Before I turn the call over to Stephen, may I remind our listeners that management-prepared remarks include forward-looking statements made under the Safe Harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements involve inherent risks and uncertainties. And as such, our results may be materially different from the views expressed today. A number of potential risks and uncertainties are outlined in our public filings with the SEC. China Sunergy does not make – undertake any obligation to update any forward-looking statements, except as required under applicable law. As a reminder, this conference is being recorded.
Now, I’d like to turn the call over to CEO, Mr. Stephen Cai. Stephen?
Thank you all for joining. We are reporting (inaudible) this quarter. And by now, you know that we are all operating in a scientifical environment. With the shrinking short term demand, falling prices, fewer feed in tariffs and a high cash flow. The key is how we are performing relative to peers and how determined we are to get through this period?We believe that our second quarter result, while disappointing, do demonstrate that we are competing as effectively as we can in this market and are working creatively as a management team to optimize our business model. On the positive side, our shipments have totaled over 150 megawatts, which was precisely within the guidance provided the last quarter and are almost have doubled our shipment in last quarter. We also made good progress in further reducing sale and the module in the silicon of conversion cost, which we will discuss in detail later on the call. However, first we’ve pre-announced to the market on August 13, our gross margin fell short of original guidance by the roughly 5% due to the fast falling ASPs and the depreciation of the euro against the U.S. dollar during the period.
Check Out Our Best Services for Investors
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts