"While the current climate is very challenging for solar manufacturers, there has never been a better time to be a solar customer and we are optimistic about the long-term growth potential of the solar industry. With roughly seven gigawatts deployed in more than 80 countries, Suntech has the right experience, scale, and people to lead the industry through the current instability," added Mr. King.
Suntech expects shipments of PV products in the third quarter of 2012 to be relatively flat with the second quarter of 2012. The gross margin in the third quarter of 2012 is expected to be in the low single digits. Suntech now expects 2012 annual PV shipments to be in the range of 1.8GW to 2.0GW, compared to previous guidance of 2.1GW to 2.5GW.
Mr. King noted, "We are continuing to pursue a number of options to refinance our 2013 convertible notes and intend to address this issue in the near future. In addition, we are making good progress with our due diligence of GSF assets and we will provide an update when we have new developments."
The estimates presented in this press release are preliminary, unaudited and subject to further adjustments. The actual results could turn out to be higher or lower. In July, Suntech announced that it is conducting an investigation into a security interest the Company received in connection with its investment in Global Solar Fund, S.C.A., Sicar. Suntech is currently assessing the potential impact of the GSF investigation and its dispute with a supplier on its consolidated financial statements and is not in a position to provide additional financial data at this time. The Company intends to publish its consolidated financial statements once the financial assessment is complete later in 2012 and will continue to inform investors of any material developments in a timely manner.