These excerpts taken from the WFR 10-K filed Feb 27, 2009.
16. SUBSEQUENT EVENTS
In late February 2009, we revised our estimate for the allowance for doubtful accounts as of December 31, 2008 due to the increased visibility in 2009 of adverse macroeconomic conditions existing as of December 31, 2008. Taking into account that two semiconductor wafer customers filed for bankruptcy protection during late January 2009 and early February 2009, we performed additional analysis of our at risk receivables as of December 31, 2008. Accordingly, we have increased our allowance for doubtful accounts and recorded additional bad debt expense of $4.5 million during the quarter ended December 31, 2008.
During February 2009, we amended two of our long-term solar wafer agreements. The aggregate revenues under the agreements for sales in 2009 and aggregate revenues for sales over the remaining term of the contracts remain unchanged, but volume increases and price reductions for 2009 have been effectuated. There were no changes to the requirements for security deposits or letters of credit other than to extend the time to comply fully with the 2009 letter of credit requirement for one of the agreements. The amendments did not have an impact on our 2008 consolidated results of operations and financial condition.
16. SUBSEQUENT EVENTS
SIZE="2">In late February 2009, we revised our estimate for the allowance for doubtful accounts as of December 31, 2008 due to the increased visibility in 2009 of adverse macroeconomic conditions existing as of December 31, 2008. Taking into account
During February 2009,
The Board of Directors and
MEMC Electronic Materials, Inc.:
We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United
A companys internal control over financial reporting is a
Because of its inherent limitations, internal control over financial reporting may not prevent
In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the
As discussed in Note 13 to the consolidated financial statements, the
As discussed in Note 2 to the consolidated financial statements, the Company adopted Financial Accounting Standards Board Interpretation No. 48,
St. Louis, MissouriSTYLE="margin-top:0px;margin-bottom:0px">February 27, 2009