China Financial Results 22/11/13

Daqo New Energy Announces Unaudited Third Quarter 2013 Results

  • Revenues were $29.6 million, compared to $27.8 million in the second  quarter of 2013 and $21.1 million in the third quarter of 2012.
  • Gross loss was $3.9 million, compared to $10.2 million in the second  quarter of 2013 and $10.8 million in the third quarter of 2012.
  • Gross margin was negative 13.3%, compared to negative 36.7% in the second  quarter of 2013 and negative 51.1% in the third quarter of 2012. Excluding costs related to the polysilicon operations in Wanzhou, the non-GAAP gross margin was positive 9.8% in the third quarter of 2013, compared to negative 3.9% in the second quarter of 2013.
  • Operating loss was $5.0 million, compared to $175.0 million in the second quarter of 2013 and $15.7 million in the third quarter of 2012. Excluding costs related to the polysilicon operations in Wanzhou for both the second  and third quarter, and excluding long-lived assets impairment charge in the second quarter, the Company’s non-GAAP operating income in the third quarter was positive $1.9 million, compared to non-GAAP operating loss of $7.4 million in the second quarter of 2013.
  • Net loss attributable to Daqo New Energy Corp. shareholders was $10.3 million, compared to $34.0 million in the second quarter of 2013 and $15.5  million in the third quarter of 2012.
  • Earnings per fully diluted ADS were negative $1.49, compared to negative $4.91 in the second quarter of 2013, and negative $2.46 in the third  quarter of 2012.
  • EBITDA were $6.8 million in the third quarter of 2013.
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