Multicrystalline wafer manufacturer, LDK Solar has reported its unaudited financial results for the third quarter ended September 30, 2007.

Net sales for the third quarter of fiscal 2007 were $158.7 million, up 60.2% sequentially from $99.1 million for the second quarter of fiscal 2007, and up 404.7% year-over-year from $31.5 million for the third quarter of fiscal 2006. Gross profit for the third quarter of fiscal 2007 was $48.9 million, up 40.2% sequentially from $34.9 million for the second quarter of fiscal 2007, and up 295.1% year-over-year from $12.4 million for the third quarter of fiscal 2006.

Gross margin for the third quarter of fiscal 2007 was 30.8% compared with 35.2% in the second quarter of fiscal 2007 and 39.4% in the third quarter of fiscal 2006. Net income for the third quarter of fiscal 2007 was $41.6 million, or $0.37 per diluted ADS, compared to net income of $28.7 million, or $0.29 per diluted ADS for the second quarter of fiscal 2007, and $5.0 million, or $0.04 per diluted ADS for the third quarter of fiscal 2006. The Company ended the third quarter of fiscal 2007 with $125.9 million in cash and cash equivalents.

"We are pleased to report strong results for the third quarter, following a positive outcome of the independent inventory review," stated Xiaofeng Peng, Chairman and CEO of LDK Solar. "With the inventory investigation behind us, we have returned our focus to growing our business. During the third quarter we experienced continued robust demand for our wafers and made great strides in expanding our customer base. We signed four long-term wafer supply contracts during the third quarter and five more since the quarter closed. We view these agreements as a testament to the quality of our products."

"We remain on track to meet our wafer production capacity goal of 400MW by the end of 2007. Additionally, the construction of our polysilicon plant is tracking with our original plan. In addition to the anticipated cost efficiencies we expect to achieve upon completion of our polysilicon plant, we are continuing cost reduction efforts through further advancements of our product processes," concluded Mr. Peng.

For the fourth quarter of fiscal 2007, LDK estimates revenue to be in the range of $180 to $185 million for wafer shipments of 87 to 92MW. The Company also estimates fully diluted earnings per ADS to be in the range of $0.40 to $0.43.