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For the 2nd quarter in 2008 --Revenue $212.58million --Gross profit $33.07 million, gross margin 15.5% --operating expenses: $9.78 million, admin overhead, 29.5%, operating income, $23.29 million, operating margin 10.9% --net income excluding one-time debt conversion expense is $20.71million, net-income margin is 9.7%
Outlook of 2008: --revenue $850-970 --net income will be about revenue x 9.7% -$10million debt charge = $72.45-$78 million --#share 29.4million, eps 2.46-2.65 --At the current price of $31.8, p/e ratio is 12-12.9 Comments --The first two quarter has net income about $30million, even if the next two quarter has $20million net income each, the annual income is going to closer to the lower end estimation. -- Some item in ER is strange, why the tax can be positive (gain) ? -- The management overhead nearly 30% of the gross profit is very high, compared to 10% for LDK.
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