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Daqo New Energy Announces Preliminary Third Quarter 2012 Financial Results

CHONGQING, China, Nov. 30, 2012 /PRNewswire/ -- Daqo New Energy Corp. (NYSE: DQ) ("Daqo New Energy" or the "Company"), a leading polysilicon manufacturer based in China, today announced its preliminary financial results for the third quarter of 2012.

Third Quarter 2012 Preliminary Financial and Operating Highlights

  • Polysilicon shipments were approximately 1,001 metric tons, or MT. Photovoltaic (PV) module shipments were 2.4 Mega watts, or MW. Wafer shipments were 3.1 MW. In addition, the Company also provided 150 MT ingot and block outsourcing manufacturing services for its customers.
  • Revenues excluding discontinued operation were $21.1 million, compared to $27.6 million in the second quarter of 2012 and $61.2 million in the third quarter of 2011.
  • Gross loss was $10.8 million, compared to a gross loss of $5.7 million in the second quarter of 2012 and gross profit of $20.6 million in the third quarter of 2011.  
  • Gross margin was negative 51.1%, compared to negative 20.7% in the second quarter of 2012 and 33.7% in the third quarter of 2011.
  • Operating loss was $15.7 million, compared to operating loss of $6.2 million in the second quarter of 2012 and operating income of $18.5 million in the third quarter of 2011.
  • Operating margin was negative 74.2%, compared to negative 22.3% in the second quarter of 2012 and 30.3% in the third quarter of 2011.
  • Net loss attributable to Daqo New Energy Corp. shareholders was $15.5 million, compared to $7.1 million in the second quarter of 2012 and net income attributable to Daqo New Energy Corp. shareholders of $12.1 million in the third quarter of 2011.
  • Loss per fully diluted ADS was $0.44, compared to $0.20 in the second quarter of 2012, and earnings of $0.34 per fully diluted ADS in the third quarter of 2011.

"We have successfully completed the construction of Xinjiang Phase II polysilicon plant in the third quarter and already started pilot production. As of November 20, we had produced 285 MT polysilicon in our new plant. Our progress of ramp-up is in line with our original schedule. We are confident that we will meet our targets regarding annual capacity, quality and cost structure by the end of the first quarter of 2013 in our Xinjiang Phase II polysilicon plant." commented Dr. Gongda Yao, Chief Executive Officer of the Company.

"In this quarter, we temporarily suspended our production in our Wanzhou polysilicon plant. We started annual maintenance in October and we have initiated equipment upgrades and technology improvements to further lower the cost. We plan to restart production after we complete these projects. Moreover, it is high-flow period from May to September when the hydro electricity rate is lowest in the whole year. We expect the improved cost structure will enable Wanzhou facility to generate positive cash flow when we resume production."

"As we previously announced, in this quarter we spun off our module business to Daqo Group. We believe this spin-off will enable us to concentrate our valuable resources on our core business in order to pull through this challenging period." Dr. Yao concluded.

Third Quarter 2012 Preliminary Results

Revenues

Revenues were $21.1 million, compared to $27.6 million in the second quarter of 2012 and $61.2 million in the third quarter of 2011.

The Company generated revenues of $19.4 million from 1,001 MT of polysilicon sold, compared to revenues of $23.6 million from 1,028 MT of polysilicon sold in the second quarter of 2012, and revenues of $53.0 million for 1,022 MT of polysilicon sold in the third quarter of 2011. The decrease in revenues from the second quarter of 2012 and the third quarter of 2011 was primarily due to the lower average selling price.

The Company generated $0.7 million from sales of wafers, compared to $2.8 million in the second quarter of 2012 and $3.0 million in the third quarter of 2011. Due to the increased credit risk in the wafer business, management decided to adopt a more conservative approach to recognize wafers revenue upon payment receipt. There is about 10MW wafer shipment of which the revenue has been deferred.

Gross loss and margin

Gross loss was $10.8 million, compared to a gross loss of $5.7 million in the second quarter of 2012 and gross profit of $20.6 million in the third quarter of 2011.  

Gross margin was negative 51.1%, compared to negative 20.7% in the second quarter of 2012 and 33.7% in the third quarter of 2011.

The deterioration in gross loss and gross margin from the second quarter of 2012 was primarily due to inventory write down of $5.0 million and the decrease in average selling prices of polysilicon.

Selling, general and administrative expenses

Selling, general and administrative expenses were $5.1 million in the third quarter of 2012, compared to $3.6 million in the second quarter of 2012 and $3.7 million in the third quarter of 2011. The increase in selling, general and administrative expenses from the second quarter of 2012 was due to bad debt provision of $2.1 million made in the third quarter.

Research and development expenses

Research and development expense was $0.3 million in the third quarter of 2012, compared to $0.4 million in the second quarter of 2012 and $0.2 million in the third quarter of 2011.

Other operating income

Other operating income was $0.6 million in the third quarter of 2012, compared to $3.5 million in the second quarter of 2012 and $1.8 million in the third quarter of 2011. Other operating income was mainly composed of unrestricted cash incentives that the Company received from local government authorities, which fluctuates from period to period.

Operating loss and margin

As a result of the foregoing, operating loss excluding discontinued operation was $15.7 million, compared to operating loss of $6.2 million in the second quarter of 2012 and operating income of $18.5 million in the third quarter of 2011.

Operating margin was negative 74.2%, compared to negative 22.3% in the second quarter of 2012 and 30.3% in the third quarter of 2011.

The decrease on operating margin from the second quarter of 2012 was in line with the fluctuation of gross loss.

Net Interest expense

Net interest expense was $3.6 million, compared to $3.8 million in the second quarter of 2012 and $1.7 million in the third quarter of 2011. The decrease from the second quarter of 2012 was due to debt repayment and decrease in primary lending rate. In June 2012, the central bank of China lowered primary lending rate by 0.25%. The increase from the third quarter of 2011 was primarily due to the increase in loan balance related to Xinjiang project.

Income tax expense/(benefit)

Income tax benefit from the continued operation was $5.5 million, compared to income tax benefit of $2.6 million in the second quarter of 2012 and income tax expense of $2.2 million in the third quarter of 2011. However, this figure is subject to change pending the finalization of the Company's impairment testing.

Net (loss)/income from continuing operations

Net loss from continuing operations was $13.8 million, compared to net loss $7.3 million in the second quarter of 2012 and net income $14.7 million in the third quarter of 2011. The decrease from the previous quarter was in line with the fluctuation of gross and operating loss.

Total loss from discontinued operations

In this quarter, the Company spun off its fully owned subsidiary, Nanjing Daqo, to Daqo Group. As a result, the discontinued operations of the previous quarter and comparative quarter were represented accordingly. Loss on discontinued operation was $0.3 million, compared to $0.7 million in the second quarter of 2012 and $2.3 million in the third quarter of 2011.

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

As a result of the aforementioned, net loss attributable to Daqo New Energy Corp. shareholders was $15.5 million, compared to net loss $7.1 million in the second quarter of 2012 and net income attributable to Daqo New Energy Corp. shareholders of $12.1 million in the third quarter of 2011.

Loss per fully diluted ADS from continued operation were $0.43, compared to $0.18 in the second quarter of 2012, and earnings per fully diluted ADS from continued operation were $0.41 in the third quarter of 2011.

Loss per fully diluted ADS from discontinued operation were $0.01, compared to $0.02 in the second quarter of 2012, and $0.07 in the third quarter of 2011.

Financial Condition

As of September 30, 2012, the Company had $53.8 million in cash and cash equivalents and restricted cash, compared to $90.2 million as of June 30, 2012. The decrease was primarily due to capital expenditure in Xinjiang and debt repayment.

As of September 30, 2012, the net accounts receivable balance was $26.4 million, compared to $33.3 million as of June 30, 2012. The decrease was primarily due to the decrease of $5 million account receivable as a result of the spin-off of Nanjing Daqo and the $2.1 million bad debt provision.

As of September 30, 2012, total borrowings were $333.6 million, of which $210.2 million were long-term borrowings, compared to total borrowings of $343.3 million, including $223.6 million long-term borrowings as of June 30, 2012.

As of September 30, 2012, net property, plant and equipment was $722.2 million, compared to $701.3 million as of June 30, 2012. The increase was due to fixed asset increase in Xinjiang. The Company is in the process of its impairment testing for long-lived assets and finalizing the potential impairment charge.

Outlook for Fourth Quarter 2012

For the fourth quarter of 2012, the Company expects to ship 550-600 MT of polysilicon, approximate 10 MW of wafers. In addition, the Company expects to provide 100-120 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

Daqo New Energy will host a conference call at 8:00 am, Eastern Standard Time on November 30, 2012 to discuss the results for the quarter. Joining the call will be Dr. Gongda Yao, the Company's Chief Executive Officer and Mr. Bing Sun, the Chief Financial Officer.

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

United States:

+ 1-800-860-2442

International:

+ 1-412-858-4600

China:

10-800-712-2304

Hong Kong:

800-962475

The conference ID number is 10021752.

A replay of the call will be available 1 hour after the end of the conference through December 10, 2012 at 9:00am Eastern Time.

The conference call replay numbers are as follows:

United States:

+ 1-877-344-7529

International:

+ 1-412-317-0088

The conference ID number for accessing the recording is 10021752.

Investors will also have the opportunity to listen to the replay over the Internet through the investor relations section of Daqo New Energy's web site at: www.dqsolar.com

About Daqo New Energy Corp.

Daqo New Energy Corp. (NYSE: DQ) is a leading polysilicon manufacturer based in China. Daqo New Energy primarily manufactures and sells high-quality polysilicon to photovoltaic product manufacturers. It also manufactures and sells photovoltaic wafers. For more information about Daqo New Energy, please visit 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 fourth 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 fourth parties. 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. 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.

 

Daqo New Energy Corp.
Unaudited Preliminary Condensed Consolidated Statement of Operations and Comprehensive Income
(US dollars in thousands, except ADS and per ADS data)








Three months Ended


Sep 30, 2012


Jun 30, 2012


Sep 30, 2011










(As adjusted)


(As adjusted)

Revenues                                                                                    

$21,117


$27,584


$61,186

Cost of revenues

(31,909)


(33,291)


(40,553)

Gross (loss)/profit

(10,792)


(5,707)


20,633

Operating expenses






    Selling, general and administrative expenses

(5,137)


(3,560)


(3,711)

    Research and development expenses

(300)


(427)


(152)

    Other operating income

569


3,539


1,751

    Impairment of long-lived assets

-

*

-


-

Total operating expenses

(4,868)


(448)


(2,112)

(Loss)/income from operations

(15,660)


(6,155)


18,521

    Interest expense

(3,817)


(4,053)


(2,638)

    Interest income

213


253


920

    Foreign exchange gain (loss)

(21)


59


110

(Loss)/Income before income taxes

(19,285)


(9,896)


16,913

Income tax benefit/(expense)

5,450

*

2,646


(2,234)

Net (loss)/income from continuing operations

(13,835)


(7,250)


14,679







Discontinued operations:






    Loss from discontinued operations of Nanjing Daqo

(1,359)


(745)


(1,655)

    Other comprehensive income from discontinued operations

1,099


-


-

    Income tax benefit (expense)

-


-


(644)

Total loss from discontinued operations

(260)


(745)


(2,299)







Net (loss) income

(14,095)


(7,995)


12,380

Net (loss)/income attributable to noncontrolling interest

1,448


(927)


314

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

$(15,543)


$(7,068)


$12,066







Net (loss) income

(14,095)


(7,995)


12,380

Other comprehensive income:






Foreign currency translation adjustments

3,427


(4,005)


5,883

Total other comprehensive income

3,427


(4,005)


5,883

Comprehensive (loss)/income

(10,668)


(12,000)


18,263

Comprehensive (loss)/income attributable to noncontrolling
    interest

2,991


(2,241)


2,046

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

(13,659)


(9,759)


16,217







 (Loss)/Earnings per ADS






 -- Continuing operations

(0.43)


(0.18)


0.41

 -- Discontinued operations

(0.01)


(0.02)


(0.07)

 Basic

(0.44)


(0.20)


0.34

 -- Continuing operations

(0.43)


(0.18)


0.41

 -- Discontinued operations

(0.01)


(0.02)


(0.07)

 Diluted

(0.44)


(0.20)


0.34







Weighted average ADS outstanding






Basic

35,086,979


35,142,821


35,142,821

Diluted

35,086,979


35,142,821


35,142,821







* The figure is subject to change pending the finalization of the Company's impairment testing.


 

Daqo New Energy Corp.
Unaudited Preliminary Condensed Consolidated Balance Sheet
(US dollars in thousands)



Sep 30,


Jun 30,


Sep 30,



2012


2012


2011

ASSETS:







Current Assets:







    Cash and cash equivalents


$24,162


$66,114


$59,241

    Restricted cash


29,673


24,038


7,514

    Accounts receivable, net


26,410


33,263


26,090

    Note Receivable


1,540


2,926


2,996

    Prepaid expenses and other current assets


17,439


20,204


8,977

    Advances to suppliers


1,216


2,344


3,057

    Inventories


12,717


17,648


28,506

    Amount due from related party


7,103


4,935


7,846

    Deferred tax assets-current


11,397

*

6,571


1,174

Total current assets


131,657


178,043


145,401

    Property, plant and equipment, net


722,165

*

701,279


599,842

    Prepaid land use right


35,433


35,316


8,774

    Deferred tax assets


16,367

*

17,922


1,445

    Other non-current assets


9,941


3,939


165

TOTAL ASSETS


915,563


936,499


755,627








Current liabilities:







    Short-term borrowings, including current portion of long-term
        borrowings


123,455


119,746


94,482

    Accounts payable


9,795


9,952


11,105

    Note payable


23,761


12,023


1,527

    Advances from customers


13,745


25,577


37,664

    Payables for purchases of property, plant and equipment


48,418


55,087


24,100

    Accrued expenses and other current liabilities


9,993


8,355


13,999

    Amount due to related party


8,631


12,244


-

    Income tax payable


5,986


5,920


10,428

Total current liabilities


243,784


248,904


193,305








    Long-term borrowings


210,159


223,599


63,124

    Accrued warranty cost


-


496


362

    Advance from customers


15,398


4,862


9,093

    Payables for Purchases of Property, Plant and Equipment


3,025


4,985


-

    Amount due to related party  


-


-


2,935

    Other long Term Liabilities


25,804


25,735


-

TOTAL LIABILITIES


498,170


508,581


268,819








EQUITY:














    Ordinary shares


18


18


18

    Treasury stock


(225)


-


-

    Additional paid-in capital


144,423


144,056


141,993

    Retained earnings


113,869


129,411


189,627

    Accumulated other comprehensive income


18,082


16,199


16,317

Total Daqo New Energy Corp.'s shareholders' equity


276,167


289,684


347,955








Noncontrolling interest


141,226


138,234


138,853

Total equity


417,393


427,918


486,808

TOTAL LIABILITIES & EQUITY


915,563


936,499


755,627

* The figure is subject to change pending the finalization of the Company's impairment testing.

For further information, please contact:

Daqo New Energy Corp.
Kevin He, Investor Relations
Phone: +86-23-6486-6556
Mobile: +86-187-1658-5553
Email: [email protected] 

SOURCE Chongqing Daqo New Energy Co., Ltd.

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