SHANGHAI, June 20, 2018 /PRNewswire/ -- ReneSola Ltd
("ReneSola" or the "Company") (www.renesolapower.com) (NYSE: SOL),
a leading solar project developer and operator, today announced its
unaudited financial results for the first quarter ended
March 31, 2018.
Mr. Xianshou Li, ReneSola's Chief Executive Officer, commented,
"We started 2018 with solid performance across our business as a
result of continued strong execution of our strategy. First
quarter revenue exceeded our expectations and operating margin
expanded significantly from the fourth quarter of 2017, resulting
in a sequential increase in net income of over 200%."
Li continued, "Our overall global project pipeline remains solid
at around 1.1 GW. In the first quarter, we successfully
installed 6.3 MW of rooftop projects in China and 6.8 MW of ground-mount projects in
North Carolina. As we look to the remainder of 2018, we
remain optimistic about the business opportunities across different
geographies. In addition, the fundamentals for our project
business have significantly improved over the last few quarters,
and we will maintain our commitment to growing profitably, managing
our operations and strengthening our financial position."
First Quarter 2018 Highlights
|
Q1 2018
($ in
million)
|
Q4 2017
($ in
million)
|
Q/Q
Change
|
Revenue
|
$44.8
|
$64.8
|
-30.9%
|
Gross
Profit
|
$8.4
|
$6.8
|
+22.6%
|
Operating
Income
|
$5.9
|
$4.9
|
+19.4%
|
EBITDA
|
$9.0
|
$4.7
|
+94.3%
|
Income before Income
Tax and Noncontrolling interests
|
$5.4
|
$2.0
|
+173.8%
|
Net Income
|
$5.4
|
$1.7
|
+220.0%
|
- Revenue was $44.8 million,
compared to the raised guidance range of $40
million to $45 million;
- Gross margin was 18.7%, compared to 10.5% in Q4 2017;
- Income before income tax and noncontrolling interests was
$5.4 million, compared to an income
of $2.0 million in Q4 2017 and a loss
of $3.2 million in Q1 2017;
- Recognized revenue of $31.8
million from Project Development business, mainly from sales
of utility solar projects in the United
Kingdom;
- Recognized revenue of $8.7
million from EPC services for 15.8 MW of DG projects in
China;
- Recognized revenue from the sale of electricity of $4.2 million;
- Installed 6.3 MW of rooftop projects in China and 6.8 MW of ground-mount projects in
North Carolina, United States; and
- Solar power project pipeline of approximately 1.1 GW, of which
748 MW are late-stage.
First Quarter 2018 Financial Results
Revenue was $44.8 million,
compared to $64.8 million in Q4 2017
and $0.2 million in Q1 2017.
- Revenue from the Project Development business was $31.8 million as we recognized revenue from sales
of utility projects in the United
Kingdom that were recorded as deferred project revenue in
the amount of $20.8 million as of
December 31, 2017 due to the
contingency consideration of the substantive return right of the
customer under ASC 360 Real Estate Sales and recognized as revenue
in the amount of $21.9 million in Q1
2018 with the final price adjustment upon the issuance of the final
acceptance certificate (FAC) and all revenue recognition criteria
is met upon adoption of ASC 606.
- Revenue from the EPC business was $8.7
million as we recognized revenue from the provision of EPC
services of 15.8 MW in China.
- Revenue from the sale of electricity was $4.2 million. The Company generated 28.4 million
kwh of electricity from its operating projects in China during the quarter.
Gross profit was $8.4 million,
compared to a gross profit of $6.8
million in Q4 2017 and a loss of $0.2
million in Q1 2017. Gross margin was 18.7%, compared to
10.5% in Q4 2017, mainly due to the improved margin from overseas
project development business and EPC business in China.
Operating expenses were $2.5
million, up from $1.9 million
in Q4 2017 and from $1.3 million in
Q1 2017. Sales and marketing expenses were $0.1 million, down from $0.6 million in Q4 2017, mainly due to reduced
commission expenses associated with sale of green
certificates. General and administrative expenses were
$2.4 million, up from $1.7 million in Q4 2017, mainly due to the
increased salary expenses associated with additional new hires.
Operating income was $5.9 million,
compared to an operating income of $4.9
million in Q4 2017 and an operating loss of $1.5 million in Q1 2017.
Total non-operating expenses of $0.4
million included interest expenses of $1.5 million and foreign exchange gain of
$1.1 million, mainly driven by theh
appreciation of EUR against USD and KRW.
Income before income tax and noncontrolling interests was
$5.4 million, compared to an income
of $2.0 million in Q4 2017 and a loss
of $3.2 million in Q1 2017.
Net income was $5.4 million,
compared to an income of $1.7 million
in Q4 2017 and a loss of $3.2 million
in Q1 2017.
Financial Position
The Company had cash and cash equivalents of $10.9 million as of March
31, 2018, compared to $13.4
million as of December 31,
2017. Long-term borrowings were $32.7
million as of March 31, 2018,
compared to $32.5 million as of
December 31, 2017. Long-term failed
sale-lease back and capital lease liabilities, associated with the
financial leasing payables for rooftop projects in China, were $78.2
million as of March 31, 2018,
compared to $67.5 million as of
December 31, 2017, the increase was
mainly due to the corresponding growth of the Company's DG
operating assets.
Recent Business Updates
- On June 20, 2018, the
Company announced the closing of the sale of its utility-scale
project located in North Carolina
to New York-based Greenbacker
Renewable Energy Company, LLC ("Greenbacker"), a publicly
registered, non-traded Limited Liability Company focused on
investments in renewable energy power plants and energy efficiency
projects as well as other sustainable investments. The
North Carolina project has a
capacity of 6.75 MW and represents ReneSola's second project sale
to Greenbacker. The first project sale to Greenbacker was
completed in April 2017.
- In June, Sequoia Economic Infrastructure Income Fund
("Sequoia") had agreed to extend senior debt facility to
36 million euro for ReneSola's 55MW
of projects in Poland, each with a
capacity of 1MW. In December 2017,
Sequoia, which invests in a diversified portfolio of senior and
subordinated economic infrastructure debt investments, provided a
senior loan of 15 million euro for
all of ReneSola's 55MW projects in the region.
- The Company announced the appointment of Xiaoliang Liang as Chief Financial Officer,
effective June 1, 2018. Mr.
Liang brings to ReneSola more than 18 years of experience
developing, financing and managing projects with a focus on
renewable energy, including solar, wind, hydro and other
infrastructure sectors.
- In May 2018, the Company closed
an equity investment agreement with a strategic investor. The
investor will invest RMB 200 million
in cash to acquire 40.13% of Zhejiang ReneSola Investment Limited,
the Company's subsidiary that holds the Company's distributed
generation projects in China.
Operating Assets and Completed Projects for Sale
The Company continues to pursue opportunities in small-scale
projects in diversified regions and believes its strategy can
capitalize on trends in solar energy development. ReneSola
currently owns over 193 MW of rooftop projects in operation, which
are concentrated in a handful of eastern provinces of China with attractive development
environments. As of March 31, 2018,
the Company had over 27 MW of rooftop projects under
construction.
Operating
Assets
|
Capacity
(MW)
|
China
DG
|
193.6
|
- Zhejiang&
Shanghai
|
69.1
|
- Jiangsu
|
10.6
|
- Henan
|
57.9
|
- Anhui
|
31.5
|
- Hebei
|
17.1
|
- Shandong
|
7.4
|
Romania
|
15.4
|
United
Kingdom
|
4.3
|
Total
|
213.3
|
As of March 31, 2018, the Company
currently has 10.4 MW of completed projects, which are currently in
sale process.
Completed Projects
for Sale
|
Capacity
(MW)
|
Turkey
|
10.4
|
Total
|
10.4
|
Project Pipeline
As of March 31, 2018, the Company
had a pipeline of over 1.1 GW of projects in various stages, of
which 748 MW are projects that are late-stage. 156 MW of these
late-stage projects are under construction. Late-stage projects
include (i) projects with the legal right to develop based on
definitive agreements, including the projects held by project SPVs
or joint ventured project SPVs whose controlling power can be
purchased by us once the late stage is reached, and (ii) projects
for which PPA or FiT has been arranged.
The following table sets forth the Company's late-stage project
pipeline by location:
Project
Location
|
Late-stage
(MW)
|
Under
Construction
(MW)
|
USA
|
189.4
|
24.1
|
Canada
|
17.3
|
7.0
|
Turkey
|
110.0[1]
|
--
|
Poland
|
55.0
|
55.0
|
Hungary
|
42.6
|
42.6
|
France
|
73.7
|
--
|
Spain
|
162.0
|
--
|
India
|
22.0
|
--
|
China DG
|
75.9
|
27.6
|
Total
|
747.9
|
156.3
|
[1]
ReneSola has an arrangement with a local partner, under which our
partner holds and maintains full titles to all projects but we have
the right to receive 50% proceeds generated by the
projects.
|
China
China: Late-stage
Pipeline
|
Capacity
(MW)
|
Business
Model
|
-Zhejiang &
Shanghai
|
34.2
|
IPP
|
-Jiangsu
|
18.3
|
IPP
|
-Fujian &
Guandong
|
8.5
|
IPP
|
-Anhui
|
1.9
|
IPP
|
-Henan
|
5.1
|
IPP
|
-Shandong
|
7.9
|
IPP
|
China
DG
|
75.9
|
|
United States
In the U.S, the Company has a late-stage pipeline of 189.4 MW,
24.1 MW of which are under construction and are expected to be
connected to the grid in the second quarter of 2018.
US: Late-
stage Pipeline
|
Location
|
Capacity
(MW)
|
Project
Type
|
Status
|
Expected
COD
|
Business
Model
|
RP-NC
|
NC
|
24.1
|
Utility
|
Construction
|
2018
|
Project
Development
|
Utah
|
UT
|
10.7
|
Self-consumption /
DG
|
Development
|
2018
|
Project
Development
|
RP-MN
|
MN
|
37.5
|
Community
Solar
|
Development
|
2018
|
Project
Development
|
MN-VOS
|
MN
|
7.8
|
Community
Solar
|
Development
|
2019
|
Project
Development
|
New York
|
NY
|
7.7
|
Community
Solar
|
Development
|
2018/2019
|
Project
Development
|
RP-CA
|
CA
|
13.6
|
Utility
|
Development
|
2019
|
Project
Development
|
Oregon
|
OR
|
23.0
|
TBD
|
Development
|
2019
|
Project
Development
|
Alpine
|
TX
|
65.0
|
TBD
|
Development
|
2019
|
Project
Development
|
Total
|
|
189.4
|
|
|
|
|
Canada
In Canada, the Company has a
late-stage pipeline of 17.3 MW projects, 7.0 MW of which are under
construction and are expected to be connected to the grid in the
third quarter of 2018. These 7MW projects are eligible for
Canada's FiT3 Scheme.
Canada: Late-
stage Pipeline
|
Location
|
Capacity
(MW)
|
Project
Type
|
Status
|
Expected
COD
|
Business
Model
|
FiT3
|
Ontario
|
7.0
|
DG
|
Construction
|
2018
|
Project
Development
|
FiT4
|
Ontario
|
10.3
|
DG
|
Development
|
2019
|
Project
Development
|
Total
|
|
17.3
|
|
|
|
|
Poland
In Poland, the Company has a
late-stage pipeline of 55 MW projects, which are under construction
and are expected to be connected to the grid in the second half of
2018.
Poland:
Late-stage
Pipeline
|
Location
|
Capacity
(MW)
|
Project
Type
|
Status
|
Expected
COD
|
Business
Model
|
Auction 2016
Dec
|
Poland
|
13.0
|
DG
|
Construction
|
2018
|
Project
Development
|
Auction 2017
Jun
|
Poland
|
42.0
|
DG
|
Construction
|
2018
|
Project
Development
|
Total
|
|
55.0
|
|
|
|
|
Hungary
In Hungary, the Company grew
its late-stage pipeline to 71 "Micro PPs" projects, total capacity
of 42.6 MW, which are under construction and are expected to be
connected to the grid in the second half of 2018.
Hungary:
Late-stage
Pipeline
|
Location
|
Capacity
(MW)
|
Project
Type
|
Status
|
Expected
COD
|
Business
Model
|
Portfolio of
"Micro
PPs", 0.5 MW each
|
Hungary
|
42.6
|
DG
|
Construction
|
2018
|
Project
Development
|
Total
|
|
42.6
|
|
|
|
|
France
In France, the Company formed a
strategic partnership with Green City Energy to jointly develop
four solar parks with a total installed capacity of 69.0 MW.
Additionally, the Company was awarded 16 solar projects in
France with a combined capacity of
4.65 MW in the first quarter of 2018.
France:
Late-stage
Pipeline
|
Location
|
Capacity
(MW)
|
Project
Type
|
Status
|
Expected
COD
|
Business
Model
|
SOLARPARK
|
France
|
69.0
|
Utility
|
Development
|
2019
|
Project
Development
|
SPV2
|
France
|
4.7
|
DG
|
Development
|
2019
|
Project
Development
|
Total
|
|
73.7
|
|
|
|
|
Other Geographies
In Turkey, the Company has an
arrangement with a local partner, under which our partner holds and
maintains full titles to 110 MW projects but we have the right to
receive 50% proceeds generated by those 110 MW projects.
In India, the Company has a
pipeline of 22.0 MW projects, which are self-consumption
distributed generations with top-rating commercial and industrial
off-takers.
Other
Geographies:
Late-stage Pipeline
|
Location
|
Capacity
(MW)
|
Project
Type
|
Status
|
Expected
COD
|
Business
Model
|
Turkey JV
|
Turkey
|
110.0
|
Utility
|
Development
|
2019
|
Project
Development
|
India
C&I
|
India
|
22.0
|
DG
|
Development
|
2018/2019
|
Project
Development
|
Total
|
|
132.0
|
|
|
|
|
Outlook
For the second quarter of 2018, the Company's project business
is expected to generate revenue in the range of $20 to $30 million
and overall gross margin in the range of 20% to 25%. During the
second quarter of 2018, the Company expects to connect 15 MW to 20
MW of DG projects in China, and to
monetize 6.8 MW projects in international markets.
For 2018, the Company expects to generate revenue in the range
of $130 to $140 million with overall gross margin in the
range of 20 to 25%. The Company intends to connect 100 MW to 150 MW
of DG projects in China, and to
monetize 80 MW to 100 MW projects in international markets.
Adoption of New Accounting Policy
Effective from January 1, 2018,
SOL adopted the new revenue recognition policy, ASC 606 — Revenue
from Contracts with Customers, using the modified retrospective
method in accordance with US GAAP ("ASC 606"). As a result of
adopting ASC 606, the Company recognized the cumulative effect of
initially applying the revenue standard as an increase of
approximately USD 0.87 million to the
opening balances of retained earnings. The adjustments primarily
arose from the timing of revenue recognition for 1) subscription
service fee in the sale of project asset rights and 2) supplies of
modules and invertors under cooperation arrangements with the
counterparty. Under ASC 360, Real Estate Sales and ASC 605, Revenue
Recognition, subscription service fee in the sale of project asset
rights and revenue related to modules and invertors supplied under
cooperation arrangements are considered contingent and, therefore,
the portion of the revenue is not recognized until the contingency
has been removed (i.e. upon having the right to receive the
subscription fee and achievement of COD, or upon the ultimate sale
of the project assets under the cooperation arrangement). Upon
adoption of ASC 606, subscription fee is recognized over time as a
seperate performance obligation, and the revenue of supplies of
modules and invertors is recognized upon the delivery with the
control transferred and the Company has right to payment. In
addition, the Company had a sale of project asset with a right of
return if certain conditions are not met. Under the ASC 360 Real
Estate Sales, revenue was not recognised because of the contingency
consideration. Upon adoption of ASC 606, revenue was not recognised
because of the substantive return right and the Company was not
able to assert return was not probable as of December 31, 2017. As such, deferred project
revenue as of Dec 31, 2017 in the
amount of $21 million would have been
classified as a refund liability and the corresponding deferred
project costs would have been classified as the Company's right to
recover products from customers on settling the refund liability.
Such refund liability was recognized as revenue totaling
$22 million with an increase due to
final price adjustment in the first quarter of 2018
Conference Call Information
ReneSola's management will host an earnings conference call on
June 20, 2018 at 8:30 a.m. U.S. Eastern Time (8:30 p.m. China Time).
Dial-in details for the earnings conference call are as
follows:
|
Phone
Number
|
Toll-Free
Number
|
United
States
|
+1
8456750437
|
+1
8665194004
|
Hong Kong
|
+852
30186771
|
+852
800906601
|
Mainland
China
|
+86
8008190121
+86
4006208038
|
|
Other
International
|
+65
67135090
|
|
Please dial in 10 minutes before the call is scheduled to begin
and provide the passcode to join the call. The passcode is
1739389.
A replay of the conference call may be accessed by phone at the
following numbers until June 28,
2018. To access the replay, please again reference the
conference passcode 1739389.
|
Phone
Number
|
Toll-Free
Number
|
United
States
|
+1
6462543697
|
+1
8554525696
|
Hong Kong
|
+852
30512780
|
+852
800963117
|
Mainland
China
|
+86
8008700206
+86
4006022065
|
|
Other
International
|
+61
281990299
|
|
Additionally, a live and archived webcast of the conference call
will be available on the Investor Relations section of ReneSola's
website at http://www.renesolapower.com.
About ReneSola
Founded in 2005, and listed on the New York Stock Exchange in
2008, ReneSola (NYSE: SOL) is an international leading brand of
solar project developer and operator. Leveraging its global
presence and solid experience in the industry, ReneSola is well
positioned to develop green energy projects with attractive return
around the world. For more information, please visit
www.renesolapower.com.
Safe Harbor Statement
This press release contains statements that constitute
''forward-looking" statements within the meaning of Section 27A of
the Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended, and as defined in the
U.S. Private Securities Litigation Reform Act of 1995. Whenever you
read a statement that is not simply a statement of historical fact
(such as when the Company describes what it "believes," "plans,"
"expects" or "anticipates" will occur, what "will" or "could"
happen, and other similar statements), you must remember that the
Company's expectations may not be correct, even though it believes
that they are reasonable. Furthermore, the forward-looking
statements are mainly related to the Company's continuing
operations and you may not be able to compare such information with
the Company's past performance or results. The Company does
not guarantee that the forward-looking statements will happen as
described or that they will happen at all. Further information
regarding risks and uncertainties that could cause actual results
to differ materially from those in the forward-looking statements
is included in the Company's filings with the U.S. Securities and
Exchange Commission, including the Company's annual report on Form
20-F. The Company undertakes no obligation, beyond that required by
law, to update any forward-looking statement to reflect events or
circumstances after the date on which the statement is made, even
though the Company\'s situation may change in the future.
For investor and media inquiries, please contact:
In China:
ReneSola Ltd
Mr. Johnny Pan
+86 (21) 6280-9180 x131
ir@renesolapower.com
The Blueshirt Group Asia
Mr. Gary Dvorchak, CFA
+86 (138) 1079-1480
gary@blueshirtgroup.com
In the United
States:
The Blueshirt Group
Mr. Ralph Fong
+1 (415) 489-2195
ralph@blueshirtgroup.com
RENESOLA
LTD
|
Unaudited
Consolidated Balance Sheets
|
(US dollars in
thousands)
|
|
|
Mar
31,
|
|
Dec
31,
|
|
|
2018
|
|
2017
|
ASSETS
|
|
|
|
|
Current
assets:
|
|
|
|
|
Cash and cash
equivalents
|
|
10,861
|
|
13,429
|
Restricted
cash
|
|
2,078
|
|
-
|
Accounts
receivable, net of allowances for doubtful
accounts
|
|
34,539
|
|
23,312
|
Advances to
suppliers-current, net
|
|
339
|
|
380
|
Value added tax
recoverable
|
|
13,675
|
|
15,229
|
Prepaid
expenses and other current assets
|
|
10,068
|
|
10,543
|
Project assets
current
|
|
81,460
|
|
76,556
|
Deferred
project costs current
|
|
-
|
|
17,957
|
Contract
costs
|
|
2,380
|
|
12,669
|
Total
current assets
|
|
155,400
|
|
170,075
|
|
|
|
|
|
Property, plant
and equipment, net
|
|
192,429
|
|
154,659
|
Deferred tax
assets-non-current, net
|
|
294
|
|
59
|
Project assets
non-current
|
|
11,233
|
|
7,481
|
Other
non-current assets
|
|
935
|
|
3,425
|
Total
assets
|
|
360,291
|
|
335,699
|
|
|
|
|
|
LIABILITIES
AND SHAREHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
Short-term
borrowings
|
|
23,674
|
|
6,606
|
Accounts
payable
|
|
29,169
|
|
25,788
|
Advances from
customers-current
|
|
754
|
|
237
|
Amounts due to
related parties
|
|
60,217
|
|
60,370
|
Other current
liabilities
|
|
37,616
|
|
30,515
|
Income tax
payable
|
|
209
|
|
330
|
Salary
payable
|
|
849
|
|
560
|
Deferred
project revenue current
|
|
-
|
|
20,792
|
Total
current liabilities
|
|
152,488
|
|
145,198
|
|
|
|
|
|
Long-term
borrowings
|
|
32,722
|
|
32,514
|
Failed
sale-lease back and capital lease
liabilities
|
|
78,246
|
|
67,505
|
Total
liabilities
|
|
263,456
|
|
245,217
|
|
|
|
|
|
Shareholders' equity
|
|
|
|
|
Common
shares
|
|
519,226
|
|
519,226
|
Additional paid-in capital
|
|
9,099
|
|
9,012
|
Accumulated
deficit
|
|
(429,207)
|
|
(435,518)
|
Accumulated other comprehensive income
|
|
(2,313)
|
|
(2,238)
|
Total equity
attributed to ReneSola Ltd
|
|
96,805
|
|
90,482
|
Noncontrolling interest
|
|
30
|
|
-
|
Total
shareholders' equity
|
|
96,835
|
|
90,482
|
|
|
|
|
|
Total
liabilities and shareholders' equity
|
|
360,291
|
|
335,699
|
RENESOLA
LTD
|
Unaudited
Consolidated Statements of Income
|
(US dollars in
thousands, except ADS and share data)
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
Mar 31,
2018
|
|
Dec 31,
2017
|
|
Mar 31,
2017
|
|
|
|
|
|
|
|
Revenue
|
|
44,758
|
|
64,809
|
|
238
|
Cost of
revenue
|
|
(36,379)
|
|
(57,975)
|
|
(449)
|
Gross
profit(loss)
|
|
8,379
|
|
6,834
|
|
(211)
|
|
|
|
|
|
|
|
Operating
(expenses) income:
|
|
|
|
|
|
|
Sales and
marketing
|
|
(128)
|
|
(617)
|
|
(90)
|
General and
administrative
|
|
(2,421)
|
|
(1,664)
|
|
(1,177)
|
Other operating
income
|
|
30
|
|
355
|
|
7
|
Total
operating expenses
|
|
(2,519)
|
|
(1,926)
|
|
(1,260)
|
|
|
|
|
|
|
|
Income(loss)
from operations
|
|
5,860
|
|
4,908
|
|
(1,471)
|
Non-operating
(expenses) income:
|
|
|
|
|
|
|
Interest
income
|
|
6
|
|
(7)
|
|
20
|
Interest
expense
|
|
(1,519)
|
|
(1,113)
|
|
(869)
|
Foreign
exchange gains (losses)
|
|
1,102
|
|
(1,740)
|
|
(885)
|
Other
loss
|
|
|
|
(58)
|
|
-
|
Income
(loss) before income tax, noncontrolling
interests
|
|
5,449
|
|
1,990
|
|
(3,205)
|
|
|
|
|
|
|
|
Income tax
expense
|
|
(9)
|
|
(290)
|
|
(21)
|
Net income
(loss) from continuing operations
|
|
5,440
|
|
1,700
|
|
(3,226)
|
|
|
|
|
|
|
|
Discontinued
Operations:
|
|
|
|
|
|
|
Loss from
discontinued operations
|
|
-
|
|
-
|
|
(20,014)
|
|
|
|
|
|
|
|
Net
Income(loss)
|
|
5,440
|
|
1,700
|
|
(23,240)
|
|
|
|
|
|
|
|
Less: Net
income (loss) attributed to noncontrolling
interests
|
|
(1)
|
|
-
|
|
-
|
Net income
(loss) attributed to holders of ordinary
shares
|
|
5,441
|
|
1,700
|
|
(23,240)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss)
per share from continuing operations
|
|
|
|
|
|
|
Basic
|
|
0.01
|
|
0.00
|
|
(0.02)
|
Diluted
|
|
0.01
|
|
0.00
|
|
(0.02)
|
Income (loss)
per share from discontinued operations
|
|
|
|
|
|
|
Basic
|
|
-
|
|
-
|
|
(0.10)
|
Diluted
|
|
-
|
|
-
|
|
(0.10)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted
average number of shares used in computing income (loss) per
share
|
|
|
|
|
|
|
Basic
|
|
380,678,902
|
|
380,555,641
|
|
200,538,902
|
Diluted
|
|
380,818,902
|
|
380,579,653
|
|
200,538,902
|
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SOURCE ReneSola Ltd.