ReneSola: Adjustments to Unaudited Fourth Quarter and Full Year 2009 Financial Results
ReneSola Ltd., a leading global manufacturer of solar wafers and producer of solar power products based in China, today announced that it filed its Annual Report on Form 20-F for the year ended December 31, 2009 with the U.S. Securities and Exchange Commission on June 7, 2010. The Company also announced that since the March 10, 2010 issuance of its earnings release for the unaudited results as of and for the three months and the year ended December 31, 2009, as amended on May 10, 2010, the Company made an additional non-recurrent, non-cash adjustment related to its ownership of an equity interest in a polysilicon manufacturer whose shares are traded on the Toronto Stock Exchange.
At the time of its earnings release, the Company believed it had made the correct determination of the fair value of the investee based on available information. However, due to the continued decline in fair value and a private placement by the investee subsequent to year end, the Company recorded an other than temporary impairment loss of $13.4 million for the three months and the year ended December 31, 2009 in non-operating expenses as other-than-temporary impairment loss of available-for-sale investment. Among other changes, the adjustment of $13.4 million of the Company's non-operating expenses would increase its net loss from $60.8 million to $71.9 million and increase its loss per share (both basic and diluted) from $0.41 to $0.49 for the year ended December 31, 2009, and would increase its net loss from $17.0 million to $28.1 million and increase its loss per share (both basic and diluted) from $0.10 to $0.16 for the three months ended December 31, 2009. In addition, the adjustment from $12.5 million to $6.2 million for its available-for-sale investment would decrease the Company's total equity from $400.3 million to $396.3 million as of December 31, 2009.
The Company included the adjusted financial results in its Annual Report on Form 20-F for the year ended December 31, 2009 filed today with the U.S. Securities and Exchange Commission. An electronic copy of the Annual Report on Form 20-F can be accessed on ReneSola's investor relations website at http://ir.renesola.com .
ReneSola will post a hard copy of its annual report to its shareholders. The Company will also provide ADS holders with hard copies free of charge upon request. Requests should be directed to firstname.lastname@example.org or by mail to ReneSola Ltd, Attn: Ms. Feng Qi, No.98 Yiqun Road, Yaozhuang Industrial Park, Jiashan County, Zhejiang Province, People's Republic of China, 314117.
ReneSola is a leading global manufacturer of solar wafers and producer of solar power products based in China. Capitalizing on economies of scale, low-cost production capabilities and technological innovations, ReneSola leverages its in-house virgin polysilicon and solar cell and module production capabilities to provide its customers with high-quality, cost-competitive solar wafer products and OEM services. The Company possesses a global network of suppliers and customers that include some of the leading global manufacturers of solar cells and modules. ReneSola's shares are traded on the New York Stock Exchange (NYSE:SOL - News) and the AIM of the London Stock Exchange (AIM: SOLA).
Safe Harbor Statement
This press release contains statements that constitute "forward-looking" statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. Whenever you read a statement that is not simply a statement of historical fact (such as when the Company describes what it "believes," "expects" or "anticipates" will occur, what "will" or "could" happen, and other similar statements), you must remember that the Company's expectations may not be correct, even though it believes that they are reasonable. The Company does not guarantee that the forward-looking statements will happen as described or that they will happen at all. Further information regarding risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements is included in the Company's filings with the U.S. Securities and Exchange Commission, including the Company's annual report on Form 20-F. The Company undertakes no obligation, beyond that required by law, to update any forward-looking statement to reflect events or circumstances after the date on which the statement is made, even though the Company's situation may change in the future.
For investor and media inquiries, please contact:
Ms. Feng Qi
Mr. Derek Mitchell
Ogilvy Financial, Beijing
In the United States:
Ms. Jessica Barist Cohen
Ogilvy Financial, New York
In the United Kingdom:
Mr. Tim Feather / Mr. Richard Baty
Westhouse Securities Limited, London