JA Solar Announces Fourth Quarter And Full Year 2010 Results

- Record Shipment Volumes, Revenue, and Earnings for Q4 and FY 2010 - Record Revenue of $1.78 Billion, PV Product Shipment of 1.46GW, and GAAP Diluted EPS of US$1.61 for FY 2010 - More Than 2GW of Sales Contracts for 2011 Delivery Signed With Multiple Customers; Total Shipments Expected to Exceed 2.2GW

SHANGHAI, China, Feb. 22, 2011 (GLOBE NEWSWIRE) -- JA Solar Holdings Co., Ltd., (Nasdaq:JASO), one of the world's largest manufacturers of high-performance solar cells and solar power products, today announced its financial results for its fourth quarter and full year ended December 31, 2010.

Fourth Quarter and Full Year 2010 Financial and Operating Highlights:

• Record fourth quarter shipments of 463MW , an increase of 11% sequentially and 100% year-over-year
• Full Year 2010 shipments grew to 1.46 GW, an increase of 187% over 2009
• Full Year 2010 revenue of $1.78 billion, an increase of 211% from $572.5 million in 2009
• Annual gross margin of 21. 7 %, up from 12.8% in 2009
• Full year 2010 operating income of $299.6 million and operating margin of 16.8%
• Full year 2010 net income of $266 million and GAAP diluted EPS of $1.61
• Fourth quarter revenue of $584.3 million, operating income of $89.5 million and operating margin of 15.3%
• Fourth quarter net income of $ 118.7 million and GAAP diluted EPS of $0.59, a sequential increase of 2 4.3 %
• Diversified global customer base in Q4: 53% international customers and 47% domestic customers
• Strong balance sheet with cash balance of $34 6.9 million and working capital of $66 2.8 million

"2010 was a transformational year for our company, with annual revenues growing by 211% and shipments rising by 187% as we enhanced our position as one of the global leaders in the solar industry," said Dr. Peng Fang, CEO of JA Solar. "During the year, we firmly established JA Solar as the market leader in solar cell production and shipment. Customers worldwide responded to our clear advantages in technology, quality and cost, enabling us to build a very healthy and diversified global customer base."