MEMC Reports Fourth Quarter and Full Year 2010 Results
ST. PETERS, Mo. Feb. 1, 2011
$850.1 million $503.1 million $356.7 million $307.6 million $3.8 million November 2009 $949.5 million $99.4 million
$2,239.2 million $1,163.6 million $420.5 million $3.8 million $2,416.0 million $176.8 million
$20.9 million $9.9 million $11.0 million $88.4 million
$11.4 million $0.05 $17.6 million $0.08 $7.1 million $0.03 $58.2 million $0.25
$33.2 million $0.15 $68.3 million $0.31 $88.7 million $0.39
$286.6 million $52.3 million $19.4 million $347.6 million $33.0 million
$115.1 million
$101.5 million
$188.4 million $7.0 million
$707.3 million $62.5 million
$618.4 million December 31, 2010
Ahmad Chatila
$3.4 $1.00 to $1.30 $2.8 – $3.1 billion $0.25 to $0.55
Following is additional detail on fourth quarter 2010 results by segment.
Semiconductor Materials
$262.6 million
$25.6 million $26.2 million $9.6 million
Solar Materials
$279.9 million
$38.1 million $17.6 million $32.4 million
Solar Energy (SunEdison)
$307.6 million $21.5 million $3.8 million $407.0 million $58.0 million $19.7 million
$8.2 million $7.2 million $59.3 million
Corporate/Other
$34.6 million $26.7 million $27.6 million
February 1 5:30 p.m. ET
Use of Non-GAAP Measures
Management has determined that certain non-GAAP metrics for the SunEdison segment presented herein are the key metrics that will help investors understand the ultimate income and near-term cash flows generated by our SunEdison business. These non-GAAP measures and metrics include deferrals required under GAAP real estate and lease accounting for some of SunEdison’s direct sales and or its sale-leaseback transactions. For a complete description of our non-GAAP measures, see the non-GAAP reconciliation table below and Form 8-K filed today.
Conference Call
February 1 5:30 p.m. ET www.memc.com
7:30 p.m. ET February 1 11:59 p.m. ET February 8 11:59 p.m. ET February 8 www.memc.com
About MEMC
Europe Asia www.memc.com
Forward-Looking Statements
$3.4 $1.00 to $1.30 $2.8 – $3.1 billion $0.25 to $0.55
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MEMC ELECTRONIC MATERIALS, INC. AND SUBSIDIARIES |
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CONSOLIDATED STATEMENTS OF OPERATIONS |
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(Unaudited; In millions, except per share data) |
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Three Months Ended |
Twelve Months Ended |
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December 31, |
September 30, |
December 31, |
December 31, |
December 31, |
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2010 |
2010 |
2009 |
2010 |
2009 |
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Net sales |
$ 850.1 |
$ 503.1 |
$ 356.7 |
$ 2,239.2 |
$ 1,163.6 |
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Cost of goods sold |
726.1 |
418.2 |
303.7 |
1,894.1 |
1,035.5 |
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Gross profit |
124.0 |
84.9 |
53.0 |
345.1 |
128.1 |
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Operating expenses: |
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Marketing and administration |
83.1 |
59.4 |
52.4 |
277.3 |
161.9 |
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Research and development |
19.0 |
14.0 |
10.6 |
55.6 |
40.4 |
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Restructuring and impairment charges |
1.0 |
1.6 |
1.0 |
5.3 |
53.0 |
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Insurance recovery |
– |
– |
– |
(11.9) |
– |
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Operating profit (loss) |
20.9 |
9.9 |
(11.0) |
18.8 |
(127.2) |
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Non-operating expense (income): |
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Interest expense |
5.5 |
5.1 |
3.1 |
28.7 |
4.0 |
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Interest income |
(0.7) |
(0.7) |
(4.1) |
(5.5) |
(26.5) |
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Decline (increase) in fair value of warrant |
2.1 |
(0.2) |
(1.7) |
14.0 |
(5.4) |
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Other, net |
1.7 |
0.8 |
(1.3) |
(3.9) |
0.9 |
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Total non-operating expense (income) |
8.6 |
5.0 |
(4.0) |
33.3 |
(27.0) |
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Income (loss) before income tax benefit and equity in earnings of joint venture |
12.3 |
4.9 |
(7.0) |
(14.5) |
(100.2) |
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Income tax benefit |
(9.8) |
(13.6) |
(7.3) |
(54.1) |
(42.2) |
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Income (loss) before equity in earnings of joint venture |
22.1 |
18.5 |
0.3 |
39.6 |
(58.0) |
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Equity in earnings of joint venture, net of tax |
– |
(0.1) |
(6.0) |
7.2 |
(11.8) |
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Net income (loss) |
22.1 |
18.4 |
(5.7) |
46.8 |
(69.8) |
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Net (income) loss attributable to noncontrolling interests |
(10.7) |
(0.8) |
(1.4) |
(13.6) |
1.5 |
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Net income (loss) attributable to MEMC stockholders |
$ 11.4 |
$ 17.6 |
$ (7.1) |
$ 33.2 |
$ (68.3) |
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Basic income (loss) per share |
$ 0.05 |
$ 0.08 |
$ (0.03) |
$ 0.15 |
$ (0.31) |
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Diluted income (loss) per share |
$ 0.05 |
$ 0.08 |
$ (0.03) |
$ 0.15 |
$ (0.31) |
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Weighted-average shares used in computing basic income (loss) per share |
227.0 |
226.8 |
225.0 |
226.9 |
223.9 |
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Weighted-average shares used in computing diluted income (loss) per share |
228.7 |
227.6 |
225.0 |
228.1 |
223.9 |
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RESULTS BY REPORTABLE SEGMENT |
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Three Months Ended |
Twelve Months Ended |
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December 31, |
September 30, |
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