MEMC Reports Q4 EPS of $.25 vs. $.32

MEMC Electronic Materials, Inc. WFR today announced financial results for the fourth quarter and full year 2010. GAAP net sales for the quarter were $850.1 million, an increase of 69% from $503.1 million in the third quarter of 2010 and an increase of 138% from $356.7 million in the fourth quarter of 2009. Fourth quarter GAAP net sales include $307.6 million in 2010 and $3.8 million in 2009 from the SunEdison business that was acquired in November 2009. Non-GAAP net sales for the quarter were $949.5 million and include $99.4 million of adjustments for revenue or profit deferrals required under GAAP real estate and lease accounting. MEMC's GAAP net income for the fourth quarter was $11.4 million, or $0.05 per share, compared to a net income of $17.6 million, or $0.08 per share, in the third quarter and a net loss of $7.1 million, or $0.03 per share, in the prior year quarter. Non-GAAP net income for the quarter was $58.2 million, or $0.25 per share.