Canadian Solar Reports Fourth Quarter and Fiscal Year 2012 Financial Results

GUELPH, Ontario, March 11, 2013 /PRNewswire-FirstCall/ -- Canadian Solar Inc. ("Canadian Solar" or the "Company") (NASDAQ: CSIQ), one of the world's largest solar power companies, today announced its financial results for the fourth quarter and fiscal year ended December 31, 2012.

Fourth Quarter 2012 Highlights

    Solar module shipments were 404 MW, compared to 384 MW in the third quarter of 2012.
    Net revenue was $294.8 million, compared to $326.0 million in the third quarter of 2012.
    Revenue derived from the Company's total solutions business represented 12.8% of total revenue, compared to 21.5% in the third quarter of 2012.
    Gross margin was 5.0%, compared to 2.2% in the third quarter of 2012.
    Cost of revenue included a $6.8 million depreciation charge for underutilized assets, representing 2.3% of revenue.
    Diluted loss per share was $2.43, compared to diluted loss per share of $1.01 in the third quarter of 2012.
    Non-GAAP adjusted diluted loss per share was $1.01, compared to non-GAAP adjusted diluted loss per share of $1.00 in the third quarter of 2012.  A table that provides a reconciliation of GAAP to non-GAAP measure is available at the end of this press release.
    Cash, cash equivalents and restricted cash balances at the end of the quarter were $564.3 million, compared to $690.8 million at the end of the third quarter 2012.

Fiscal Year 2012 Highlights

    Solar module shipments were 1,543 MW, up 16.6% from 1,323 MW in fiscal year 2011.
    Net revenue was $1.3 billion, compared to $1.9 billion in fiscal year 2011.
    Gross margin was of 7.0%, compared to 9.6% in fiscal year 2011.
    Diluted loss per share was $4.53, compared to diluted loss per share of $2.11 in fiscal year 2011.
    Non-GAAP adjusted diluted loss per share was $3.04, compared to adjusted diluted loss per share of $1.68 in fiscal year 2011.

Fourth Quarter 2012 Results

Net revenue for the fourth quarter of 2012 was $294.8 million, down 9.5% from $326.0 million in the third quarter of 2012 and down 37.8% from $474.1 million in the fourth quarter of 2011.  Total solar module shipments in the fourth quarter of 2012 were 404 MW, compared to 384 MW in the third quarter of 2012 and 436 MW in the fourth quarter of 2011.  Total solar module shipments in the fourth quarter of 2012 included 15.7 MW in the Company's total solutions business, compared to 21.1 MW in the third quarter of 2012 and 16.3 MW in the fourth quarter of 2011.

By geography, in the fourth quarter of 2012, sales to European markets represented 40.6% of net revenue, sales to North America represented 20.0% of net revenue, and sales to Asia and all other markets represented 39.4% of net revenue, compared to 47.9%, 24.9% and 27.2%, respectively, in the third quarter of 2012 and 46.5%, 26.9% and 26.6%, respectively, in the fourth quarter of 2011.