This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

MEMC Electronic Materials' CEO Discusses Q1 2012 Results - Earnings Call Transcript

We are able to leverage the value chain and take advantage of low industry pricing for poly, wafers and modules. We maintain a strong solar project pipeline at around 3 gigawatts, while interconnecting another closed to 150 megawatts of projects in the first quarter.

Our track record enabled us to complete debt financing for 60 megawatts facility in Bulgaria. We are on track to sell this facility and other European projects this year. Our Solar Energy profile pipeline remains diverse and that broad portfolio helps us to maintain scale and use resiliency -- resilience on any specific geography.

Our priorities in the Solar Energy business for 2012 are as follows: one, reduce OpEx by over 30% with the consolidation of 2 divisions and a focused development spend; two, minimize capital expenditure in the upstream material business; three, drive leading-edge cost structure throughout the value chain; and finally, ramps [indiscernible] installation consistent with the balance sheet capacity.

Now I'm going to give you a quick update on the restructuring that we announced in December 2011. Our restructuring remains on track. We continue to implement best practices across sites as well as aggressive productivity initiatives. We have closed our Sherman, Texas wafering facility, moved additional equipment out of the St. Peters site, shuttered our Merano polysilicon facility; and ramped and improved performance in Ipoh, Malaysia, which is a site we moved assets to from higher cost locations. We have consolidated business units and have reduced headcount by more than 1,300. In Kuching, we continue to refine our technology while minimizing spend and the cost in our Meca [ph] JV continues to be world class. We move quickly and decisively on our restructuring and we continue to be focused on identifying additional opportunities for savings.

Lastly, we expect our liquidity to improve in 2012 with the sale of the European and other projects, recovery of the semiconductor market and our continued restructuring efforts. Mark will talk in more detail about our balance sheet and our focus on cash in 2012.

Read the rest of this transcript for free on seekingalpha.com

3 of 3

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 17,156.85 +24.88 0.15%
S&P 500 2,001.57 +2.59 0.13%
NASDAQ 4,562.1890 +9.43 0.21%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs