China Sunenergy (CSUN) Posts Solid Q4, FY2010 Results

QualityStocks would like to highlight China Sunergy Co., Ltd. (NASDAQ: CSUN), a specialized manufacturer of solar cell and module products in China. China Sunergy manufactures solar cells from silicon wafers, which utilize crystalline silicon solar cell technology to convert sunlight directly into electricity through a process known as the photovoltaic effect, and assembles solar cells into solar modules. China Sunergy sells these solar products to Chinese and overseas module manufacturers, system integrators, and solar power systems for use in various markets.
In the company’s news yesterday,

China Sunenergy announced its financial results for the fourth quarter and full year 2010, reflecting the company’s transition to in-house module manufacturing following the acquisitions of CEEG (Shanghai) Solar Science & Technology Co., Ltd and CEEG (Nanjing) New Energy Co., Ltd.

Revenue for fourth quarter was $169.6 million, a 73.8 percent increase over the fourth quarter of 2009. Gross profit was $27.1 million, a 160.6 percent increase over the comparable quarter of 2009. Gross margin was 16.0 percent, compared to the company’s previous guidance of 15 percent. Net income was $15.4 million, or $0.38 per basic ADS and $0.37 on diluted basis, compared to net income of $15.4 million, or a net loss of $0.09 per ADS on both basic and diluted basis in the fourth quarter of 2009.

Total net revenue for full-year 2010 was $517.2 million, an 81.5 percent increase from 2009. Gross profit for 2010 was $92.3 million, a 456.0 percent increase from 2009; gross margin was 17.8 percent for the whole year. Net income for the full year was $51.7 million, or $1.29 on basic basis and $1.26 on diluted basis, compared to the net loss of $10.3 million, or $0.26 per ADS on both basic and diluted basis in 2009.

As of December 31, 2010, the company had cash and cash equivalents of S$106.5 million.

“We are pleased with our solid results in the fourth quarter and 2010 on the whole as we experienced operational and financial progress, and achieved record shipment, revenue, gross profit and net income. Our strategic shift to in-house module manufacturing, following the acquisitions of CEEG (Shanghai) Solar Science & Technology Co., Ltd and CEEG (Nanjing) New Energy Co., Ltd., has already had a positive impact, as demonstrated by the continued momentum we saw through the fourth quarter that helped us end the year with solid results,” Stephen Zhifang Cai, CEO of China Sunergy stated in the press release.

Cai also said that anticipated growth in the PV market and demand in emerging markets leverages the company’s expectations for progress and improvement.

About QualityStocks

QualityStocks, based in Scottsdale, Arizona, is a free service that collects data from hundreds of Small-Cap and Micro-Cap online Investment Newsletters into one Daily Newsletter Report. QualityStocks is dedicated to assisting emerging public companies with their investor communication efforts and connecting subscribers with companies that have huge potential to succeed in the short and long-term future.

To sign up for “The QualityStocks Daily Newsletter” please visit www.QualityStocks.net

Please see disclaimer on QualityStocks website: http://Disclaimer.QualityStocks.net

Forward-Looking Statement:

This release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All forward-looking statements are inherently uncertain as they are based on current expectations and assumptions concerning future events or future performance of the company. Readers are cautioned not to place undue reliance on these forward-looking statements, which are only predictions and speak only as of the date hereof. Risks and uncertainties applicable to the company and its business could cause the company's actual results to differ materially from those indicated in any forward-looking statements.