NANJING, China, November 4, 2011 /PRNewswire/ --
China Sunergy Co., Ltd. (Nasdaq: CSUN) ("China Sunergy" or "The Company"), a specialized solar cell and module manufacturer, today announced updates to its guidance for the third quarter of 2011 and said it will report its financial results for the third quarter ended September 30, 2011 on Thursday, November 17, 2011, before the market opens in the United States.
For the third quarter of 2011, the Company estimates its solar module shipments to be around 115MW, compared to the Company's previous guidance of between 140MW and 160MW. The Company's overall gross margin is expected to be around negative 14%, compared to previous guidance of 4% to 5%. The lower than expected shipments reflect the fact that market demand was weaker than expected until late in the third quarter. Industry-wide pressure on average selling prices (ASPs) and high level inventory at quarter end led to higher than expected inventory provisions and gross margins being significantly lower than previous guidance.
China Sunergy's management will host an earnings conference call on Thursday, November 17 at 8 a.m. ET (Thursday, November 17 at 9 p.m. Beijing/Hong Kong time).
To access the conference call, please dial:
United States toll-free: +1 866 519 4004 International: +65 6723 9381 Singapore: 6723 9381 China: 800 819 0121 (Domestic) /400 620 8038 (Domestic Mobile) Hong Kong: 24750994
Please ask to be connected to Q3 2011 China Sunergy Co., Ltd. Earnings Conference Call and provide the following passcode: 24929338
Following the earnings conference call, an archive of the call will be available by dialing:
United States toll-free: +1 866 214 5335 International: +6 128 235 5000
The passcode for replay participants is: 24929338. 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. Elaine Li Phone: + 86 25 5276 6696 Email: Elaine.email@example.com Brunswick Group Hong Kong Hong Kong Ginny Wilmerding Annie Choi Phone: + 852 3512 5000 Phone: + 852 3512 5000 Email: firstname.lastname@example.org Email: email@example.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 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; 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, 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, 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.
SOURCE China Sunergy Co., Ltd.