China Sunergy Provides Update on Cash Position and Liquidity
Nov. 24, 2008 – With the economic turmoil of the last few months, those companies whose finances are OK want to reassure customers and the investment community. Apparently, it was successful with the latter as its stock is currently up 80% today with 35 minutes to go. Even so, it is still down 86% from its 52 week high. This is not a stock for the faint of heart. China Sunergy Co., Ltd. (Nasdaq: CSUN), a specialized solar cell manufacturer based in Nanjing, China, provided an update on the Company’s cash position and liquidity as of September 30, 2008 today to do so.
Despite challenging economic conditions, the Company continued to improve in liquidity in the 3Q. As of September 30, China Sunergy had cash and cash equivalents of US$122.1 million, with positive net operating cash flow. The Company also has access to a US$70M bank credit, untapped as of the end of September, and has seen no items that would interfere with the renewal of existing bank loans. Inventory in the 3Q was at a similar level compared to the 2Q, and CSUN’s working capital ratio improved from 178% in the 2Q to 212% in the 3Q.
Full financial results for the 3Q will be reported on Tuesday.
[...] Original post by [Technorati] Tag results for stocks [...]
[...] Original post by [Technorati] Tag results for stocks [...]
[...] Original post by [Technorati] Tag results for stocks [...]
[...] Original post by M0 [...]