Press ReleaseSource: China Sunergy Co., Ltd.
China Sunergy Provides Update on Cash Position and LiquidityMonday November 24, 8:00 am ET
NANJING, China, Nov. 24 /PRNewswire/ -- China Sunergy Co., Ltd. (Nasdaq: CSUN - News), ("China Sunergy" or the "Company") a specialized solar cell manufacturer based in Nanjing, China, today provided an update on the Company's cash position and liquidity as of September 30, 2008.
Despite challenging economic conditions, the Company continued to improve in liquidity in the third quarter. As at September 30, 2008, 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 which would interfere with the renewal of existing bank loans. Inventory in the third quarter was at a similar level compared to the second quarter, and the Company's working capital ratio improved from 178% in the second quarter to 212% in the third quarter.
As scheduled, the Company will report full financial results for its third quarter ended September 30, 2008 on November, 25 2008 prior to US market open, and will host a conference call following the earnings release at 8:00 a.m, Eastern Time or 5:00 a.m. Pacific Time (Beijing / Hong Kong Time: November 25, 2008 at 9:00 p.m.).