Third Quarter 2011 Results
Revenues were $59.6 million, compared to $70.7 million in the second quarter of 2011 and $63.2 million in the third quarter of 2010.The change was primarily attributable to revenues generated from sales of polysilicon. The Company generated revenues of $53.0 million from 1,022 MT polysilicon sold, compared to revenues of $63.0 million for 1,001 MT of polysilicon sold in the second quarter of 2011, and revenues of $55.2 million for 973 MT of polysilicon sold in the third quarter of 2010. The shipment volume of polysilicon in the third quarter of 2011 increased by 2.1% and 5.0% compared to that in the second quarter of 2011 and the third quarter of 2010, respectively. The difference in revenues from polysilicon sold was primarily due to a relatively lower average selling price of the polysilicon in the third quarter of 2011.
In the third quarter of 2011, the Company also generated $0.7 million, $2.8 million and $3.0 million for module processing service fee, sales of PV modules and sales of wafers, respectively.Gross profit and margin Gross profit was $19.9 million, compared to $33.0 million in the second quarter of 2011 and $26.9 million in the third quarter of 2010. Gross margin was 33.3%, compared to 46.6% in the second quarter of 2011 and 42.5% in the third quarter of 2010. The fluctuation from the second quarter of 2011 and the third quarter 2010 in gross profit and gross margin was primarily due to the lower average selling price of the polysilicon product combined with the impact of inventory charge in the third quarter of 2011. The total inventory write-down for wafer and modules in the third quarter of 2011 was due to lower of cost or market valuation (LCM) amounted to $3.7 million.
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