In the 2009 third quarter, total module shipments increased 39% compared
to the third quarter of the prior year period. Revenue decreased 1% to
Third quarter 2009 gross profit increased to
Total operating expense for the fiscal 2009 third quarter was
Net loss for the third quarter of fiscal 2009 was
Mr.
"While we have experienced volatile market conditions for the last several
months, our focus on product quality coupled with our efforts in sales and
support services has provided satisfaction among our major customers in
"Although we are encouraged with our improved results, we still have a lot of room for improvement. For the remainder of the calendar year, our focus will be on improving our productivity, maximizing our financial performance and profitability, and enhancing the conversion rate of our solar cells. Additionally, we continue to support our new Joint Venture company, Shunda-SolarE Technologies, Inc., in the U.S. with its efforts to develop a strong base of customers and build up its local supply chain and support team. We believe the quality of our products and the strong customized support that we provide to our customers differentiates Solar EnerTech from many of the other key players in the worldwide PV industry. We look forward to further increasing the awareness of our solar products and expanding our presence in the market."
Financial Position
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 June 30, Nine Months Ended June 30, 2009 2008 2009 2008 Net sales $10,143,000 $10,272,000 $19,639,000 $18,582,000 Cost of sales (9,657,000) (10,235,000) (22,791,000) (19,680,000) Gross profit (loss) 486,000 37,000 (3,152,000) (1,098,000) Operating expenses: Selling, general and administrative 2,577,000 1,606,000 8,224,000 8,185,000 Research and development 463,000 198,000 1,234,000 483,000 Loss on debt extinguishment 36,000 1,529,000 527,000 3,996,000 Total operating expenses 3,076,000 3,333,000 9,985,000 12,664,000 Operating loss (2,590,000) (3,296,000) (13,137,000) (13,762,000) Other income (expense): Interest income 3,000 24,000 13,000 80,000 Interest expense (1,015,000) (238,000) (1,938,000) (814,000) Gain (loss) on change in fair market value of compound embedded derivative (238,000) (22,000) 350,000 12,267,000 Gain (loss) on change in fair market value of warrant liability (3,158,000) 107,000 (1,415,000) 11,030,000 Other income (expense) 217,000 (107,000) 3,000 (435,000) Net income (loss) $(6,781,000) $(3,532,000) $(16,124,000) $8,366,000 Net income (loss) per share - basic $(0.08) $(0.03) $(0.18) $0.09 Net income (loss) per share - diluted $(0.08) $(0.03) $(0.18) $(0.10) Weighted average shares outstanding - basic 88,256,706 104,528,145 87,669,839 97,518,130 Weighted average shares outstanding - diluted 88,256,706 104,528,145 87,669,839 120,531,481 Solar EnerTech Corp Consolidated Balance Sheets June 30, September 30, 2009 2008 (Unaudited) (Audited) ASSETS Current assets: Cash and cash equivalents $3,323,000 $3,238,000 Accounts receivable, net 6,372,000 1,875,000 Advance payments and other 880,000 3,175,000 Inventories, net 4,609,000 4,886,000 VAT receivable 1,597,000 2,436,000 Other receivable 290,000 730,000 Total current assets 17,071,000 16,340,000 Property and equipment, net 11,962,000 12,934,000 Investment 1,000,000 1,000,000 Deferred financing costs, net of accumulated amortization 1,491,000 1,812,000 Deposits 218,000 701,000 Total assets $31,742,000 $32,787,000 LIABILITIES AND STOCKHOLDER'S EQUITY Current liabilities: Accounts payable $8,986,000 $1,771,000 Customer advance payment 490,000 96,000 Accrued expenses 890,000 910,000 Accounts payable and accrued liabilities, related parties 5,604,000 5,450,000 Derivative liabilities 598,000 980,000 Warrant liabilities 4,827,000 3,412,000 Convertible notes, net of discount 1,417,000 85,000 Total current liabilities 22,812,000 12,704,000 STOCKHOLDER'S EQUITY: Common stock - 400,000,000 shares authorized at $0.001 par value 113,506,69 and 112,052,012 shares issued and outstanding at June 30, 2009 and September 30, 2008, respectively 113,000 112,000 Additional paid in capital 76,630,000 71,627,000 Other comprehensive income 2,452,000 2,485,000 Accumulated deficit (70,265,000) (54,141,000) Total stockholders' equity 8,930,000 20,083,000 Total liabilities and stockholders' equity $31,742,000 $32,787,000
SOURCE Solar EnerTech Corp.