We would like to remind you that during the course of this conference call, LDK Solar’s management team may make projections or other forward-looking statements regarding future events or the future financial performance of the Company made pursuant to the Safe Harbor Provisions of the U.S. Private Securities Litigation Reform Act of 1995.
Although, LDK Solar believes that the expectations reflected in such forward-looking statements are based on reasonable assumptions, such statements are subject to risks and uncertainties that could cause actual results to differ materially from those projected. We refer you to the documents that LDK Solar files from time-to-time with the SEC, specifically the Company’s most recent Form F-20 and any Form 6-Ks. These documents identify important factors that could cause the actual results to differ materially from those contained in our projections or forward-looking statements.
And now, I’d like to turn the call over to Mr. Xiaofeng Peng, Chairman and Chief Executive Officer to go over LDK Solar’s corporate and business updates. Chairman Peng?
Xiaofeng PengYeah, thank you. Good morning to you all and thank you for joining us on LDK Solar’s first quarter 2012 earnings conference call. The environment for the solar industry remained challenging in the first quarter. Our revenue was within the expected range as our result reflects the first quarter seasonality and the continued difficult solar industry conditions. In this seasonally slow quarter, pricing pressure caused by the weak market demand and industry over supply continued negative effect our business. Despite our ongoing cost reduction efforts, lowering pricing across the global supply chain that continued ASP erosion and together with the impact of our inventory write-down and other provisions reduced our revenue and margins for the first quarter. I’d like to provide some color on some of the key markets of the regions. While European markets remain difficult, we’ve been exploring emerging new markets in Eastern Europe, Central America, Australia, Japan, India and other Asian areas. In the current environment, customers are focused not only on price, but also on quality and availability.