Australia ("Origin"), the leading Australian integrated energy company. Under the terms of the agreement, Trina Solar is expected to supply Origin with approximately 22 MW of PV modules over the next twelve months starting from the third quarter of 2011.
Second Quarter 2011 Results
Net Revenues
Net revenues in the second quarter of 2011 were $579.5 million, an increase of 5.2% sequentially and 56.3% year-over-year. Total shipments were 396.4 MW, compared to 320.4 MW in the first quarter of 2011 and 222.8 MW in the second quarter of 2010. The sequential increase in total shipments was primarily due to the Company's increased sales in Germany and the United States, which were supported by recent increases in manufacturing capacity.
Gross Profit and Margin
Gross profit in the second quarter of 2011 was $98.3 million, compared to $151.3 million in the first quarter of 2011 and $118.9 million in the second quarter of 2010.
Gross margin was 17.0% in the second quarter of 2011, compared to 27.5% in the first quarter of 2011 and 32.1% in the second quarter of 2010.
Gross margin relating to the Company's in-house wafer production to module production was 20.4% in the second quarter of 2011, compared to 32.1% in the first quarter of 2011. The sequential decline was primarily due to lower average module selling price.
Operating Expense, Income and Margin
Operating expenses in the second quarter of 2011 were $65.5 million, a decrease of 2.0% sequentially and an increase of 83.6% year-over-year. The Company's operating expenses represented 11.3% of its second quarter net revenues, a decrease from 12.1% in the first quarter of 2011 and an increase from 9.6% in the second quarter of 2010. The sequential percentage decrease was primarily due to a decrease in general and administrative expenses. The year-to-year percentage increase was primarily due to the continued expansion of the Company's global management structure to meet its strategic growth objectives and increased investment in research and development initiatives, partially offset by expense control measures implemented starting from 2010. Operating expenses in the second quarter of 2011 also included $2.3 million in share-based compensation expenses, compared to $1.6 million in the first quarter of 2011 and $1.7 million in the second quarter of 2010.
As a result of the foregoing, operating income in the second quarter of 2011 was $32.8 million, compared to $84.5 million in the first quarter of 2011 and $83.3 million in the second quarter of 2010. Operating margin was 5.7% in the second quarter of 2011, compared to 15.3% in the first quarter of 2011 and 22.5% in the second quarter of 2010.
Net Interest Expense
Net interest expense in the second quarter of 2011 was $7.2 million, compared to $6.7 million in the first quarter of 2011 and $8.2 million in the second quarter of 2010. The sequential increase in net interest expense was primarily due to a reduction in interest income in the second quarter of 2011.
Foreign Currency Exchange
The Company had a foreign currency exchange loss of $10.8 million in the second quarter of 2011, which was net of changes in fair value of derivative instruments, compared to a net loss of $24.1 million in the first quarter of 2011 and a net loss of $29.2 million in the second quarter of 2010. This net loss was primarily due to the loss from foreign currency forward contracts used by the Company to hedge its foreign currency risk exposure, which was partially offset by gains from the appreciation of the Euro against the U.S. dollar.
The Company continued to hedge for foreign exchange rate volatility during the second quarter of 2011 using forward contracts involving the Euro, Renminbi, and U.S. dollar currencies.
Income Tax
The Company's effective tax rate during the second quarter of 2011 period was 20.54%, compared to 20.54% in the first quarter of 2011 and 15.00% in the second quarter of 2010. The year-on-year increase is due to the fact that its major subsidiary, Changzhou Trina Solar Energy Co., Ltd., ("Changzhou Trina") in China is currently in the process of renewing its preferential tax rate from the local tax authority. In 2010, Changzhou Trina benefited from the preferential tax rate for High and New Technology Enterprises.
Net Income and EPS
Net income was $11.8 million in the second quarter of 2011, a decrease from $47.7 million in the first quarter of 2011 and $38.7 million in the second quarter of 2010. Net foreign currency exchange loss included in net income was $10.8 million in the second quarter of 2011, compared to $24.1 million in the first quarter of 2011 and $29.2 million in the second quarter of 2010.
Net margin was 2.0% in the second quarter of 2011, compared to 8.7% in the first quarter of 2011 and 10.4% in the second quarter of 2010.
Earnings per fully diluted ADS were $0.17 in the second quarter of 2011. The effects of the net second quarter foreign currency exchange net loss was approximately $0.15 per fully diluted ADS.
Financial Condition
As of June 30, 2011, the Company had $684.2 million in cash and cash equivalents and restricted cash and a working capital balance of $758.1 million. Total bank borrowings were $725.6 million, of which $382.6 million were long-term borrowings. The Company increased its short-term borrowings by $189.7 million to approximately $343.0 million as of June 30, 2011.
Shareholders' equity was $1.24 billion as of June 30, 2011, an increase from $1.22 billion at the end of the first quarter of 2011.
Third Quarter and Fiscal Year 2011 Guidance
For the third quarter of 2011, the Company expects to ship between 480 MW to 520 MW of PV modules.
The Company expects its gross margin relating to its in-house wafer production to module production to be in the high teens in percentage terms during the third quarter of 2011. The Company believes its overall gross margin, taking into account wafer and cell requirements outsourced to third party suppliers to meet demand in excess of its internal capacity, for the third quarter will be in the mid to high teens in percentage terms. Such guidance is based on an exchange rate between the Euro and U.S. dollar of approximately $1.40. For the full year 2011, the Company expects total PV module shipments to be between 1.75 GW to 1.8 GW, representing an increase of 65.6% to 70.3% from 2010.
Operations and Business Outlook
Non-Silicon Cost
In the second quarter of 2011, the Company's non-silicon manufacturing cost for its core raw materials to module production was approximately $0.73 per watt, unchanged from the previous quarter. By the end of 2011, the Company expects its non-silicon manufacturing cost to decline to below $0.70 through the continuation of technology and manufacturing process improvements involving proprietary processes for ingot, wafer, cell and module manufacturing, higher cell conversion efficiencies, and supply chain and logistics management initiatives currently under testing or development.
Silicon Procurement
Through its diversified range of short, medium, and long-term supply agreements, the Company will continue to maintain competitive silicon costs relative to the current market price.
As a result of renegotiation of a significant portion of its long-term silicon supply agreements, the Company expects a sequential reduction in its manufacturing costs in the third quarter of 2011.
2011 Capacity Expansion
As of July 31, 2011, the Company's annualized in-house ingot and wafer production capacity was approximately 1.0 GW and its PV cell and module production capacity was approximately 1.9 GW.
To meet expected demand for its PV solar modules, the Company expects to raise its annualized in-house ingot and wafer production capacity to approximately 1.2 GW in the second half of 2011, based on actual manufacturing yield.
Conference Call
The Company will host a conference call at 8:00 a.m. ET on August 23, 2011, to discuss the results for the quarter ended June 30, 2011. Joining Jifan Gao, Chairman and CEO of Trina Solar, will be Terry Wang, Chief Financial Officer, Mark Kingsley, Chief Commercial Officer, Gary Yu, Senior Vice President, Operations, and Thomas Young, Senior Director, Investor Relations. Supplemental information will be made available on the Investors Section of the Trina Solar's website at http://www.trinasolar.com. To participate in the conference call, please dial the following number five to ten minutes prior to the scheduled conference call time: 1 (800) 884-2382. International callers should dial +1 (660) 422-4933. The conference ID for the call is 8623-9064.
If you are unable to participate in the call at this time, a replay will be available on August 23 at 10:00 a.m. ET, through September 6, at 11:59 p.m. ET. To access the replay, dial 1 (855) 859-2056, international callers should dial +1 (404) 537-3406, and enter the conference ID 8623-9064.
This conference call will be broadcast live over the Internet and can be accessed by all interested parties on Trina Solar's website at http://www.trinasolar.com. To listen to the live webcast, please go to Trina Solar's website at least fifteen minutes prior to the start of the call to register, download, and install any necessary audio software. For those unable to participate during the live broadcast, a replay will be available shortly after the call on Trina Solar's website for 90 days.
About Trina Solar Limited
Trina Solar Limited (NYSE: TSL) is a leading manufacturer of high quality modules and has a long history as a solar PV pioneer since it was founded in 1997 as a system installation company. Trina Solar is one of the few PV manufacturers that have developed a vertically integrated business model from the production of monocrystalline and multicrystalline ingots, wafers and cells to the assembly of high quality modules. Trina Solar's products provide reliable and environmentally-friendly electric power for a growing variety of end-user applications worldwide. For further information, please visit Trina Solar's website at http://www.trinasolar.com.
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 fact in this announcement are forward-looking statements, including but not limited to, the Company's ability to raise additional capital to finance the Company's activities; the effectiveness, profitability, and marketability of its products; the future trading of the securities 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; and other risks detailed in the Company's filings with the Securities and Exchange Commission. These forward-looking statements involve known and unknown risks and uncertainties and are based on current expectations, assumptions, estimates and projections about the Company and the industry. 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, they cannot assure you that their expectations will turn out to be correct, and investors are cautioned that actual results may differ materially from the anticipated results.
Trina Solar Limited
Unaudited Consolidated Statement of Operations
(US dollars in thousands, except ADS and share data)
For the Three Months Ended
June 30, 2011
March 31,2011
June 30,2010
Net revenues
$ 579,459
$ 550,853
$ 370,762
Cost of revenues
481,138
399,573
251,838
Gross profit
98,321
151,280
118,924
Operating expenses
Selling expenses
25,573
22,867
17,466
General and administrative expenses
28,179
31,936
15,461
Research and development expenses
11,727
11,983
2,744
Total operating expenses
65,479
66,786
35,671
Operating income
32,842
84,494
83,253
Foreign exchange gain (loss)
6,817
15,613
(42,835)
Interest expenses
(7,690)
(8,095)
(8,591)
Interest income
477
1,386
362
(Loss) gain on change in fair value of derivative
(17,583)
(39,698)
13,644
Other (expenses) income, net
(63)
6,273
(285)
Income before income taxes
14,800
59,973
45,548
Income tax expenses
(3,040)
(12,320)
(6,835)
Net income
$ 11,760
$ 47,653
$ 38,713
Earnings per ADS
Basic
0.17
0.68
0.55
Diluted
0.17
0.63
0.52
Weighted average ADS outstanding
Basic
70,318,629
70,226,257
69,925,214
Diluted
70,789,716
79,041,486
78,537,613
Trina Solar Limited
Unaudited Consolidated Balance Sheet
(US dollars in thousands)
June 30
March 31
June 30
2011
2011
2010
ASSETS
Current assets:
Cash and cash equivalents
$ 630,978
$ 489,820
$ 639,517
Restricted cash
53,260
64,813
45,758
Marketable Securities
315
426
443
Inventories
226,303
179,780
96,395
Project assets
43,472
42,110
23,877
Accounts receivable, net
584,046
542,967
313,042
Current portion of advances to suppliers
64,049
82,370
42,895
Prepaid expenses and other current assets, net
101,948
90,297
53,256
Total current assets
1,704,371
1,492,583
1,215,183
Property, plant and equipment
751,480
663,851
533,795
Project assets- long term
2,614
-
-
Prepaid land use right
36,661
36,854
27,139
Advances to suppliers - long-term
129,138
94,807
87,205
Investment in affiliates
320
319
-
Deferred tax assets
14,667
15,405
10,481
Other noncurrent assets
28
196
1,352
TOTAL ASSETS
$ 2,639,279
$ 2,304,015
$ 1,875,155
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Short-term borrowings, including current portion of long-term debt
$ 342,953
$ 153,286
$ 161,557
Accounts payable
315,004
253,223
197,789
Convertible note payable
137,870
137,065
Income tax payable
20,139
46,656
9,436
Accrued expenses and other current liabilities
130,305
132,487
60,220
Total current liabilities
946,271
722,717
429,002
Long-term bank borrowings
382,631
295,652
331,152
Convertible note payable
-
-
134,644
Accrued warranty costs
50,205
44,194
27,508
Other noncurrent liabilities
17,223
18,454
14,740
Total liabilities
1,396,330
1,081,017
937,046
Ordinary shares
40
40
40
Additional paid-in capital
646,925
644,628
638,457
Retained earnings
579,183
567,423
291,572
Other comprehensive income
16,601
10,707
8,040
Total shareholders' equity
1,242,749
1,222,798
938,109
Non-controlling interest
200
200
-
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY
$ 2,639,279
$ 2,304,015
$ 1,875,155
* Notes to unaudited consolidated financial statements:
In July 2010 the Company was made aware of a contingent liability in the form of legal action brought against its Hong Kong subsidiary, Top Energy International Limited ("TEI"). The action stems from a 2008 transaction involving the exchange of silicon materials and subsequent claims involving material qualities. Given the claims were made outside contractual time limitations and upon disputed testing methodology, the Company believes the claimant would be unlikely to prevail. If, however, the claimant proved successful in such legal actions, the Company may incur damages of up to approximately $4.0 million.
For further information, please contact:
Trina Solar Limited
Brunswick Group
Terry Wang, CFO
Caroline Jinqing Cai
Phone: + (86) 519-8548-2009 (Changzhou)
Phone: + (86) 10-6566-2256
Thomas Young, Senior Director of Investor Relations
Michael Fuchs
Phone: + 1 (408) 459-6706 (San Jose)
Phone: + (86) 10-6566-2256
Email: ir@trinasolar.com
Email: trina@brunswickgroup.com
SOURCE Trina Solar Limited
TSL
Looking forward to earnings report tomorrow morning ..
This is an accumulate for me ...one of the better solars imo ..
GLTY
GLTA!
Take
imo clean technology is still in it's infancy.
Times on our side!
JA Solar and Trina Solar Benefit From Increased Asian Exposure
print
Trina Solar Limited Sponsored Adr (Cayman Islands) (NYSE:TSL)
Intraday Stock Chart
Today : Monday 22 August 2011
Solar stocks have been on the downturn of late as a sudden decline in oil prices, project delays and budget cuts have halted growth estimates. With North American and European alternative energy projects slowing, Chinese exposure has become critical to the long term growth potential of several renewable energy companies. The Bedford Report examines the outlook for the Solar Industry and provides equity research on JA Solar Holdings, Co. Ltd. (NASDAQ: JASO) and Trina Solar Ltd. (NYSE: TSL). Access to the full company reports can be found at:
www.bedfordreport.com/JASO
www.bedfordreport.com/TSL
Despite being one of the world's most prominent polluters, China's investments into clean technology far surpass the United States. According to Ernst & Young, China is the most attractive location to invest in renewable energy projects. The firm says that the United States slipped to second place last year -- due in part to China's $11.5 billion in asset-financing for clean technology in the second quarter of this year -- on the Renewable Energy Country Attractiveness Indices, which grades countries on a 100 point scale in national renewable energy markets, renewable energy infrastructure, and suitability for individual technology.
The Bedford Report releases stock research on the alternative energy sector so investors can stay ahead of the crowd and make the best investment decisions to maximize their returns. Take a few minutes to register with us free at www.bedfordreport.com and get exclusive access to our numerous analyst reports and industry newsletters.
JA Solar is making efforts to boost its Chinese exposure. Earlier this month the company signed an agreement to supply approximately 21 MW of solar products to Huanghe Hydropower Development Co., Ltd. by September 2011.
Trina Solar, meanwhile, secured a 30MW module supply agreement with Huanghe Hydropower Development Co. Huanghe Hydropower is planning two ground-mounted solar projects in China's Qinghai Province, of which delivery is expected to start from August and continue through October of this year.
The Bedford Report provides Market Research focused on equities that offer growth opportunities, value, and strong potential return. We strive to provide the most up-to-date market activities. We constantly create research reports and newsletters for our members. The Bedford Report has not been compensated by any of the above mentioned publicly traded companies. The Bedford Report is compensated by other third party organizations for advertising services. We act as an independent research portal and are aware that all investment entails inherent risks. Please view the full disclaimer at http://www.bedfordreport.com/disclaimer.
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TSL
Q2 earnings are expected to be announced before market hours on August 23, 2011
TSL
Trina Solar Schedules 2011 Annual Meeting of ShareholdersFont size: A | A | A
8:00 AM ET 8/17/11 | PR Newswire
RELATED QUOTES
4:03 PM ET 8/19/11
Symbol Last % Chg
TSL
13.00 -4.27%
Real time quote.
Trina Solar Limited (TSL) ("Trina Solar" or the "Company"), a leading integrated manufacturer of solar photovoltaic products from the production of ingots, wafers and cells to the assembly of PV modules, announced today that it will hold its 2011 annual general meeting of shareholders on Tuesday, September 13, 2011 at 9:00 a.m. Beijing Time. The meeting will be held at the Board Room, Changzhou Trina Solar Energy Co., Ltd., No. 2 Tian He Road, Electronics Park, New District, Changzhou, Jiangsu Province 213031, People's Republic of China. All shareholders of record as of August 12, 2011 will be eligible to vote and are invited to attend. The following resolutions are to be considered and passed, if thought fit, at the meeting:
1. Re-election of Mr. Junfeng Li as a director of the Company;
2. Re-election of Mr. Liping Qiu as a director of the Company; and
3. Appointment of the Independent Auditor Deloitte Touche Tohmatsu for the fiscal year 2011.
About Trina Solar Limited
Trina Solar Limited (NYSE: TSL) is a leading manufacturer of high quality modules and has a long history as a solar PV pioneer since it was founded in 1997 as a system installation company. Trina Solar is one of the few PV manufacturers that have developed a vertically integrated business model from the production of monocrystalline and multicrystalline ingots, wafers and cells to the assembly of high quality modules. Trina Solar's products provide reliable and environmentally-friendly electric power for a growing variety of end-user applications worldwide. For further information, please visit Trina Solar's website at http://www.trinasolar.com.
View data
For further information, please contact: Trina Solar Limited Brunswick Group Terry Wang, CFO Caroline Jinqing Cai Phone: + (86) 519-8548-2009 (Changzhou) Phone: + (86) 10-6566-2256 Thomas Young, Senior Director of Investor Relations Michael Fuchs Phone: + 1(408) 459-6706 (San Jose) Phone: + (86) 10-6566-2256 Email: ir@trinasolar.com Email: trina@brunswickgroup.com
SOURCE Trina Solar Limite
TSL
Trina Solar Announces Expiration of Put Option Exercise Period for Its 4.00% Convertible Senior Notes Due 2013Font size: A | A | A
8:00 AM ET 8/10/11 | PR Newswire
Trina Solar Limited (NYSE: TSL) (TSL) ("Trina Solar" or the "Company"), a leading integrated manufacturer of solar photovoltaic products from the production of ingots, wafers and cells to the assembly of PV modules, announced today that the right of the holders of the Company's 4.00% Convertible Senior Notes due 2013 (the "Securities") to surrender the Securities for purchase (the "Option") by the Company expired at 5:00 p.m., New York City time, on August 9, 2011, pursuant to the terms of and subject to the conditions set forth in the indenture, dated as of July 15, 2008, between the Company, as issuer, and Wilmington Trust Company, as trustee (the "Trustee"), for the Securities, as supplemented by the First Supplemental Indenture, dated as of July 23, 2008, between the Company and the Trustee, and as set forth in the Put Right Purchase Offer to holders of the Securities, dated July 12, 2011 and related notice materials.
The Company has been advised by Wilmington Trust Company, as paying agent (the "Paying Agent"), that, pursuant to the terms of the Option, Securities with an aggregate principal amount of $320,000 were validly surrendered and not withdrawn prior to the expiration of the Option. The Company has accepted these Securities for purchase and, before 11:00 a.m. New York City time on August 10, 2011, will forward cash in payment of the purchase price to the Paying Agent for distribution to holders exercising their option. After this purchase pursuant to the Option, $137,680,000 principal amount of the Securities remains outstanding.
About Trina Solar Limited
Trina Solar Limited (NYSE: TSL) is a leading manufacturer of high quality modules and has a long history as a solar PV pioneer since it was founded in 1997 as a system installation company. Trina Solar is one of the few PV manufacturers that have developed a vertically integrated business model from the production of monocrystalline and multicrystalline ingots, wafers and cells to the assembly of high quality modules. Trina Solar's products provide reliable and environmentally-friendly electric power for a growing variety of end-user applications worldwide. For further information, please visit Trina Solar's website at http://www.trinasolar.com.
View data
For further information, please contact: Trina Solar Limited Brunswick Group Terry Wang, CFO Caroline Jinqing Cai Phone: + (86) 519-8548-2009 (Changzhou) Phone: + (86) 10-6566-2256 Thomas Young, Senior Director of Investor Relations Michael Fuchs Phone: + 1(408) 459-6706 (San Jose) Phone: + (86) 10-6566-2256 Email: ir@trinasolar.com Email: trina@brunswickgroup.com
SOURCE Trina Solar Limited
TSL
TSL COMPANY OVERVIEW
Company Contact
Headquarters:Electronics Park, New District
No. 2 Tian He Road
213031 Changzhou
CHN
Web Address:
http://www.trinasolar.com/
Trina Solar Limited (Trina) is an integrated solar-power products manufacturer based in China with a global distribution network covering Europe, North America and Asia. It produces standard monocrystalline photovoltaic (PV) modules ranging from 165 watts (W), to 240 W in power output and multicrystalline PV modules ranging from 215 W to 240 W in power output. Trina sells and markets its products worldwide, including in a number of European countries, such as Germany, Spain and Italy. It sells the products to distributors, wholesalers, power plant developers and operators and PV system integrators, including Bull Solar, Enfinity NV, Gestamp Asetym Solar S.L., Invictus NV and Proysectos Integrales Solares S.L. As of December 31, 2009, Trina had an annual manufacturing capacity of ingots and wafers of approximately 500 MW and cells and modules of approximately 600 MW.
News:
Trina Solar to supply 22MW of PV modules to Origin Energy in Australia
9 hours 55 minutes ago - DTM via Comtex
DatamonitorTrina Solar Limited, an integrated manufacturer of solar photovoltaic, or PV, products, has announced that through its subsidiary, Trina Solar Australia Pty Ltd, it has signed a strategic partnership with Origin Energy Australia. Under the terms of the agreement, Trina Solar is expected to supply Origin with approximately 22MW of PV modules over the next twelve months starting from the third quarter of 2011.
"We are delighted to initiate our relationship with Origin, Australia's leading energy retailer and the country's largest green energy retailer with significant investments in renewable energy technologies," said John Susa, Trina Solar's Country Manager of Australia and New Zealand. "We are confident that this long-term partnership with Origin will bolster our ability to expand and strengthen our market position in the residential segment."
"Origin, which is one of Australia's leading solar retailers, has closely reviewed the capability and quality of a number of solar module suppliers in recent months in order to offer its customers quality solar solutions. The high efficiency, scale and long term strategic positioning of Trina Solar has impressed us and we look forward to a long term relationship," said Mr Dominic Drenen, Origin's Solar and Home Products Retail Executive.
http://www.datamonitor.com
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is expressly prohibited without prior written consent. Datamonitor shall
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taken in reliance thereon
Trina Solar Receives Certification for Ammonia Gas and Salt Mist Testing TSL
Where do you think TSL is going (up or down or neither)?
TSL popped up the 2/28/11 AAII Earn Rev Up screen. $29/sh on 4/15, proj earnings >$4 (over 30 estimates so this one is already widely followed), $10 cash/sh, 51% D/E and healthy margins. Unfortunately based in China which is kiss of death territory currently.
You can use my solar board for reference where i have Trina, among many other solars historical fundementals. It was extremely difficult to keep up-to-date, and they are a little out of date, but its easy digging for you if you are looking for historical fundementals of Trina and you can compare Trina to others.
Took a lot of effort to build all that - some day when i get time i will update it with everyone most recent quarters.
http://investorshub.advfn.com/boards/board.aspx?board_id=14552
I used to. Trina and LDK are my 2 top solars. Prefer LDK slightly because of the vertical integration and the ultimate best-in-the-long run because of the sheer size of LDK. But Trina has the more potential for quicker growth, as they are much smaller.
Nonetheless, Trina is my 2nd favorite solar investment.
Does anyone have any interest in co-moderating this board?
Is any one well-versed in the history of the stock?
Has anyone ever moderated this board?
Surprised so few posts on this and no moderator. I bought in several months ago and am now playing with "the house's money". I was expecting a close over $30 but assume folks wanted to lock in profits pre-weekend.
Any of you follow this and if so, what is the highest price target that you have heard for the next six months?
Many thanks and GLTA!
any thoughts on the sudden pps turn around? the last two days have been painful to watch.
China's Green Agenda Shows Solar Flair
Peter C. Beller, 04.08.10, 02:23 PM EDT
http://www.forbes.com/2010/04/08/solar-power-china-markets-equities-suntech-trina.html?partner=yahootix
Huge government loans give Chinese solar companies an even bigger edge over U.S. rivals.
It used to take decades for whole industries to shift overseas. Not anymore.
Solar power manufacturing is moving to Asia, and local companies, especially Chinese and Taiwanese ones, are the beneficiaries thanks to their low cost of production. Now come reports that the Chinese government is extending billions of dollars in loans to domestic firms, making life even tougher for U.S. competitors.
Suntech Power Holdings ( STP - news - people ) will reportedly get a loan of $7.3 billion from the state-run China Development Bank while Trina Solar ( TSL - news - people ), not so long ago a marginal player, will get a hefty $4.4 billion in funding. "It marks a dramatic bump in funding for the China solar PV industry," writes Deutsche Bank analyst Steve O'Rourke. "China considers solar PV and broader renewable energy as strategic."
The loans will likely help the companies move from pure manufacturing operations into what many perceive to be a more lucrative long-term strategy: planning, financing and building large-scale projects for utilities and commercial customers. China has extra incentive to fund those activities since the industry's expansion will create jobs and help the nation move toward its renewable energy goals.
While the loans, if confirmed, would be good news for China's industry and (possibly) environment, it's bad news for U.S. firms like Evergreen Solar ( ESLR - news - people ), SunPower ( SPWR - news - people ) and Energy Conversion Devices ( ENER - news - people ). Plummeting prices recently erased the remaining efficiency advantages of many Western producers, who are themselves moving manufacturing to Asia. A continuing glut of raw materials seems to ensure that the race to the bottom will continue for some time. Then there's the ending of generous government subsidies that make solar power worthwhile outside Arizona. The future looks less bright every day
hello out there.
Been with TSL since just before the split. What gives. If i read correctly they did well on earnings, but the market still eats em alive. Seems like a solid company with great prospects and solar is a growing industy correct?
later
Time to buy in?
CHANGZHOU, China, Jan. 21 /PRNewswire-Asia-FirstCall/ -- Trina Solar Limited (TSL) ("Trina Solar" or the "Company"), a leading integrated manufacturer of solar photovoltaic (PV) products from the production of ingots, wafers and cells to the assembly of PV modules, today announced it has made initial shipments to RF Industries Pty Ltd ("RFI"), Australia's leading renewable energy distributor in January 2010. This is in conjunction with the Company's intention to finalize with RFI a national distribution agreement to supply up to 10 MW of PV modules in 2010.
"We are excited to partner with RFI, Australia's largest distributor of solar modules to supply the market with best-in-class products from Trina Solar," said Jifan Gao, Trina Solar's Chairman and CEO. "This partnership will bring Trina's high performing modules to the promising new Australian market while enhancing Trina Solar's brand and presence in the region."
"Partnering with Trina Solar provides our customers with access to one of the industry's emerging success stories," said Scott Magee, Managing Director of RFI's solar division. "Trina's focus on high quality manufacturing processes delivers a truly world class, competitive offering to our market. This new partnership is a natural fit with RFI's business model, providing exceptional value to our customers. We are looking forward to developing the Trina Solar brand in Australia over the coming years."
It's done well this year. Rolling really good imo
Solar Company, Profitable, Under a 10 forward PE.
Have any of you seen WEMU??
This company is a solar manufacture, small but growing nicely, has posted .38 cents earnings for the first 9 months and expects to do better than .50 cents earnings for the year, (calendar year)
Please take a look at the most recent news and filings in WEMU, its trading at a PE of less than 10 and all the other profitable solar stocks trade at PE's higher than 25.
I think this is a good opportunity to get some cheap stock here and have at least a double.
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Trina Solar leadership team is made up of employees from a number of nationalities, each with significant management and PV industry experience, who work together to bring the highest quality solar modules and the best service to customers around the world. |
Jifan Gao Chairman and Chief Executive Officer | |
Mr. Gao established Trina Solar in December 1997. His success in developing Trina Solar over the past ten years originated from his experience with his prior two companies. Prior to founding Trina Solar, Mr. Gao established and managed Wujin Xiehe Fine Chemical Factory for five years. Earlier, Mr. Gao spent four years establishing and managing his first company, Guangdong Shunde Fuyou Detergent Plant. Mr. Gao currently serves as the Vice Chairman of the China Renewable Energy Society Solar Power Construction Committee and the standing Vice Chairman of New Energy Chamber of Commerce of All-China Federation of Industry and Commerce. He graduated from Jilin University with a MS degree in Physical Chemistry in 1988. He received his BS in Chemistry from Nanjing University in 1985. |
Terry Wang Chief Financial Officer | |
Mr. Wang joined Trina Solar as our Senior Vice President of Finance in January 2008. Mr. Wang has 20 years of extensive experience in international financial operations and management in technology and manufacturing industries. Before joining Trina Solar, Mr. Wang served as the Executive Vice President of Finance of Spreadtrum Communications, Inc., a fabless semiconductor company listed on NASDAQ. Prior to Spreadtrum Communications, Mr. Wang served as CFO of a silicon valley-based technology company and controller at one of the world's largest NASDAQ-listed semiconductor assembly and testing companies. Mr. Wang holds a Certified Management Accountant (CMA) and a Certified in Financial Management (CFM) as well as an MBA in Finance from the University of Wisconsin. |
Mark Kingsley Chief Commercial Officer | |
Mr. Mark Kingsley has been appointed to the new position of Chief Commercial Officer effective May 1, 2011. Mr. Kingsley will report directly to Mr. Jifan Gao, Trina Solar's Chairman and Chief Executive Officer and will be responsible for leading the global sales, marketing and product management efforts. He will also help to further develop the Company's global commercial presence and achieve a sustainable global leadership position in the solar space. Mr. Kingsley brings to Trina Solar more than 20 years of extensive global business operations and marketing experience from the world's largest technology firms. Prior to joining the Company, he served as a Senior Vice President and Head of ABB Robotics' business unit based in Zurich. Before that, he was the Chief Marketing Officer at GE Sensing & Inspection Technologies and a member of GE's corporate marketing council. |
Stephanie Yang Shao Chief Human Resources Officer | |
Ms. Stephanie Yang Shao has joined the Company as Chief Human Resources Officer on September 15, 2010, reporting directly to Chief Executive Officer, Mr. Jifan Gao. Ms. Shao brings to Trina Solar more than 15 years of global experience in FORTUNE 500 companies and expertise in key human resources ("HR") areas, including corporate and international recruitment, performance management and organization development. Ms. Shao will oversee Trina Solar's overseas HR management system and compensation and benefits for its employees globally. Before joining Trina Solar, Ms. Shao worked at Colgate-Palmolive (New York) in various roles, including the position of Global Employee Relations & Engagement Director. Prior to Colgate-Palmolive, she worked at Bristol-Myers Squibb and The Dun & Bradstreet Corporation in functions related to HR, marketing, and business development. Ms. Shao holds a Doctorate degree in Social & Organizational Psychology from Rutgers University and received an Executive Education in Marketing Management from the Graduate School of Business of Columbia University in New York. |
Gary Yu Senior Vice President, Operations | |
Mr. Yu who served as Trina Solar's Vice President of Manufacturing since May of 2007, has been promoted to the position of Senior Vice President, Operations since July 2010. Mr. Yu has 17 years manufacturing management experience in semiconductor-related industries. Before joining Trina Solar, he was Managing Director of Wuxi Lite-On Technology, a LED assembly company in China. Prior to Wuxi Lite-On Technology, he served as a Director of Manufacturing for 1st Silicon Sdn. Bhd, Malaysia. Earlier, he worked at Macronix International, a semiconductor integrated device manufacturer in Taiwan. Mr. Yu received his master's degree in Industrial Engineering and Management from National Chiao Tung University in Taiwan and his bachelor's degree in Chemical Engineering from Tunghai University. |
From 175-210W, Trina Solar's monocrystalline series provides the best $/KWH value under the sun.
From 225-285W, Trina Solar's multicrystalline series include the most popular, vertical and adaptable panels for large-scale installations.
Combining PV module expertise with a highly innovative mounting system solution, Trina Solar is introducing Trinamount solutions.
One of the driving trends in the solar industry is increasing the overall value of solar modules by increasing the amount of energy generated per area required. With the continuous improvement of our mono and multicrystalline cell technologies we strive to live up to our motto of "more power, less space".
Here at Trina Solar, we take customer suggestions seriously, and incorporate their feedback in our panel design to make our products aesthetically pleasing.
One of the major advantages of solar energy is its versatility. Our panels are designed with the same goal of wide applicability.
Trina Solar is looking beyond the module to bring you the best solutions available in the market. Combining PV module expertise with a highly innovating mounting system solution, Trina Solar is introducing the Trina Mount-the fastest, easiest and least expensive way to mount PV modules onto residential and commercial rooftops.
Average volume | 2.69m |
---|---|
Shares outstanding | 79.49m |
Free float | 78.70m |
P/E (TTM) | 3.60 |
Market cap | 644.66m USD |
EPS (TTM) | 2.26 USD |
Fiscal Year Ending Dec 31 2010 | 2010 | 2009 | 2008 |
REVENUE AND GROSS PROFIT | |||
Total revenue | 1,858 | 845 | 832 |
OPERATING EXPENSES | |||
Cost of revenue total | 1,273 | 608 | 667 |
Selling, general and admin. expenses, total | 148 | 96 | 61 |
Depreciation/amortization | -- | -- | -- |
Unusual expense(income) | -- | -- | -- |
Other operating expenses, total | -- | -- | -- |
Total operating expense | 1,440 | 710 | 732 |
Operating income | 417 | 135 | 100 |
Other, net | 0.22 | 2.61 | (0.16) |
INCOME TAXES, MINORITY INTEREST AND EXTRA ITEMS | |||
Net income before taxes | 360 | 121 | 65 |
Provision for income taxes | 48 | 25 | 4.61 |
Net income after taxes | 311 | 96 | 61 |
Minority interest | -- | -- | -- |
Net income before extra. Items | 311 | 96 | 61 |
Total extraordinary items | -- | -- | -- |
Net income | 311 | 96 | 61 |
Inc.avail. to common excl. extra. Items | 311 | 96 | 61 |
Inc.avail. to common incl. extra. Items | 311 | 96 | 61 |
EPS RECONCILIATION | |||
Basic/primary weighted average shares | 3,403 | 2,724 | 2,501 |
Basic/primary eps excl. extra items | 0.09 | 0.04 | 0.02 |
Basic/primary eps incl. extra items | 0.09 | 0.04 | 0.02 |
Dilution adjustment | 9.42 | 9.43 | 4.00 |
Diluted weighted average shares | 3,834 | 3,132 | 2,691 |
Diluted eps excl. extra items | 0.08 | 0.03 | 0.02 |
Diluted eps incl. extra items | 0.08 | 0.03 | 0.02 |
COMMON STOCK DIVIDENDS | |||
DPS - common stock primary issue | 0 | 0 | 0 |
Gross dividend - common stock | 0 | 0 | 0 |
PRO FORMA INCOME | |||
Pro forma net income | -- | -- | -- |
Interest expense, supplemental | 34 | 27 | 25 |
SUPPLEMENTAL INCOME | |||
Depreciation, supplemental | 52 | 34 | 20 |
Total special items | -- | -- | -- |
NORMALIZED INCOME | |||
Normalized income before taxes | 360 | 121 | 65 |
Effect of special items on income taxes | -- | -- | -- |
Income tax excluding impact of special items | 48 | 25 | 4.61 |
Normalized income after tax | 311 | 96 | 61 |
Normalized income avail. to common | 311 | 96 | 61 |
Basic normalized EPS | 0.09 | 0.04 | 0.02 |
Diluted normalized EPS | 0.08 | 0.03 | 0.02 |
Fiscal Year Ending Dec 31 2010 | 2010 | 2009 | 2008 |
ASSETS | |||
Cash And Short Term Investments | 753 | 410 | 132 |
Total Recivables, Net | 377 | 288 | 105 |
Total Inventory | 79 | 81 | 86 |
Prepaid expenses | 122 | 69 | 50 |
Other current assets, total | 83 | 79 | 47 |
Total current assets | 1,415 | 928 | 420 |
Property, plant & equipment, net | 571 | 477 | 358 |
Goodwill, net | -- | -- | -- |
Intangibles, net | 37 | 27 | 27 |
Long term investments | -- | -- | -- |
Note receivable - long term | -- | -- | -- |
Other long term assets | 94 | 107 | 133 |
Total assets | 2,132 | 1,549 | 940 |
LIABILITIES | |||
Accounts payable | 189 | 187 | 63 |
Accrued expenses | 82 | 49 | 21 |
Notes payable/short-term debt | 0 | 0 | 0 |
Current portion long-term debt/capital leases | 295 | 267 | 249 |
Other current liabilities, total | 34 | 13 | 3.65 |
Total current liabilities | 600 | 515 | 336 |
Total long term debt | 300 | 316 | 144 |
Total debt | 595 | 583 | 393 |
Deferred income tax | -- | -- | -- |
Minority interest | -- | -- | -- |
Other liabilities, total | 58 | 38 | 23 |
Total liabilities | 958 | 869 | 504 |
SHAREHOLDERS EQUITY | |||
Common stock | 0.04 | 0.03 | 0.03 |
Additional paid-in capital | 643 | 460 | 313 |
Retained earnings (accumulated deficit) | 520 | 208 | 112 |
Treasury stock - common | -- | -- | -- |
Unrealized gain (loss) | -- | -- | -- |
Other equity, total | 11 | 11 | 11 |
Total equity | 1,174 | 679 | 437 |
Total liabilities & shareholders' equity | 2,132 | 1,549 | 940 |
Total common shares outstanding | 3,964 | 3,487 | 2,958 |
Treasury shares - common primary issue | 0 | 0 | 0 |
2011 Press Releases
SEC Filings
Filing Date | Form | Description | Filing Group | Downloads | |||
22.11.11 | SC 13G/A | An amendment to the SC 13G filing | Other | ||||
22.11.11 | 6-K | Report of foreign issuer rules 13a-16 and 15d-16 of the Securities Exchange Act | Current Reports | ||||
17.11.11 | SC 13G | A statement of beneficial ownership of common stock by certain persons | Other | ||||
10.11.11 | SC 13G | A statement of beneficial ownership of common stock by certain persons | Other | ||||
08.11.11 | 6-K | Report of foreign issuer rules 13a-16 and 15d-16 of the Securities Exchange Act | Current Reports | ||||
28.10.11 | 6-K | Report of foreign issuer rules 13a-16 and 15d-16 of the Securities Exchange Act | Current Reports | ||||
13.10.11 | 3 | Initial filing by director officer or owner of more than ten percent. | 3,4,5 | ||||
14.09.11 | 6-K | Report of foreign issuer rules 13a-16 and 15d-16 of the Securities Exchange Act | Current Reports | ||||
24.08.11 | 6-K | Report of foreign issuer rules 13a-16 and 15d-16 of the Securities Exchange Act | Current Reports | ||||
23.08.11 | SC 13G | A statement of beneficial ownership of common stock by certain persons | Other |
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