Our restructuring continues on track and would be largely complete in the third quarter. At the end of the second quarter, we have reduced cash operating expenses. Our solar wafer business is now cash breakeven, and we maintained our pipeline at 2.9 gigawatts while controlling development expenses.
Our priorities for the second half of the year are to improve liquidity while not limiting the long-term growth potential of the company and fully realize gains from OpEx reductions in our solar materials business restructuring.
In summary, we expect tepid semiconductor industry growth in the second half. Our semiconductor business is prepared for this environment, and we have factored this into our outlook. We expect the solar industry to remain very challenging through 2012 and into 2013. Our Solar Energy business is positioned to come through this, but we take nothing for granted. Lastly, our cash and liquidity positions are sufficient, and will remain so going forward. Brian?
Brian WuebbelsThank you, Ahmad, and good morning, everyone. My comments today reflect information found in the press release and financial tables released earlier this morning. And we will reference for the second quarter 2012 results conference call presentation posted in the Investor Relations section of our website. Chris has already reviewed the Safe Harbor statement, so I'll begin with a brief summary. The second quarter delivered improvement in both the semi and solar businesses, driven by higher volumes in both businesses. In semi, the market bottomed and is clearly behind us as volume recovered in Q2, but the strength of the rebound has softened heading into the second half of the year. Even so, restructuring efforts initiated late last year are expected to drive continued margin improvement. In solar, the market remains challenging. Despite continued pressure on upstream pricing, the downstream solar project business has experienced relatively good demand.
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