LDK Solar Updates Outlook for the Second Quarter of 2009
XINYU CITY, China and SUNNYVALE, Calif., July 23, 2009 – LDK Solar Co., Ltd. (NYSE:LDK), a leading manufacturer of multicrystalline solar wafers, today provided an updated outlook for its second quarter 2009 financial results. For the second quarter of 2009, LDK Solar expects to report between $225 million and $235 million in revenue, slightly above the recently announced estimated range, and wafer shipments between 230 and 240 megawatts ("MW"). LDK Solar expects to record a write-down of $150 to $160 million against the cost of inventories for a decline in net realizable value of inventories resulting from the continued market price decline for solar wafers. As a result, the gross margin is expected to be negative and LDK Solar expects to report a net loss of $180 to $200 million in the second quarter.
LDK Solar currently expects to report full second quarter 2009 results on August 12, 2009 after the market closes. The Company will host a corresponding conference call and live webcast at 5:00 p.m. ET on the same day. To listen to the live conference call, please dial 888-549-7704 (within U.S.) or 480-629-9857 (outside U.S.) at 4:50 p.m. ET on August 12, 2009. An audio replay of the call will be available to investors through August 14, 2009, by dialing 800-406-7325 (within U.S.) or 303-590-3030 (outside U.S.) and entering the passcode 4124368#.
About LDK Solar (NYSE: LDK)
LDK Solar Co., Ltd. is a leading manufacturer of multicrystalline solar wafers, which are the principal raw material used to produce solar cells. LDK Solar sells multicrystalline wafers globally to manufacturers of photovoltaic products, including solar cells and solar modules. In addition, LDK Solar provides wafer processing services to monocrystalline and multicrystalline solar cell and module manufacturers. LDK Solar's headquarters and manufacturing facilities are located in Hi-Tech Industrial Park, Xinyu City, Jiangxi Province in the People's Republic of China. LDK Solar's office in the United States is located in Sunnyvale, California.
Safe Harbor Statement
This press release 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 press release are forward-looking statements, including but not limited to, LDK Solar's ability to raise additional capital to finance its operating activities, the effectiveness, profitability and marketability of its products, the future trading of its securities, the ability of LDK Solar to operate as a public company, the period of time during which its current liquidity will enable LDK Solar to fund its operations, its ability to protect its proprietary information, the general economic and business environment and conditions, the volatility of LDK Solar's operating results and financial condition, its ability to attract and retain qualified senior management personnel and research and development staff, its ability to timely and efficiently complete its ongoing construction projects, including its polysilicon plants, and other risks and uncertainties disclosed in LDK Solar's filings with the Securities and Exchange Commission. These forward-looking statements involve known and unknown risks and uncertainties and are based on information available to LDK Solar's management as of the date hereof and on its current expectations, assumptions, estimates and projections about LDK Solar and the solar industry. Actual results may differ materially from the anticipated results because of such and other risks and uncertainties. LDK Solar undertakes no obligation to update forward-looking statements to reflect subsequent events or circumstances, or changes in its expectations, assumptions, estimates and projections except as may be required by law.
For more information contact:
The Blueshirt Group for LDK Solar
Executive VP and CFO
LDK Solar Co., Ltd.