When i analyzed the quarter I saw they were giving away the store to management
AGAIN, THE BEHAVIOR CONTINUES - they just continue pocketing the cash at expense of shareholders. Why would you put your money in a company who puts their upper mgmt ahead of you ? All companies do this to some degree, but this company does it to a degree (as a % of earnings) that I have never seen - and this is the 3rd or 4th quarter in a row this has happened to its now a pattern.
Another $2.4 million POCKETED this quarter at YOUR EXPENSE
The Canadian company, which has its manufacturing base in China, reported a loss of $2.9 million, or 11 cents per share, after earning $2.5 million, or 16 cents per share, in the year-ago period.
Excluding stock-based compensation costs, the loss was $500,000, or 2 cents per share.
Just using the 12 officers that breaks down to an average of $200,000 per officer and since they are growing so fast the 12 officer number might be light. It could be 15 now for all I know since they are expanding.
Of course in that $200,000 compensation average, some will be making more others less but taken as an average it does not seem too excessive especially considering the growth in China and the need to attract and retain great talent.
"Excluding share-based compensation expenses of $2.4 million, the net loss for the quarter would have been $0.5 million, or $0.02 per share.
Dr. Shawn Qu, Chairman and CEO of CSI, commented: "Our Q2 revenues were at the high end of our guidance range. We continue to benefit from our strong international sales and marketing network and our focus on tier one distributors and project-based companies. During the quarter, we saw sustained demand for our products in Germany and Spain. We expect to complete our Phase One in-house solar cell production facility in the middle of October, which would bring our total cell capacity to 100MW per year. We have recently ramped up our module production capacity to 180MW per year. These successful steps in our expansion strategy will help to solidify our position as a major player in the industry and enable us to meet increased customer demand."
Bing Zhu, CFO of CSI, noted: "Our gross margins improved slightly in Q2 due to our increasing in-house solar cell manufacturing capability.
**** We would have been profitable on a cash operating basis during the quarter without the following two factors: first, we cleared out 1.63MW of high-priced solar cells inventory purchased in 2006 and secondly, we incurred slightly higher yield loss, as we almost quadrupled our production within one quarter." ****