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Daqo New Energy Announces First Quarter 2012 Results

 

CHONGQING, China May 21, 2012 China

First Quarter 2012 Financial and Operating Highlights

  • Polysilicon shipments were approximately 964 metric tons, or MT. Photovoltaic (PV) module shipments were 2.3 Mega watts, or MW. Wafer shipments were 23.4 MW. In addition, the Company provided 2.4 MW PV modules manufacturing outsourcing service to its customers.
  • $34.0 million $38.2 million $87.3 million
  • $11.0 million $11.2 million $44.5 million $1.6 million $9.4 million
  • $1.6 million
  • $12.1 million $49.9 million $43.5 million
  • $1.6 million $10.5 million
  • $13.7 million $39.4 million $35.0 million
  • $0.39 $1.12 $0.99

"In the first quarter of 2012, we continued to operate our polysilicon production in full utilization. We exceeded our targets for shipments. Nevertheless, the solar PV market remains weak due to restrained demand as a result of uncertainties including changing governmental policies, tight credit markets and potential international trade conflicts." commented Dr. Gongda Yao, Chief Executive Officer of the Company "We will focus on the operation of our existing polysilicon site in Wanzhou and the construction of Phase 2 polysilicon plant in Xinjiang. We are confident that after our Phase 2 facilities commence production, we will be well positioned with a much lower cost structure and larger capacity."

First Quarter 2012 Results

Revenues

$34.0 million $38.2 million $87.3 million

$25.7 million $25.1 million 834 MT $77.7 million

$1.9 million $6.2 million $9.8 million $2.9 million $8.6 million $1.0 million

Gross profit and margin

$11.0 million $11.2 million $44.5 million

Gross margin was negative 32.2%, compared to negative 29.3% in the fourth quarter of 2011 and positive 51.0% in the first quarter of 2011.

$1.6 million $10.6 million

Selling, general and administrative expenses

$2.7 million $3.5 million $3.8 million

Research and development expenses

$0.6 million $0.3 million $0.1 million

Other operating income

$2.2 million $3.6 million $3.0 million

Operating loss and margin

$12.1 million $49.9 million $43.5 million

Operating margin was negative 35.5%, compared to negative 130.4% in the fourth quarter of 2011 and 49.8% in the first quarter of 2011.

$38.5 million

Net Interest expense

$3.8 million $2.4 million $1.8 million $0.8 million

Income tax expense/(benefit)

$1.6 million $13.2 million $6.5 million $13.2 million

Net Income (loss) attributable to our shareholders, net margin and earnings per ADS

$13.7 million $39.4 million $35.0 million

Net margin was negative 42.0% in the first quarter of 2012 compared to negative 102.4% in the fourth quarter of 2011 and positive 40.4% in the first quarter of 2011.

$0.39 $1.12 $0.99

Financial Condition

March 31, 2012 $114.6 million $104.3 million December 31, 2011 March 31, 2012 $39.5 million $22.7 million December 31, 2011 March 31, 2011 $316.8 million $212.0 million $277.5 million $165.6 million December 31, 2011

Outlook for Second Quarter 2012

For the second quarter of 2012, the Company expects to ship 900-1000 MT of polysilicon, approximate 20.5 MW of wafers and 4.5 MW of modules. In addition, the Company expects to provide 200 metric tons of ingot and block manufacturing outsourcing services to its customers. This outlook reflects our current and preliminary view and may be subject to change. Our ability to achieve this projection is subject to risks and uncertainties. See "Safe Harbor Statement" at the end of this press release.

Conference Call

8:00 am, Eastern Daylight Time May 21, 2012

The dial-in details for the live conference call are as follows:

Conference Password

June 21, 2012

Conference Password

http://www.dqsolar.com

About Daqo New Energy Corp.

China www.dqsolar.com

Safe Harbor Statement

This announcement contains forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates" and similar statements. Among other things, the outlook for the second quarter of 2012 and quotations from management in this announcement, as well as Daqo New Energy’s strategic and operational plans, contain forward-looking statements. The Company may also make written or oral forward-looking statements in its reports filed or furnished to the U.S. Securities and Exchange Commission, in its annual reports to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to fourthparties. Statements that are not historical facts, including statements about the Company’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: the demand for photovoltaic products and the development of photovoltaic technologies; global supply and demand for polysilicon; alternative technologies in cell manufacturing; our ability to significantly expand our polysilicon production capacity and output; the reduction in or elimination of government subsidies and economic incentives for solar energy applications; and our ability to successfully implement our vertical integration strategy. Further information regarding these and other risks is included in the reports or documents we have filed with, or furnished to, the Securities and Exchange Commission. Daqo New Energy does not undertake any obligation to update any forward-looking statement, except as required under applicable law. All information provided in this press release and in the attachments is as of the date of this press release, and Daqo New Energy undertakes no duty to update such information, except as required under applicable law.

 

Three months Ended

Mar 31, 2012

Dec 31, 2011

Mar 31, 2011

Revenues

$34,045

$38,235

$87,311

Cost of revenues

(45,010)

(49,433)

(42,813)

Gross (loss)/profit

(10,965)

(11,198)

44,498

Operating expenses

Selling, general and administrative expenses

(2,674)

(3,489)

(3,838)

Research and development expenses

(611)

(300)

(128)

Fixed asset impairment loss

(38,512)

Other operating income

2,152

3,631

2,959

Total operating expenses

(1,133)

(38,670)

(1,007)

Income (loss) from operations

(12,098)

(49,868)

43,491

Interest expense

(4,121)

(2,610)

(2,083)

Interest income

335

198

326

Foreign exchange gain (loss)

8

(89)

62

(Loss)/Income before income taxes

(15,876)

(52,369)

41,796

Income tax benefit/(expense)

1,567

13,206

(6,528)

Net (loss)/income

(14,309)

(39,163)

35,268

Net (loss)/income attributable to noncontrolling interest

(584)

259

273

Net (loss)/income attributable to Daqo New Energy Corp. shareholders

$ (13,725)

$ (39,422)

$34,995

Net (loss)/income

$ (14,309)

$ (39,163)

$35,268

Other comprehensive income:

Foreign currency translation adjustments

657

3,862

2,977

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