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LDK Solar ends Q1 with $174 million cash, reaches settlement with noteholders
By Lisa Kerner
Charlotte, N.C., June 11 - LDK Solar Co., Ltd. ended the first quarter of 2013 with $174.1 million in cash and cash equivalents and $168.4 million in short-term pledged bank deposits, said chief financial officer Jack Lai during the company's first-quarter earnings call on Tuesday.
Total interest-bearing borrowings were about $2.9 billion, including $2.8 billion of short-term borrowings.
According to Lai, the company reached an agreement with the holders of its 4.75% convertible senior notes due April 15, 2013 to settle $21.7 million of the $23.8 million of the amount due. Lai said LDK will work to settle the remaining amount.
Financial highlights
The company's net sales at March 31 were down 43.2% from a year ago at $104.3 million, said company chairman Xiaofeng Peng on the call.
Gross margin for the quarter was negative 57% compared to a negative 65.5% in the first quarter of fiscal 2012.
LDK reported a net loss available to its shareholders for the quarter of $187.1 million, or a loss of $1.21 per diluted American Depositary Share, compared to a net loss of $185.2 million, or a loss of $1.46 per diluted ADS, for the prior-year period.
"The first-quarter operating environment remained challenging for the solar industry," said president and chief executive officer Xingxue Tong.
The company has undertaken a number of initiatives to tighten operating expenses, including reducing headcount by more than 1,600 since year-end and right-sizing production outputs to meet customer demands.
LDK Solar is a Xinyu City, China-based producer of solar wafers and photovoltaic products.
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