Solar EnerTech reports strong second-quarter results

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Solar EnerTech has announced its financial results for the second quarter of fiscal year 2010. The company’s total module shipments increased 314% in the second fiscal quarter 2010 in comparison to the second quarter of 2009, while revenue increased 302% to US$17.8 million, up from US$4.4 million in the previous year.

Gross profit increased to US$0.9 million, compared to US$1.3 million in 2009 while gross margin for the second fiscal quarter 2010 was 5% (vs. 30% in 2009). The total operating expense for the second fiscal quarter of 2010 was US$21.2 million, which included US$18.5 million of noncash charges related to losses from the extinguishment of debt and US$0.9 million in non-cash stock compensation charges.

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Net loss for the second fiscal quarter 2010 was US$19.2 million, or a loss of US$0.14 per basic and diluted shares compared to a net loss of US$5.5 million, or a loss of US$0.06 per basic and diluted shares in the same period in fiscal 2009.

Leo S. Young, CEO of Solar EnerTech, said, “The second fiscal 2010 quarter’s large revenue increase is indicative of Solar EnerTech’s fast-growing pace. We are pleased to see the 300%-plus year-over-year growth in revenue and product shipments, in spite of unfavourable market conditions where selling prices for solar modules have plummeted and the Euro continues to depreciate versus RMB Yuan.”

As of March 31, Solar EnerTech recorded US$1.5 million liability in an outstanding series B-1 convertible note. The note bears an interest of 6% per annum and is due on March 19, 2012.

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