Fourth Quarter 2014 Financial and Operating Highlights
•Total solar module shipments were 488.4 megawatts ("MW"), exceeding previous guidance and representing an increase of 5.7% from Q3 2014. Total solar wafer and module shipments in Q4 2014 were 744.3 MW, representing an increase of 12.1% from 663.9 MW in Q3 2014, and a decrease of 5.1% from 784.1 MW in Q4 2013.
•Net revenues were US$387.0 million, representing an increase of 3.9% from US$372.5 million in Q3 2014, and a decrease of 11.8% from US$438.8 million in Q4 2013.
•Gross profit was US$51.2 million with a gross margin of 13.2%, compared to gross profit of US$57.1 million with a gross margin of 15.3% in Q3 2014, and gross profit of US$49.7 million with a gross margin of 11.3% in Q4 2013.
•Operating loss was US$2.2 million with an operating margin of negative 0.6%, compared to an operating income of US$8.5 million with an operating margin of 2.3% in Q3 2014, and an operating income of US$8.8 million with an operating margin of 2% in Q4 2013.
•Net loss attributable to holders of ordinary shares was US$8.1 million, representing basic and diluted loss per share of US$0.04 and basic and diluted loss per American depositary share ("ADS") of US$0.08.
•Cash and cash equivalents plus restricted cash totaled $221.7 million as of the end of Q4 2014, compared to US$196.7 million as of the end of Q3 2014, and US$348.9 million as of the end of Q4 2013.
•Net cash inflow from operating activities was US$48.8 million compared to net cash outflow from operating activities of US$10.7 million in Q3 2014, and net cash outflow from operating activities of US$29.5 million in Q4 2013.
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