http://www.newenergyworldnetwork.com/renewable-energy-news/by-technology/solar/solar-enertech-q1-net-income-up-revenues-down.html

US solar module manufacturer Solar EnerTech generated $5m in net income in the first quarter of 2011, compared to a loss-making first quarter last year, while its gross profit and revenue were down.

Its revenue dropped 12 per cent from $17.7m in the first quarter of 2010 to $15.5m in the latest quarter.
Its gross profit fell from $1.9m to $1.1m due to an increase in raw material prices for silicon and wafers.
EnerTech attributed its faltering revenue to decreases in solar cell and raw material sales, and a lower average selling price.
Although its solar module shipments increased marginally to 8MW in the first quarter of this year, its selling price was reduced from $1.93 to $1.91.
A vast majority of its revenue derived from solar module sales, while solar cell sales amounted to just $200,000 and raw material re-sales were $1.2m.
Europe and Australia accounted for almost all of the company’s solar module sales, and all of its solar cell sales.
The company foresees continuing demand growth this year as market costs continue to rise.
Its CEO Leo Shi Young said the company will look to streamline operations, cut costs and increase its market share as the year progresses.
He said, ‘We continued to experience strong demand from our customer base for SolarE products during the first quarter of fiscal year 2011.
‘For the quarters to come, we expect to see stronger demand in high-efficiency, high quality products as the solar industry continues to grow more sophisticated.’
At the end of the quarter it had $1.7m in cash, with $1.5m in outstanding short-term loans and $9.7m in accounts payable.