Canadian Solar Reports First Quarter 2014 Results - WAFF-TV: News, Weather and Sports for Huntsville, AL

Canadian Solar Reports First Quarter 2014 Results

Information contained on this page is provided by an independent third-party content provider. WorldNow and this Station make no warranties or representations in connection therewith. If you have any questions or comments about this page please contact pressreleases@worldnow.com.

SOURCE Canadian Solar Inc.

GUELPH, Ontario, May 16, 2014 /PRNewswire/ -- Canadian Solar Inc. ("Canadian Solar" or the "Company") (NASDAQ: CSIQ), one of the world's largest solar power companies, today announced its financial results for the first quarter ended March 31, 2014. 

First Quarter 2014 Highlights

  • Solar module shipments were 500 MW, compared to 621 MW in the fourth quarter of 2013 and to first quarter guidance in the range of 470 MW to 490 MW.
  • Net revenue was $466.3 million, compared to $519.5 million in the fourth quarter of 2013 and to first quarter guidance in the range of $415 million to $430 million.
  • Net revenue from the total solutions business as a percentage of total net revenue was 27.4% compared to 23.4% in the fourth quarter of 2013.
  • Gross margin was 14.7%, compared to 19.5% in the fourth quarter of 2013 and to first quarter guidance in the range of 14% to 16%.
  • Diluted earnings per share were $0.07, compared to $0.39 in the fourth quarter of 2013.
  • Cash, cash equivalents and restricted cash balances at the end of the quarter totaled $781.0 million, compared to $679.4 million at the end of the fourth quarter of 2013.
  • Net cash used in operating activities was $153.7 million, compared to net cash provided by operating activities of $73.2 million in the fourth quarter of 2013.
  • During the quarter, the Company closed the sale of one solar power plant in Ontario, Canada to BluEarth valued at over C$53 million.

First Quarter 2014 Results

Net revenue for the first quarter of 2014 was $466.3 million, down 10.2% from $519.5 million in the fourth quarter of 2013 and up 76.9% from $263.6 million in the first quarter of 2013.  Total solar module shipments in the first quarter of 2014 were 500 MW, compared to 621 MW in the fourth quarter of 2013 and 340 MW in the first quarter of 2013.  Solar module shipments in the first quarter of 2014 included 49 MW used in the Company's total solutions business, compared to 41 MW in the fourth quarter of 2013 and 23 MW in the first quarter of 2013.

By geography, in the first quarter of 2014, sales to Asia and other markets represented 50.4% of net revenue, sales to the Americas represented 43.6% of net revenue, and sales to Europe represented 6.0% of net revenue, compared to, 62.4%, 32.1% and 5.5%, respectively, in the fourth quarter of 2013 and 57.4%, 17.9% and 24.7%, respectively, in the first quarter of 2013.


Q1 2014

Q4 2013

Q1 2013

US$M

%

US$M

%

US$M

%

Asia and others

234.7

50.4

323.8

62.4

151.5

57.4

Americas

203.4

43.6

167.0

32.1

47.1

17.9

Europe

28.2

6.0

28.7

5.5

65.0

24.7

Total

466.3

100.0

519.5

100.0

263.6

100.0

Gross profit in the first quarter of 2014 was $68.6 million, compared to $101.3 million in the fourth quarter of 2013 and $25.6 million in the first quarter of 2013.  The sequential decrease in gross profit was primarily due to lower module shipments in the first quarter of 2014.  The year-over-year increase in gross profit was primarily due to higher module shipments, as well as the increase in revenue contribution from the Company's higher margin total solutions business.  Gross margin in the first quarter of 2014 was 14.7%, compared to 19.5% in the fourth quarter of 2013 and 9.7% in the first quarter of 2013. 

Total operating expenses were $42.0 million in the first quarter of 2014, down 24.9% from $56.0 million in the fourth quarter of 2013 and up from $7.5 million in the first quarter of 2013. 

Selling expenses were $24.7 million in the first quarter of 2014, down 13.0% from $28.5 million in the fourth quarter of 2013 and up 31.8% from $18.8 million in the first quarter of 2013.  The sequentialdecrease in selling expenses was primarily due to lower bonus and labor costs and the seasonal decline in module shipments. The year-over-year increase in selling expenses was primarily due to higher shipping costs, as well as higher labor costs, partially offset by lower marketing expenses.

General and administrative expenses were $14.7 million in the first quarter of 2014, down 39.3% from $24.3 million in the fourth quarter of 2013 and up from negative $13.7 million in the first quarter of 2013.  The sequential decrease in general and administrative expenses was primarily due to the asset impairment charge of $3.7 million related to the mono-crystalline furnaces in the Luoyang plant and $1.2 million of bad debt allowance taken in the fourth quarter of 2013.  The year-over-year increase in general and administrative expenses was primarily due to reversal of the provision for an arbitration decision against the Company totaling approximately $30.0 million in the first quarter of 2013.

Research and development expenses were $2.5 million in the first quarter of 2014, compared to $3.2 million in the fourth quarter of 2013 and $2.4 million in the first quarter of 2013.

Operating margin was 5.7% in the first quarter of 2014, compared to 8.7% in the fourth quarter of 2013 and 6.8% in the first quarter of 2013. 

Interest expense in the first quarter of 2014 was $12.0 million, compared to $9.9 million in the fourth quarter of 2013 and $14.6 million in the first quarter of 2013.  The sequential increase in interest expense was primarily due to higher bank charges, as well as the interest on the convertible senior notes issued in the first quarter of 2014. 

Interest income in the first quarter of 2014 was $2.8 million, compared to $2.8 million in the fourth quarter of 2013 and $3.3 million in the first quarter of 2013. 

The Company recorded a loss on change in fair value of derivatives of $7.4 million in the first quarter of 2014, compared to a gain of $8.9 million in the fourth quarter of 2013 and a gain of $1.7 million in the first quarter of 2013.  Net foreign exchange gain in the first quarter of 2014 was $0.9 million compared to a net foreign exchange loss of $18.5 million in the fourth quarter of 2013 and a net foreign exchange loss of $14.8 million in the first quarter of 2013.

Income tax expense in the first quarter of 2014 was $7.3 million, compared to income tax expense of $3.7 million in the fourth quarter of 2013 and income tax benefit of $3.4 million in the first quarter of 2013.

Net income attributable to Canadian Solar in the first quarter of 2014 was $3.8 million, or $0.07 per diluted share, compared to net income of $20.9 million, or $0.39 per diluted share, in the fourth quarter of 2013, and net loss of $4.4 million, or $0.10 per diluted share, in the first quarter of 2013.

Financial Condition

As of March 31, 2014, the Company had $781.0 million of cash, cash equivalents and restricted cash, compared to $679.4 million as of December 31, 2013.

On February 18, 2014, the Company closed a concurrent offering of 3,194,700 common shares and $150 million in principal amount of 4.25% convertible senior notes due 2019, receiving net proceedsof approximately $255.7 million after deducting discounts and commissions but before offering expenses.

Accounts receivable, net of allowance for doubtful accounts, at the end of the first quarter of 2014 were $343.7 million, compared to $280.7 million at the end of the fourth quarter of 2013.  Accounts receivable turnover was 71 days in the first quarter of 2014, compared to 59 days in the fourth quarter of 2013.

Inventories at the end of the first quarter of 2014 were $376.4 million, compared to $231.2 million at the end of the fourth quarter of 2013.  Inventory turnover was 74 days in the first quarter of 2014, compared to 53 days in the fourth quarter of 2013.

Accounts and notes payable at the end of the first quarter of 2014 were $665.0 million, compared to $639.4 million at the end of the fourth quarter of 2013.

Short-term borrowings at the end of the first quarter of 2014 were $801.4 million, compared to $778.5 million at the end of the fourth quarter of 2013.  Long-term debt at the end of the first quarter of 2014 was $163.5 million, compared to $151.4 million at the end of the fourth quarter of 2013.  Senior convertible notes totaled $150 million at the end of the first quarter of 2014, compared to nil at the end of the fourth quarter of 2013.  Short-term borrowings and long-term debt directly related to utility-scale solar power projects totaled $218.3 million at the end of the first quarter of 2014.

Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar, remarked: "Both shipments and revenue for the first quarter exceeded our guidance, in this seasonally slow quarter.  Demand remained strong in our key target markets, such as Canada, Japan, and the U.S., and we benefited from a slightly higher average selling price for our modules.  We also made progress on our total solutions business, which contributed 27.4% ofour total net revenue in the first quarter of 2014, up from 23.4% in the fourth quarter of 2013.  In addition, during the quarter we successfully completed a concurrent equity and convertible bond offering which positions us well to accelerate the development of our solar power project business and contribute to our profitable growth in the quarters ahead."

Michael G. Potter, Senior Vice President and Chief Financial Officer of Canadian Solar, commented: "We continue to execute according to plan, as we secure, develop and ultimately sell our utility-scale solar projects and continue to profitably operate our solar module business.  Gross margin was 14.7%, and was impacted approximately 1% by the effects of a small fire in our cell factory.  We hope to recover that from insurance later this year.  We were able to reduce operating expenses by 24.9% in the first quarter to match the seasonally lower shipment level.  Our inventory balance increased by $145.3 million at the end of the first quarter compared to the fourth quarter, in order to support expected demand growth from our module business and our total solutions business, including construction delayed by the severe winter conditions in North America in the first quarter.  We ended the first quarter with $781.0 million in cash, cash equivalents and restricted cash, up from $679.4 million at the end of the fourth quarter.  This continues to give us a considerable advantage as we pursue higher margin solar module and utility-scale project opportunities in our target markets."

Utility Scale Project Pipeline Update

At the end of March 2014, the Company had a pipeline of late stage utility-scale solar projects totaling approximately 1.2 GW DC.  These projects include owned and joint-venture projects as well as projects where the Company provides engineering, procurement and construction (EPC) services.

In Canada, during the first quarter of 2014, the Company closed the sale of the Little Creek project in Ontario, Canada to BluEarth for over C$53.0 million.  During the quarter the Company also completed the sale of two projects, Westbrook and Oro, to a fund managed by BlackRock and simultaneously entered into EPC contracts to complete the construction of these projects.  In addition, the Demorestville project, a project previously sold to a fund managed by BlackRock, commenced commercial operation in the first quarter of 2014.  Another project, William Rutley, is in commercial operation pending completion of the sale to an investor.  The Company's late stage solar project pipeline in Ontario, Canada, including those in construction, now stands at approximately 453 MW DC, representing a revenue opportunity of approximately C$1.7 billion once the projects are built and connected to the grid.

The following table summarizes the status of the Company's solar projects in Ontario, Canada at the end of March 2014: 

Project Pipeline

MW (DC)

Status

COD or Expected COD (1)

End Buyer

Liskeard 1, 3 and 4

42.0

In Construction

2014 Q3/Q4

TransCanada

William Rutley

13.9

Commercial Operation

2012 Q4

TransCanada

Alfred

14.0

Permitting

2015 Q2

TransCanada

Foto Light LP

14.0

Engineering

2014 Q4

TBD

Illumination LP

14.0

Engineering

2015 Q2

DIF

Gold Light LP

14.0

Engineering

2014 Q4

DIF

Beam Light LP

14.0

Engineering

2015 Q2

DIF

Earth Light LP

14.0

Permitting

2015 Q2

Concord

Lunar Light LP

14.0

Engineering

2015 Q2

BluEarth

Discovery Light LP

11.6

In Construction

2014 Q4

TBD

Sparkle Light LP

14.0

In Construction

2014 Q4

BluEarth

GlenArm LP

14.0

In Construction

2014 Q4

DIF

Good Light LP

14.0

In Construction

2014 Q3

BluEarth

Aria LP

12.6

Engineering

2015 Q2

Concord

Ray Light LP

14.0

In Construction

2014 Q3

Concord

Mighty Solar LP

14.0

In Construction

2014 Q3

Concord

City Lights LP

14.0

Engineering

2014 Q4

TBD

Highlight (Val Caron) (2)

14.0

In Construction

2014 Q2

Concord

Oro-Medonte 4

7.7

In Construction

2014 Q4

BlackRock

Taylor Kidd

8.0

In Construction

2014 Q3

BlackRock

Demorestville

0.1

Commercial Operation

2014 Q1

BlackRock

Westbrook

8.7

In Construction

2014 Q3

BlackRock

Penn Energy

29.3

In Construction

2014 Q2/3

Penn Energy

Grand Renewable Ph. I (Samsung)

123.0

In Construction

2015 Q1

GRSP

Total

452.9





(1) Commercial Operation Date.
(2) Subsequent to the end of the first quarter of 2014, this project has reached COD and is in the customer tests and sales closing process.

In the United States, during the first quarter of 2014, the Company completed construction of two solar power plants totaling approximately 13 MW DC.   At the end of the quarter, the Company's late stage, utility-scalesolar power project pipeline in the United States totaled approximately 151 MW DC.

In Japan, in the first quarter of 2014, the Company was able to increase its utility-scale solar power project pipeline to 343 MW DC.  In addition, the Company has short-listed buyers and partners for the first bundle of projects totaling 11 MW.  The Company expects to start construction of the first project in the near future.  The Company continues to work on expanding its project pipeline in Japan, and expects it to total approximately 600 MW by the end of 2014.  Meanwhile, we have noticed that construction permitting for some projects in Japan takes longer time than we had hoped for.  

The following table summarizes the status of the Company's solar projects in Japan at the end of March 2014:

Project Pipeline

MW (DC)

FIT
(JPY/kWh)

Expected COD

Project 1

44.5

40

2016

Project 2

29.8

36

2016

Project 3

25.0

40

2016

Project 4

12.8

36

2015

Project 5

3.4

40

2015

Project 6

25.0

36

2016

Project 7

16.0

32

2015

Project 8

29.0

36

2016

Project 9

20.0

36

2016

Project 10

12.0

36

2015

Project 11

1.2

40

2014

Project 12

1.7

36

2015

Project 13

0.9

40

2014

Project 14

2.3

36

2015

Project 15

1.6

40

2015

Project 16

2.3

36

2015

Project 17

1.9

40

2015

Project 18

1.3

36

2015

Project 19

2.3

36

2015

Project 20

3.8

40

2015

Project 21

40.0

36

2016

Project 22

10.0

36

2015

Project 23

24.0

32

2015

Project 24

20.0

36

2016

Project 25

12.0

36

2016

Total

342.7



In China, as of the end of the first quarter of 2014, the Company has identified a pipeline of late stage utility-scale solar power project pipeline totaling 290 MW, and is continuing with the permitting process.

Business Outlook

The Company's business outlook is based on management's current views and estimates with respect to operating and market conditions, its current order book, global and local financing environment as well as uncertainty relating to customer final demand and solar project construction schedule.  Management's views and estimates are subject to change without notice.

For the second quarter of 2014, the Company expects module shipments to be in the range of approximately 600 MW to 630 MW.  Total revenue for the second quarter of 2014 is expected to be in the range of $560 million to $590 million, with gross margin expected to be between 17% and 19%.

For full year 2014, the Company reaffirmsits guidance for annual module shipments to be in the range of 2.5 GW to 2.7 GW, including 400 MW to 500 MW of project recognition.  In addition, the Company expects to build and/or hold up to 250 MW of project assets during 2014.  The Company also reaffirms guidance for net revenue in 2014 to be in the range of approximately $2.7 billion to $2.9 billion.

The Company's Canadian and U.S. project revenue recognition is expected to be back-end loaded in 2014 due to permitting and construction scheduling as well as US GAAP accounting rules which, for most Canadian projects, only allow revenue recognition after the commercial operation date (COD) and the transfer of ownership to end customers.  The estimated COD of all of the Company's late-stage projects in Canada, the U.S., Japan and China is subject to change without notice as a result of delays in permitting and construction, among other risk factors.  The acceptance tests and closing process will start after COD. The length of acceptance tests may be affected by the solar radiation level and other weather conditions, therefore, the close of project sales transaction may not always occur in the same quarter of COD.

The Company has recently commissioned another module workshop in its flagship factory in Changshu, Jiangsu Province, China. This brings our total annual module production capacity to 3 GW. Meanwhile, the Company will start construction of a new solar cell production site in Funing, Jiangsu Province, China and expects to bring 60 MW of new cell capacity on line by the end of 2014. If fully built, the new site can host up to 1.2 GW of solar cell production capacity. While this new site provides room for continuous growth, the Company will make further investment decisions only if it determines that the market demands exist and will remain healthy for the long term.

Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar, remarked: "We are experiencing strong demand for our products in all key geographies and expect reasonably strong global market demand growth in 2014.  We expect Japan, Canada, China, and the U.S., among others, to remain healthy markets for us through 2014.  We continue to believe that in 2014, and for several years to follow, China will be the biggest market in the world, with at least 11 GW to 12GW of solar module installations this year with the possibility of achieving the total announced target of 14 GW.  We are also excited with our prospects in the U.S. market, and having recently ramped up our module production capacity in our Canadian plant, we will start shipping significant volumes from Canada to the U.S. On the project business front, we also expect to continue our steady progress. With the severe Ontario winter and subsequent snow melt flooding events behind us, we recently ramped up construction activities, and expect to make significant progress in all of our project sites from the spring to the fall."

"It is also worth mentioning that although the permitting of some Japanese projects takes longer than expected, we are making progress in our project business in this country. We have recently short-listed both buyers and local EPC contractors for the first bundle of projects totaling 11 MW. We will soon be able to announce the construction commencement of the first 1 MW project.  Though that sounds like a humble start, it allows us to establish the market benchmark of project transaction value and EPC cost for our future projects in Japan.  It also signals our transaction from one of the largest brand module suppliers to a provider of both solar project and module solutions."

Recent Developments

On May 14, 2014, Canadian Solar announced a partnership with IKEA Australia, a globally celebrated leader of the retail industry to build 3.6 MW of solar systems.  The 3.6 MW project will span across seven IKEA sites located in Victoria, New South Wales, and Queensland, and will generate enough clean energy to offset approximately 4,000 tons of CO2 annually.

On May 12, 2014, Canadian Solar announced that it won the Randstad Award as One of Canada's Most Attractive Employers, in a survey by Randstad Canada, the country's leading staffing, recruitment, and HR services company. Canadian Solar was selected as the fourth most attractive employer by more than 8,500 Canadians and ranked amongst the 150 largest companies in Canada.

On May 2, 2014, Canadian Solar announced that the National Bank of Canada will provide the Company with C$115.5 million, in short-term construction financing. The credit facility will be used to support the construction of three solar power projects in Ontario, Canada, totaling 30 MW AC.

On April 22, 2014, Canadian Solar announced that it was awarded a module supply agreement to provide 43 MW of photovoltaic modules to power the second largest solar project in Japan. 

On April 16, 2014, Canadian Solar announced the completion of the first diesel hybrid PV system in the remote microgrids in northern Ontario, Canada.  The 152kW rooftop solar array on the Deer Lake First Nation Elementary School, completed by Canadian Solar with its supplier partners, is the first project under a strategic partnership with NCC Development, LP a First Nation renewable energy management company.

On April 1, 2014, Canadian Solar announced that The Manufacturer's Life Insurance Company ("Manulife") agreed to provide approximately C$50.5 million in construction and term financing to Canadian Solar for the Company's Mighty Solar power project located in Ontario, Canada.  The Mighty Solar project will be acquired by Concord Green Energy Inc. once in commercial operation.

On March 27, 2014, Canadian Solar announced that its wholly-owned subsidiary, Canadian Solar Solutions Inc., completed the sale of Little Creek, an 8.5 MW AC solar power plant valued at over C$53.0 million to a BluEarth Renewables Inc. subsidiary. 

On March 14, 2014, Canadian Solar announced the opening of Canadian Solar Microgrid Testing Centre.  The Centre will focus on micro-grid solution testing, system solution design and smart grid assessment services.

On March 6, 2014, the London, Ontario community celebrated the creation of more than 200 local renewable energy jobs at the grand opening of Canadian Solar's newest manufacturing facility.

On March 6, 2014, Canadian Solar announced that Manulife agreed to provide C$48 million in construction and term financing to Canadian Solar for the Company's Val Caron solar power project located in Ontario, Canada.

Conference Call Information

The Company will hold a conference call on Friday May 16, 2014 at 8:00 a.m. U.S. Eastern Time (8:00 p.m., May 16, 2014 in Hong Kong) to discuss the Company's first quarter results and business outlook.  The dial-in number for the live conference call is +1-877-703-6107 or +1-857-244-7306, with passcode 19038700.  A live webcast of the conference call will also be available on Canadian Solar's website at www.canadiansolar.com

A replay of the call will be available 4 hours after the conclusion of the call until 11:00 p.m. on May 23, 2014, U.S. Eastern Time (11:00 a.m., May 24, 2014 in Hong Kong) and can be accessed by dialing +1-617-801-6888 or +1-888-286-8010 and entering the passcode 18179910.  A webcast replay will also be available at www.canadiansolar.com

About Canadian Solar Inc.

Founded in 2001 in Canada, Canadian Solar Inc. (NASDAQ: CSIQ) is one of the world's largest and foremost solar power companies. As a leading vertically integrated provider of solar modules, specialized solar products and solar power plants with operations in North America, South America, Europe, Africa, the Middle East, Australia and Asia, Canadian Solar has delivered more than 6 GW of premium quality solar modules to customers in over 70 countries. Canadian Solar is committed to improve the environment and dedicated to provide advanced solar energy products, solutions and services to enable sustainable development around the world. For more information, please visit www.canadiansolar.com

Safe Harbor/Forward-Looking Statements:

Certain statements in this press release regarding the Company's expected future shipment volumes, gross margins, business prospects and future quarterly or annual results, particularly the management quotations and the statements in the "Business Outlook" section, are forward-looking statements that involve a number of risks and uncertainties that could cause actual results to differ materially. These statements are made under the "Safe Harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. In some cases, you can identify forward-looking statements by such terms as "believes," "expects," "anticipates," "intends," "estimates," the negative of these terms, or other comparable terminology. Factors that could cause actual results to differ include the risks regarding the previously disclosed SEC investigation as well as general business and economic conditions and the state of the solar industry; governmental support for the deployment of solar power; future available supplies of high-purity silicon; demand for end-use products by consumers and inventory levels of such products in the supply chain; changes in demand from significant customers; changes in demand from major markets such as Germany, Japan, the U.S. and China; changes in customer order patterns; changes in product mix; capacity utilization; level of competition; pricing pressure and declines in average selling prices; delays in new product introduction; delays in utility-scale project approval process; delays in utility-scale project construction; continued success in technological innovations and delivery of products with the features customers demand; shortage in supply of materials or capacity requirements; availability of financing; exchange rate fluctuations; litigation and other risks as described in the Company's SEC filings, including its annual report on Form 20-F filed on April 28, 2014. Although the Company believes that the expectations reflected in the forward looking statements are reasonable, it cannot guarantee future results, level of activity, performance, or achievements. Investors should not place undue reliance on these forward-looking statements. All information provided in this press release is as of today's date, unless otherwise stated, and Canadian Solar undertakes no duty to update such information, except as required under applicable law.

FINANCIAL TABLES FOLLOW


Canadian Solar Inc.

Unaudited Condensed Consolidated Statement of Operations

(In Thousands of US Dollars, Except Share And Per Share Data And Unless Otherwise Stated)




 Three Months Ended


March 31,

December 31,

March 31,


2014

2013

2013

Net revenues

466,324

519,469

263,611

Cost of revenues

397,716

418,213

238,054

Gross profit

68,608

101,256

25,557

Operating expenses:




Selling expenses

24,746

28,457

18,771

General and administrative expenses

14,740

24,268

(13,672)

Research and development expenses

2,548

3,234

2,442

Total operating expenses

42,034

55,959

7,541

Income from operations

26,574

45,297

18,016

Other income (expenses):




Interest expense

(12,031)

(9,948)

(14,631)

Interest income

2,840

2,777

3,265

Gain (loss) on change in foreign currency derivatives

(7,407)

8,936

1,683

Foreign exchange gain (loss)

873

(18,532)

(14,753)

Others

47

428

-

Other expenses, net

(15,678)

(16,339)

(24,436)

Income (loss) before incomes taxes and equity in earnings (loss) of unconsolidated investees

10,896

28,958

(6,420)

Income tax (expense) benefit

(7,345)

(3,687)

3,367

Equity in earnings (loss) of unconsolidated investees

521

(1,216)

(865)

Net income (loss)

4,072

24,055

(3,918)

Less: Net income attributable to non–controlling interests

289

3,108

459

Net income (loss) attributable to Canadian Solar Inc.

3,783

20,947

(4,377)





Earnings (loss) per share - basic

$0.07

$0.41

$(0.10)

Shares used in computation - basic

52,638,946

50,494,856

43,295,638

Earnings (loss) per share - diluted

$0.07

$0.39

$(0.10)

Shares used in computation - diluted

55,176,154

53,317,482

43,295,638

 

Canadian Solar Inc.
Unaudited Condensed Consolidated Statement of Comprehensive Income
(In Thousands of US Dollars)




 Three Months Ended


March 31,

December 31,

March 31,


2014

2013

2013

Net  Income (loss)

4,072

24,055

(3,918)

Other comprehensive income (net of tax of nil):




Foreign currency translation adjustments

(11,985)

(3,420)

(1,977)

Comprehensive income (loss)

(7,913)

20,635

(5,895)

Less: comprehensive income (loss) attributable to non-controlling interests

86

2,115

(97)

Comprehensive income (loss) attributable to Canadian Solar Inc.

(7,999)

18,520

(5,798)





 

 

Canadian Solar Inc.

Unaudited Condensed Consolidated Balance Sheet

(In Thousands of US Dollars)

ASSETS


March 31, 2014

December 31, 2013

Current assets




     Cash and cash equivalents


364,197

228,250

     Restricted cash


416,774

451,153

     Accounts receivable trade, net


343,729

280,694

     Accounts receivable, unbilled


11,315

13,947

     Amount due from related parties


7,271

4,689

     Inventories


376,418

231,158

     Value added tax recoverable


16,079

15,705

     Advances to suppliers - current


43,951

42,028

     Foreign currency derivative assets


1,264

7,323

     Project assets - current


332,871

344,162

     Prepaid expenses and other current assets


142,591

100,247

Total current assets


2,056,460

1,719,356

Property, plant and equipment, net


388,090

407,605

Deferred tax assets, net


59,659

62,950

Prepaid land use right


18,511

18,776

Investments in affiliates


34,164

34,070

Intangible assets, net


5,542

5,657

Project assets  – non-current


188,083

160,836

Other non-current assets


45,812

44,485

TOTAL ASSETS


2,796,321

2,453,735

LIABILITIES, REDEEMABLE NON-CONTROLLING INTERESTS AND EQUITY  

Current liabilities:




Short-term borrowings


801,397

778,513

Accounts and notes payable


665,035

639,376

Amounts due to related parties


22,494

19,872

Other payables


92,418

101,266

Advances from customers


79,728

75,328

Foreign currency derivative liabilities


5,685

597

Other current liabilities


205,449

163,407

Total current liabilities


1,872,206

1,778,359

Accrued warranty costs


43,613

40,605

Convertible senior notes


150,000

-

Long-term borrowings


163,488

151,392

Liability for uncertain tax positions


14,828

17,192

Deferred tax liabilities – non-current


6,294

24,044

Loss contingency accruals


29,579

29,698

TOTAL LIABILITIES


2,280,008

2,041,290

Equity:




Redeemable non-controlling interests


10,537

10,948

Common shares


672,204

561,242

Additional paid-in capital


(30,892)

(32,121)

Accumulated deficit


(188,720)

(192,503)

Accumulated other comprehensive income


42,128

53,910

Total Canadian Solar Inc. shareholders' equity


494,720

390,528

Non-controlling interests  in subsidiaries


11,056

10,969

TOTAL EQUITY


505,776

401,497

TOTAL LIABILITIES, REDEEMABLE NON-CONTROLLING
INTEREST
S AND EQUITY


2,796,321

2,453,735





©2012 PR Newswire. All Rights Reserved.

Powered by WorldNow

1414 North Memorial Parkway
Huntsville, AL 35801
256-533-4848

WAFF Is a Proud Member
of the Raycom Family of Stations


FCC Public File
EEO Report
Closed Captioning

All content © Copyright 2000 - 2014 Worldnow and WAFF. All Rights Reserved.
For more information on this site, please read our Privacy Policy and Terms of Service.