During the fourth quarter of 2008, LDK Solar experienced lower demand as
customers requested to delay shipments until 2009 in light of the current
global economic crisis and tight credit markets. The decrease in overall wafer
shipments during the quarter was partially offset by much higher than expected
OEM wafer shipments. The company also announced that it experienced a delay in
ramping production at its 1,
As a result of these dynamics affecting the global business environment, LDK Solar expects 2009 fiscal year results to be impacted by lower ASPs and lower wafer shipment volumes than previously anticipated. The company's updated outlook for the full year of fiscal 2009 is as follows:
-- Revenue to be in the range of $2.3 billion to $2.5 billion; -- Wafer shipments in the range of 1.57 GW to 1.67 GW; -- Annualized wafer production capacity to be 2.3 GW by the end of 2009; -- Gross margin between 22% and 27%; and -- Production of between 3,000 and 5,000 MT of polysilicon in 2009.
"Late in the fourth quarter, we experienced a slowdown in our business
related to the current global financial crisis," stated
The business outlook for the three months ended
About LDK Solar
LDK Solar Co., Ltd. is a 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,
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.
SOURCE LDK Solar Co., Ltd.