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LDK Books $217M Q4 Write-Down
Multicrystalline wafer manufacturer LDK Solar (NYSE:LDK) booked a net loss of $133.1 million, compared to net income of $88.4 million last quarter, for the fourth quarter of fiscal 2008 including a $216.7 million inventory write-down. Net sales were $426.6 million, down 21.3% quarter-on-quarter and up 121% year-on-year.
For fiscal 2008, revenues were $1.6 billion, up 214% year-on-year, with net income of $154.7 million. Wafer production capacity hit 1.46GW.
LDK started in-house polysilicon production in early January and expects production to hit 2,000 to 3,000 metric tons this year.
For the first quarter of 2009, LDK predicts revenues of $240-280 million, with wafer shipments of 170-200MW and 3-6% gross margin. For fiscal 2009, revenues are expected to come in between $1.4 billion and $1.8 billion, with wafer shipments of 1.2GW to 1.45GW and 12-19% gross margin.
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