Renesola (NYSE:SOL)

First Quarter 2012 Financial and Operating Highlights

• Total solar wafer and module shipments in Q1 2012 were 466.0 megawatts ("MW"), exceeding Company guidance and representing an increase of 37.1% from 339.9 MW in Q4 2011.
• Q1 2012 net revenues were US$211.5 million, exceeding Company guidance and representing an increase of 12.7% from US$187.7 million in Q4 2011.
• Q1 2012 gross loss was US$8.0 million with a gross margin of negative 3.8%, which included a $12.2 million write-down for inventory, compared to a gross loss of US$43.4 million with a gross margin of negative 23.1% in Q4 2011.
• Q1 2012 operating loss was US$37.8 million with an operating margin of negative 17.9%, compared to an operating loss of US$52.7 million with an operating margin of negative 28.1% in Q4 2011.
• Q1 2012 net loss was US$40.2 million, representing basic and diluted loss per share of US$0.23, and basic and diluted loss per American depositary share ("ADS") of US$0.47.
• Cash and cash equivalents plus restricted cash were $388.3 million as of the end of Q1 2012, compared toUS$437.4 million as of the end of Q4 2011.

"We continue to navigate what remains a challenging and substantially oversupplied global solar market by aggressively managing our costs," said Mr. Xianshou Li, ReneSola's chief executive officer. "At the same time, however, we have seen steady improvement in our module sales and have built up a backlog of orders, which we are confident will continue to increase. As such, we are working to leverage our R&D advantages in wafer technology, and specifically our Virtus wafer products, to produce higher-efficiency Virtus modules, which deliver a power output of 245 W to 255 W. Our Virtus modules will use our self-manufactured Virtus wafers, which represent ReneSola's core competitive strengths in wafer R&D and technology. On May 17, we will formally announce and kick-off marketing for our high-efficiency modules and diamond-steel wires at the Shanghai New Exhibition Center (SNEC) PV Power Expo. Additionally, our polysilicon project remains on track, and will give us important flexibility as the market continues to evolve."

Outlook

For Q2 2012, the Company expects total solar wafer and module shipments to be in the range of 460 MW to 480 MW, with module shipments of 150 MW to 170 MW, and revenues to be in the range of US$200 million to US$220 million with positive gross margins.

For the full year 2012, the Company's outlook is unchanged, with total solar wafer and module shipments expected to be in the range of 1.8 GW to 2.0 GW.

Fourth Quarter 2011 Results

• Total solar wafer and module shipments in Q4 2011 were 339.9 megawatts ("MW"), exceeding Company guidance and an increase of 3.5% from 328.5 MW in Q3 2011.
• Q4 2011 net revenues were US$187.7 million, exceeding Company guidance and representing a decrease of 0.7% from US$189.1 million in Q3 2011.
• Q4 2011 gross loss was US$43.4 million with a gross margin of negative 23.1%, compared to gross loss of US$7.7 million with a gross margin of negative 4.0% in Q3 2011.
• Q4 2011 operating loss was US$52.7 million with an operating margin of negative 28.1%, compared to an operating loss of US$34.5 million with an operating margin of negative 18.2% in Q3 2011.
• Q4 2011 net loss was US$36.7 million, representing basic and diluted loss per share of US$0.21, and basic and diluted loss per American depositary share ("ADS") of US$0.43.
• Cash and cash equivalents plus restricted cash were $437.4 million as of the end of Q4 2011, compared to US$450.3 million as of the end of Q3 2011.

"Challenging market conditions continued to impact our business in the fourth quarter of 2011," said Mr. Xianshou Li, ReneSola's chief executive officer. "The continuing uncertainty surrounding Europe's economy and proposed austerity measures exacerbated the supply-demand situation, negatively impacting our revenues and margins for the quarter, despite near-record shipments including significantly increased module shipments. Although we achieved our year-end cost-reduction targets, which placed our cost structure among the lowest in the industry, it was not enough to offset extremely low solar wafer and module prices. We still believe, however, that our low production costs uniquely position us to weather the current downturn. As a result, we were able to achieve positive net income for the full year of 2011."

Mr. Li continued, "For 2012, we will continue to invest in research and development to further reduce our costs and improve efficiency. While we expect to maintain our leadership position in wafer production, we will increasingly focus on our high-margin module business, capitalizing on our reputation, product quality and new regional teams, to increase sales. We will continue to invest heavily in our in-house polysilicon production, which achieved costs close to the record-low spot prices of December and lower than many of our competitor's long-term polysilicon contracts. As part of our cost-reduction strategy, we will also explore horizontal opportunities like our diamond-steel wire production, which began in the fourth quarter of 2011. We are confident our cost-reduction efforts will help us withstand pricing pressures from an oversupplied market, which we expect to persist into 2013, and capitalize on an industry that overall is still growing at a rapid pace."

Outlook

For Q1 2012, the Company expects total solar wafer and module shipments to be in the range of 400 MW to 420 MW and revenues to be in the range of US$180 million to US$190 million.

For the full year 2012, the Company expects total solar wafer and module shipments to be in the range of 1.8 GW to 2.0 GW.

Third Quarter 2011 Results

JIASHAN, China, Aug. 22, 2011 /PRNewswire-Asia-FirstCall/ -- ReneSola Ltd (NYSE: SOL) ("ReneSola" or the "Company"), a leading global manufacturer of solar products, today announced that its Board of Directors has authorized a share repurchase program under which ReneSola may repurchase up to US$100 million in aggregate value of the Company's outstanding ordinary shares.

Under the program, the Company may, from time to time, for a limited period of time, depending on market conditions, share price and other factors, make one or more purchases, on the open market or in privately negotiated transactions, of up to US$100 million in aggregate value of the Company's outstanding common shares. Such purchases under the program will be made in accordance with the applicable laws and subject to any required regulatory approvals. Mr. Xianshou Li, ReneSola's chief executive officer, and Mr. Henry Wang, ReneSola's chief financial officer, are granted full discretion to act on behalf of the Company to acquire shares of the Company under the share repurchase program.

Mr. Xianshou Li, ReneSola's chief executive officer and director, commented, "At present, we believe our shares are undervalued. Despite relatively weak capital markets and a challenging solar market, we are confident in the long-term prospects of our business and the industry as a whole. With a healthy cash position, we believe the share repurchase program will generate value for our shareholders while we leverage our new Virtus wafer technology, our increasing in-house polysilicon production and our strong leadership position in wafer production to capitalize on new opportunities."

JIASHAN, China, July 12, 2011 /PRNewswire-Asia-FirstCall/ -- ReneSola Ltd ("ReneSola" or the "Company") (NYSE: SOL), a leading global manufacturer of solar products, today announced that it has revised its second quarter 2011 guidance primarily due to declines in wafer prices and a challenging solar module market.

For the second quarter of 2011, the Company estimates its total solar wafer and module shipments to be in the range of 290 MW to 300 MW, compared to its previously guided range of 330 MW to 350 MW; revenues to be in the range of US$235 million to US$245 million, compared to its previously guided range of US$280 million to US$300 million; and gross profit margin to be in the range 17% to 19%, compared to its previously guided range of 25% to 27%.

Mr. Xianshou Li, ReneSola's chief executive officer, commented, "We experienced greater-than-expected price declines in both our core wafer business and supporting module business in the second quarter of 2011. Although the decline in wafer prices will impact our second quarter margins, we believe our low manufacturing costs will continue to decrease with our in-house polysilicon production expansion and proprietary technology advances in manufacturing and will help ease margin pressure. Additionally, our wafers are still selling at a 100% utilization rate."

Mr. Li continued, "We will maintain our focus on our core wafer business, as well as horizontal expansion to reduce costs, and will continue selling modules to our customers. Despite a relatively cautious near-term outlook, we believe our industry expertise, low-cost manufacturing and strong balance sheet position us well for long-term growth."

We have financed our operations primarily through short-term borrowings, long-term borrowings, proceeds from our equity offerings on the NYSE, the proceeds from our convertible bond offering, which we redeemed in the first quarter of 2010, and cash generated from operations.

We believe that our current cash and cash equivalents, anticipated cash flows from our operations and bank borrowings will be sufficient to meet our anticipated cash needs in 2011 based on current capital expenditure and operation plans. We may, however, require additional cash due to changing business conditions or other future developments, including any investments or acquisitions we have decided or may decide to pursue. If our existing cash is insufficient to meet our requirements, we may seek to sell additional equity securities, debt securities or borrow from lending institutions.

First Quarter Results:

• Q1 2011 net revenues were US$328.2 million, in line with Company guidance and a decrease of 15.1% from US$386.4 million in Q4 2010.
  
• Q1 2011 gross profit was US$100.6 million with a gross margin of 30.7%, in line with Company guidance and comparable to 30.9% in Q4 2010.
  
• Q1 2011 operating income was US$75.6 million with an operating margin of 23.0%, an improvement from 22.2% in Q4 2010.
  
• Q1 2011 net income was US$43.3 million, representing basic and diluted earnings per share of US$0.25 and US$0.24, respectively, and basic and diluted earnings per American depositary share ("ADS") of US$0.50 and US$0.49, respectively.
  

"Despite a relatively cautious market in terms of demand, we delivered a good set of results in the first quarter of 2011, especially in terms of gross profit margin and operating margin," said Mr. Xianshou Li, ReneSola's chief executive officer. "We have witnessed a sharp decline in module ASPs but wafer pricing held strong during the quarter and our cost-reduction efforts allowed us to maintain a healthy gross margin of 30.7%. We made significant gains in reducing polysilicon cost during the quarter and are on target to increasing production towards the plant's annual capacity of 3,500 MT. As part of our cost-reduction initiatives, we have also ventured horizontally into wafer consumables and expect to launch steel wire production in the second half of this year. Though we hold a cautious outlook for demand in Europe, particularly due to the uncertainty and policy changes in Italy, we will continue to build out our capacities and are confident in our ability to drive down costs and remain an industry leader in low-cost wafers."

The Company maintains a cautious outlook on market demand as a result of uncertainties in government policies related to the solar industry. In Q2 2010, the Company expects total solar wafer and module shipments to be in the range of 330 MW to 350 MW, revenues to be in the range of US$280 million to US$300 million and gross profit margin to be in the range of 25% to 27%.

Fourth Quarter Highlights:

• Q4 2010 net revenues were a record US$386.4 million, an increase of 7.7% from US$358.7 million in Q3 2010.
• Q4 2010 gross profit was a record US$119.3 million with a gross margin of 30.9%, compared to gross profit of US$116.7 million with a gross margin of 32.5% in Q3 2010.
• Q4 2010 net income was US$61.0 million, representing basic and diluted earnings per share of US$0.35 and US$0.34, respectively, and basic and diluted earnings per American depositary share ("ADS") of US$0.70 and US$0.69, respectively.

"We delivered excellent value to our shareholders for the full year 2010, achieving a record return on equity of 34.4%," said Mr. Xianshou Li, ReneSola's chief executive officer, "Capitalizing on robust market demand, we expanded our capacities and increased our shipments throughout the year to reach record revenues of over US$1.2 billion. We continued to execute on our cost-reduction strategy in the fourth quarter, lowering our non-silicon wafer processing cost to US$0.24/W. Our polysilicon plant also began to contribute to profitability as we continued to ramp up polysilicon production and reduce production cost toUS$45/kg in February against a macro environment of rising polysilicon spot prices."

• For Q1 2011, the Company expects total solar wafer and module shipments to be in the range of 320 MW to 330 MW, revenues to be in the range of US$310 million to US$330 million and gross profit margin to be in the range of 30% to 32%.
• For the full year 2011, the Company expects total solar wafer and module shipments to be in the range of 1.6 GW to 1.7 GW, representing an increase of 35% to 44% year-over-year.

Third Quarter 2010 Financial and Operating Highlights

• Total solar wafer and module shipments in Q3 2010 were a record 324.9 megawatts ("MW"), an increase of 25.8 % from 258.3 MW in Q2 2010.

• Q3 2010 net revenues were a record US$358.7 million, an increase of 41.3% from US$253.9 million in Q2 2010.

• Q3 2010 gross profit was US$116.7 million with a gross margin of 32.5%, compared to gross profit of US$76.6 million with a gross margin of 30.2% in Q2 2010.

• Q3 2010 operating income was US$86.4 million with an operating margin of 24.1%, compared to operating income of US$52.5 million with an operating margin of 20.6% in Q2 2010.

• Q3 2010 net income was a record US$60.1 million, representing basic and diluted earnings per share of US$0.35 and basic and diluted earnings per American depositary share ("ADS") of US$0.70.

"Continuous cost reduction efforts coupled with robust market demand has led us to deliver another quarter of impressive financial and operating results," said Mr. Xianshou Li, ReneSola's chief executive officer. "As we focus on the production of high-quality wafers supported by module services, our growing in-house polysilicon production capacity will allow us to more effectively hedge our upstream risk and seize opportunities that will further define our company as a leading provider of solar energy."

Julia Xu, ReneSola's chief financial officer, added, "Our ongoing emphasis on improving manufacturing efficiencies has led to another quarter of improved margins and a substantial increase in our top and bottom line results. Additionally, our strong cash flow generation and prudent capital expenditures have resulted in a net cash balance of US$286.6 million for the first nine months of 2010, improving our capital structure and positioning us well for further expansion in 2011."

Outlook

Reflecting the robust market demand for solar products, ReneSola increases its Q4 2010 guidance.

• Total solar wafer and module shipments to be in the range of 310 MW to 330 MW

• Revenues to be in the range of US$340 million to US$360 million

• Gross profit margin to be between 30% to 32% in Q4 2010.

Full year 2010

• Solar wafer and module shipments are expected to be in the range of 1.13 GW to 1.15 GW. 

• Expects solar wafer and module shipments to be in the range of 1.6 GW to 1.7 GW, representing an increase of 42% to 48% year-over-year.

Second Quarter 2010 Financial and Operating Highlights

• Total solar product shipments in Q2 2010 were a record 258.3 megawatts 
  ("MW"), an increase of 6.6% from 242.4 MW in Q1 2010. 
  
• Q2 2010 net revenues were a record US$253.9 million, an increase of 
   22.9% from US$206.6 million in Q1 2010.
  
• Q2 2010 net income was a record US$36.1 million, representing basic and 
  diluted earnings per share of US$0.21, and basic and diluted earnings 
  per American depositary share ("ADS") of US$0.42.
  
• The Company generated strong operating cash flow of US$168.4 million in 
   the first half of 2010, bringing cash and cash equivalents at the end 
   of Q2 2010 to US$171.2 million, compared with US$106.8 million at the 
   end of 2009. 
  
  
  "We achieved record results in terms of revenues, net income and shipment volumes in the second quarter of 2010," said Mr. Xianshou Li, ReneSola's chief executive officer. "We delivered a strong gross profit margin of over 30% during the quarter as we continued to lead the industry as a cost-competitive solar manufacturer and executed on our OEM module servicing strategy. Strong market demand coupled with our cost-efficient structure should place ReneSola in a position to increase profitability in the coming quarters."
  
• For the full year 2010, the Company expects revenues to be in the range of US$1.0 billion to US$1.05 billion and gross profit margin to be in the range of 25% to 27%, while maintaining second half gross profit margin in the range of 28% to 30%. 
  
• For Q3 2010, the Company expects total solar product shipments to be in the range of 280 MW to 310 MW and revenues to be in the range of US$300 million to US$320 million.