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MEMC Electronic Materials Management Discusses Q2 2012 Results - Earnings Call Transcript

Our discussion today will refer to certain non-GAAP financial measures. A reconciliation of these non-GAAP financial measures has been provided in our earnings press release financials. Please note that this call will include forward-looking statements that involve risks and uncertainties that could cause actual results to differ materially from management's current expectations. We encourage you to review the Safe Harbor statement contained in the earnings press release and the slides published today for a more complete description.

And now I will turn the call over to Ahmad.

Ahmad R. Chatila

Thanks, Chris. Good morning, everyone. In my remarks today, I will review the performance of our 2 businesses and the status of our restructuring in the second quarter and detail our priorities for the second half of the year. We released our second quarter results earlier this morning. And while we are encouraged by those results, there remains much work to be done in a persistently difficult business environment.

In our semiconductor business, we believe the market bottomed in the first quarter and began a recovery in the second. Our read of customers and the market indicates improved but limited demand growth in the second half.

Our cost-reduction plan have progressed as expected and improved efficiencies and careful capital spending will lower our breakeven revenue.

Solar Energy -- in our Solar Energy business, the markets remain very challenging. Housing price declines have moderated. And although lower material prices are good for the industry in the long term, they are difficult for many companies in the short term. We are happy to report the sale of all but 14 megawatts of the European projects we spoke with you about last quarter, as well as additions to our pipeline.

I'm encouraged and proud of the efforts and the accomplishments of our team in driving second quarter results in the Solar Energy business. However, the environment remains very difficult.

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