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Trina Solar: Adjusting of Q4 & Full Year 2013 Results
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CHANGZHOU, China, March 20 - Trina Solar Limited (TSL) ("Trina Solar" or the "Company"), a global leader in photovoltaic ("PV") modules, solutions, and services, today announced it has received US$20.4 million from a customer in an arbitration settlement involving an outstanding account balance under a solar module purchase agreement. The arbitration panel determined that Trina Solar was entitled to US$20.4 million, which included the full amount of the outstanding accounts receivable of US$17.4 million sought by the Company, plus sales tax and accrued interests.
Ms. Teresa Tan, CFO of Trina Solar, said, "We are pleased to see that our efforts to pursue outstanding accounts receivable in overseas markets are delivering positive results. Sound financial management is a key focus for Trina Solar. We remain strongly committed to maintaining a healthy balance sheet to support Trina's long-term growth."
The arbitration fund was received subsequent to the Company's fourth quarter and full year 2013 earnings results. As a result, the accounts receivable provision of US$5.7 million for bad debt previously accrued has been reversed in the fourth quarter of 2013. Consequently, related financial numbers previously stated in the Company's fourth quarter and full year 2013 earnings release are being adjusted to reflect this event.
For a comparison of the difference in the financial numbers, please refer to this release.
http://finance.yahoo.com/news/trina-solar-announces-receipt-favorable-110000319.html
About Trina Solar Limited
Trina Solar Limited (TSL) is a global leader in photovoltaic modules, solutions and services. Founded in 1997 as a PV system integrator, Trina Solar today drives smart energy together with installers, distributors, utilities and developers worldwide. The company's industry-shaping position is based on innovation excellence, superior product quality, vertically integrated capabilities and environmental stewardship. For more information, please visit www.trinasolar.com.
Contact:
Yvonne Young
Head of Investor Relations
Phone: + (86) 519-8517-6878 (Changzhou)
Email: [email protected]
CHANGZHOU, China, March 20 - Trina Solar Limited (TSL) ("Trina Solar" or the "Company"), a global leader in photovoltaic ("PV") modules, solutions, and services, today announced it has received US$20.4 million from a customer in an arbitration settlement involving an outstanding account balance under a solar module purchase agreement. The arbitration panel determined that Trina Solar was entitled to US$20.4 million, which included the full amount of the outstanding accounts receivable of US$17.4 million sought by the Company, plus sales tax and accrued interests.
Ms. Teresa Tan, CFO of Trina Solar, said, "We are pleased to see that our efforts to pursue outstanding accounts receivable in overseas markets are delivering positive results. Sound financial management is a key focus for Trina Solar. We remain strongly committed to maintaining a healthy balance sheet to support Trina's long-term growth."
The arbitration fund was received subsequent to the Company's fourth quarter and full year 2013 earnings results. As a result, the accounts receivable provision of US$5.7 million for bad debt previously accrued has been reversed in the fourth quarter of 2013. Consequently, related financial numbers previously stated in the Company's fourth quarter and full year 2013 earnings release are being adjusted to reflect this event.
For a comparison of the difference in the financial numbers, please refer to this release.
http://finance.yahoo.com/news/trina-solar-announces-receipt-favorable-110000319.html
About Trina Solar Limited
Trina Solar Limited (TSL) is a global leader in photovoltaic modules, solutions and services. Founded in 1997 as a PV system integrator, Trina Solar today drives smart energy together with installers, distributors, utilities and developers worldwide. The company's industry-shaping position is based on innovation excellence, superior product quality, vertically integrated capabilities and environmental stewardship. For more information, please visit www.trinasolar.com.
Contact:
Yvonne Young
Head of Investor Relations
Phone: + (86) 519-8517-6878 (Changzhou)
Email: [email protected]