Preliminary First Quarter of 2012 Selected Unaudited Financial Results
The Company’s financial statements for the first quarter of 2012 have not been finalized and are subject to completion of its normal period-end closing procedures. Therefore, the preliminary selected unaudited financial data set forth below may be subject to adjustment and the actual results could differ materially from the preliminary results provided below.
Revenue for the first quarter of 2012 is expected to be between RMB400.0 million (US$63.5 million) and RMB410.0 million (US$65.1 million), a decline of approximately 70% year-over-year due to delays in the installation and commission of its wind turbines on a number of wind farm projects, caused in part by adverse weather conditions, and a slowdown of overall market demand in China. Gross margin in the first quarter of 2012 is expected to be approximately 10%.
As a result, the Company expects to incur a total comprehensive loss for the first quarter of 2012 between RMB110.0 million (US$17.5 million) and RMB120.0 million (US$19.1 million).
The Company is continuing to review its first quarter results and plans to announce its unaudited financial results for the first quarter of 2012 on June 1, 2012. The earnings press release will be available on the Investor Relations page of the Company’s website at
Following the earnings release announcement, Ming Yang’s senior management will host a conference call on Friday, June 1, 2012 at 8:00 am (Eastern Time)/ 5:00 am (Pacific Time)/ 8:00 pm (Beijing Time) to discuss its results and recent business activities.
To access the conference call, please dial:
United States: +1-866-519-4004International (toll): +65-6723-9381China, domestic mobile: 400-620-8038China, domestic: 800-819-0121Hong Kong: 800-930-346
Please ask to be connected to 1Q 2012 China Ming Yang Wind Power Group Limited Earnings Conference Call and provide the following passcode: Ming Yang.
Ming Yang will also broadcast a live audio webcast of the conference call. The broadcast will be available by visiting the "Investor Relations" section of the Company’s web site at http://ir.mywind.com.cn/.
Following the earnings conference call, an archive of the call will be available by dialing:
United States: 1-866-214-5335International (toll): +61-2-8235-5000China: 400-692-0026Hong Kong: 800-901-596Passcode: 8312-7277
The replay will be archived for seven days following the earnings announcement until June 7, 2012.
China Ming Yang Wind Power Group Limited (NYSE: MY) is a leading and fast-growing wind turbine manufacturer in China, focusing on designing, manufacturing, selling and servicing megawatt-class wind turbines. Ming Yang produces advanced, highly adaptable wind turbines with high energy output and provides customers with comprehensive post-sales services. Ming Yang cooperates with aerodyne Energiesysteme, one of the world’s leading wind turbine design firms based in Germany, to co-develop wind turbines. In terms of newly installed capacity, Ming Yang was a top 10 wind turbines manufacturer worldwide and the largest non-state owned wind turbine manufacturer in China in 2011.