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        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">UNITED STATES</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 12pt">SECURITIES AND
        EXCHANGE COMMISSION<BR>
        </FONT><FONT STYLE="font-size: 10pt"><B>WASHINGTON, D. C. 20549</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>
        <P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>FORM 8-K</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>CURRENT REPORT<BR>
        <FONT STYLE="font-size: 10pt">Pursuant to Section 13 or 15 (d) of the Securities Exchange Act of 1934<BR>
        <BR>
        </FONT></B>Date of Report (Date of earliest event reported): <B>February 15, 2012</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><BR STYLE="mso-special-character: line-break">
        <BR STYLE="mso-special-character: line-break">
        </P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 18pt"><B>MEMC Electronic
        Materials, Inc.<BR>
        </B></FONT><FONT STYLE="font-size: 10pt">(Exact Name of Registrant as Specified in its Charter)</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P></TD></TR>
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    <TD STYLE="width: 30%; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Delaware<BR>
</B>(State or other jurisdiction of<BR>
Incorporation)</FONT></TD>
    <TD STYLE="width: 5%; font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 30%; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>1-13828<BR>
</B>(Commission File Number)</FONT></TD>
    <TD STYLE="width: 5%; font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 30%; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>56-1505767<BR>
</B>(I.R.S. Employer <BR>
Identification Number)</FONT></TD></TR>
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        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;<BR>
501 Pearl Drive (City of O'Fallon)<BR>
St. Peters, Missouri<BR>
</B> (Address of principal executive offices)</P></TD>
    <TD STYLE="width: 5%; font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 30%; text-align: center; vertical-align: bottom">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 8.25pt 0 1.9pt"><B>&nbsp;<BR>
63376<BR>
</B>(Zip Code)</P></TD></TR>
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    <TD STYLE="width: 22%; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 56%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>(636) 474-5000<BR>
        </B>(Registrant's telephone number, including area code)</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"></P></TD>
    <TD STYLE="width: 22%; font-size: 10pt; text-align: center">&nbsp;</TD></TR>
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    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD></TR>
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    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Not Applicable<BR>
</B>(Former name or former address, if changed since last report)</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provision (see General Instruction A.2 below):</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Wingdings 2">&#163;</FONT> Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Wingdings 2">&#163;</FONT> Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Wingdings 2">&#163;</FONT> Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Wingdings 2">&#163;</FONT> Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Item 2.02. Results of Operations and Financial Condition. </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">On February 15, 2012, MEMC Electronic Materials, Inc. (the &ldquo;Company&rdquo;
or &ldquo;MEMC&rdquo;) issued a press release reporting results of operations for the fourth quarter and full year ended December
31, 2011. A copy of the press release is furnished with this Form 8-K as Exhibit 99.1. Also furnished as Exhibit 99.2 to this Form
8-K is a slide presentation that will be presented by the Company on its earnings call on February 15, 2011.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">With the Company&rsquo;s press release for the fourth quarter
and full year 2011 results, MEMC makes reference to certain non-GAAP financial measures including non-GAAP revenue, non-GAAP
gross margin, non-GAAP earnings per share, non-GAAP operating income, non-GAAP net income and non-GAAP free cash flow. The
press release contains a reconciliation of each non-GAAP measure to the directly comparable GAAP measure.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">These non-GAAP measures of non-GAAP revenue, non-GAAP gross margin,
non-GAAP earnings per share, non-GAAP operating income, non-GAAP net income and non-GAAP free cash flow include adjustments to
revenue in the Company&rsquo;s Solar Energy (SunEdison) segment from direct sales of solar energy systems where we have received
upfront partial payments and, absent real estate accounting requirements, we would have recognized revenues under the percentage
of completion accounting method. The non-GAAP measures also include adjustments to non-GAAP revenue and/or profit deferred related
to SunEdison&rsquo;s maximum exposure for power warranties, system uptime guarantees and breach of contract provisions offered
to the direct sale customers for these systems that are considered continuing involvement by SunEdison in the sold solar energy
systems. This revenue is not recognized as of the reporting date under GAAP real estate accounting rules because the solar energy
systems are considered integral to the real estate on which they were built. Absent real estate accounting requirements, deferred
revenues related to continuing involvement would be recognized under GAAP during the reporting period because SunEdison has historically
experienced minimal losses related to these guarantees. For these direct sales, the sales contracts have been executed and SunEdison
has either received payment in full or maintains a valid and legal note receivable for the full sales price that SunEdison expects
to collect within a short period after completion of the project.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">The non-GAAP measures also include revenue related to SunEdison
sale-leaseback transactions accounted for as financings.&nbsp;&nbsp;This includes cash received for the legal sale of the solar
energy system to the purchaser that will not be recognized under GAAP.&nbsp;&nbsp;Non-GAAP operating income includes the upfront
cash margin in an amount equal to the difference between (a) the cash received as of the reporting date from SunEdison&rsquo;s
financing partners in sale-leaseback transactions considered financings and (b) SunEdison&rsquo;s total costs to construct the
solar energy systems sold under the sale-leaseback transactions.&nbsp;&nbsp;These sale-leaseback transactions are classified as
financing transactions under GAAP because the system is considered integral to the land or building on which it resides and because
SunEdison has continuing involvement with the system through a purchase option.&nbsp;&nbsp;This system development margin will
be recognized under GAAP upon termination of the related lease through the non-cash extinguishment of the debt offset by any remaining
net book value of the solar energy system asset.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">The Company believes that these non-GAAP measures represent important
internal measures of performance for the SunEdison business, and better reflect SunEdison&rsquo;s income and near-term cash flows.&nbsp;&nbsp;Accordingly,
where these measures are provided, it is done so that investors have the same financial data that management uses to evaluate the
operational and financial performance of the SunEdison business unit. MEMC management uses these measures to manage the SunEdison
business because it believes these measures are more representative of the operational health and performance of that business.
These non-GAAP measures should not be considered as a substitute for, and should only be read in conjunction with, measures of
financial performance prepared in accordance with GAAP and the reconciliation of each non-GAAP measure to the directly comparable
GAAP measure set forth in the press release.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">The non-GAAP measures also include special adjustments related to
non-cash charges (goodwill and deferred tax asset impairments), restructuring and other costs (primarily non-cash) to streamline
future operations. Management believes it is useful and more representative of the results of the continuing operations in the
reporting period to have non-GAAP earnings per share reflect exclusion of these charges and unfavorable tax consequences related
to world-wide income distribution. These adjusted non-GAAP measures should not be considered as a substitute for, and should only
be read in conjunction with, measures of financial performance prepared in accordance with GAAP.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">The tables included with the press release refer to the Company&rsquo;s
EBITDA for the fourth quarters of 2011 and 2010 as well as the quarter ended September 30, 2011 and each of the twelve months ended
December 31, 2011 and December 31, 2010. EBITDA is a non-GAAP disclosure consisting of net income plus interest expense, net, provision
for income taxes and depreciation and amortization. The Company believes that EBITDA is useful to an investor in evaluating the
Company&rsquo;s operating performance and liquidity because (i) it is widely used to measure a company&rsquo;s operating performance
without regard to items such as depreciation and amortization, which can vary depending upon accounting methods and the book value
of assets, (ii) it presents a meaningful measure of corporate performance exclusive of the Company&rsquo;s capital structure and
the method by which the assets were acquired, and (iii) it is a widely accepted financial indicator of a company&rsquo;s ability
to service its debt, as the Company is required to comply with certain covenants and limitations that are based on variations of
EBITDA in the Company&rsquo;s financing documents.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">The press release also references the Company&rsquo;s
free cash flow and free cash flow use for the fourth quarter of 2011. The Company also believes that the non-GAAP measure
of &ldquo;free cash flow&rdquo; is useful to help investors better understand the capital intensity of our business,
including our project financing operations. In addition to other key performance indicators,  the Company evaluates the
performance of the solar project business on the cash generation abilities of the projects, which are typically financed at
the inception of the leases, resulting in a gain on sale that is deferred and not immediately included in net income.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Finally, because the impairment charges described in the press release
are non-cash charges unrelated to ongoing operations, management determined that including among the non-GAAP financial performance
measures the non-GAAP earnings per share excluding this charge would be useful as more representative of the results of the reporting
period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><B>Item 9.01. Financial Statements and
Exhibits.</B></P>

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<TR STYLE="vertical-align: top">
    <TD STYLE="width: 19%; font-size: 10pt; font-weight: bold">(d) Exhibits</TD>
    <TD STYLE="width: 81%; font-size: 10pt; font-weight: bold">Item</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; padding-left: 0.36in">99.1</TD>
    <TD STYLE="font-size: 10pt">Press release dated February 15, 2012 furnished with this Report.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; padding-left: 0.36in">99.2</TD>
    <TD STYLE="font-size: 10pt">Slide presentation furnished with this Report.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 6pt 0">&nbsp;</P>

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    <TD COLSPAN="2" STYLE="padding-right: 5.25pt; padding-left: 5.25pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;&nbsp;SIGNATURES</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 5.25pt; padding-left: 5.25pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 0; padding-left: 0; font-size: 10pt">Pursuant to the requirements of the Securities Exchange Act of 1934 the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48%; background-color: white; padding-right: 5.25pt; padding-left: 5.25pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 52%; padding-right: 5.25pt; padding-left: 5.25pt; font-size: 10pt">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; font-weight: bold">MEMC ELECTRONIC MATERIALS, INC.</TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; font-size: 10pt">Date: February 15, 2012</TD>
    <TD STYLE="width: 3%; font-size: 10pt">By:</TD>
    <TD STYLE="width: 32%; font-size: 10pt; border-bottom: Black 1pt solid">/s/ Bradley D. Kohn</TD>
    <TD STYLE="width: 15%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt">Name: Bradley D. Kohn</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Title: Senior Vice President, General Counsel and Corporate Secretary</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 6pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><U>Exhibit Index</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-family: Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 20%; font-size: 10pt"><B><U>Number</U></B></TD>
    <TD STYLE="width: 80%; font-size: 10pt"><B><U>Item</U></B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; padding-left: 0.36in">99.1</TD>
    <TD STYLE="font-size: 10pt">Press release dated February 15, 2012 furnished with this Report.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; padding-left: 0.36in">99.2</TD>
    <TD STYLE="font-size: 10pt">Slide presentation furnished with this Report.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>




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UNITED STATES
SECURITIES AND
        EXCHANGE COMMISSION
WASHINGTON, D. C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15 (d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):
February 15, 2012
MEMC Electronic
        Materials, Inc.
(Exact Name of Registrant as Specified in its Charter)
Delaware
(State or other jurisdiction of
Incorporation)
1-13828
(Commission File Number)
56-1505767
(I.R.S. Employer
Identification Number)
501 Pearl Drive (City of O'Fallon)
St. Peters, Missouri
(Address of principal executive offices)
63376
(Zip Code)
(636) 474-5000
(Registrant's telephone number, including area code)
Not Applicable
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provision (see General Instruction A.2 below):
£
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
£
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
£
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
£
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 2.02. Results of Operations and Financial Condition.
On February 15, 2012, MEMC Electronic Materials, Inc. (the "Company"
or "MEMC") issued a press release reporting results of operations for the fourth quarter and full year ended December
31, 2011. A copy of the press release is furnished with this Form 8-K as Exhibit 99.1. Also furnished as Exhibit 99.2 to this Form
8-K is a slide presentation that will be presented by the Company on its earnings call on February 15, 2011.
With the Company's press release for the fourth quarter
and full year 2011 results, MEMC makes reference to certain non-GAAP financial measures including non-GAAP revenue, non-GAAP
gross margin, non-GAAP earnings per share, non-GAAP operating income, non-GAAP net income and non-GAAP free cash flow. The
press release contains a reconciliation of each non-GAAP measure to the directly comparable GAAP measure.
These non-GAAP measures of non-GAAP revenue, non-GAAP gross margin,
non-GAAP earnings per share, non-GAAP operating income, non-GAAP net income and non-GAAP free cash flow include adjustments to
revenue in the Company's Solar Energy (SunEdison) segment from direct sales of solar energy systems where we have received
upfront partial payments and, absent real estate accounting requirements, we would have recognized revenues under the percentage
of completion accounting method. The non-GAAP measures also include adjustments to non-GAAP revenue and/or profit deferred related
to SunEdison's maximum exposure for power warranties, system uptime guarantees and breach of contract provisions offered
to the direct sale customers for these systems that are considered continuing involvement by SunEdison in the sold solar energy
systems. This revenue is not recognized as of the reporting date under GAAP real estate accounting rules because the solar energy
systems are considered integral to the real estate on which they were built. Absent real estate accounting requirements, deferred
revenues related to continuing involvement would be recognized under GAAP during the reporting period because SunEdison has historically
experienced minimal losses related to these guarantees. For these direct sales, the sales contracts have been executed and SunEdison
has either received payment in full or maintains a valid and legal note receivable for the full sales price that SunEdison expects
to collect within a short period after completion of the project.
The non-GAAP measures also include revenue related to SunEdison
sale-leaseback transactions accounted for as financings.  This includes cash received for the legal sale of the solar
energy system to the purchaser that will not be recognized under GAAP.  Non-GAAP operating income includes the upfront
cash margin in an amount equal to the difference between (a) the cash received as of the reporting date from SunEdison's
financing partners in sale-leaseback transactions considered financings and (b) SunEdison's total costs to construct the
solar energy systems sold under the sale-leaseback transactions.  These sale-leaseback transactions are classified as
financing transactions under GAAP because the system is considered integral to the land or building on which it resides and because
SunEdison has continuing involvement with the system through a purchase option.  This system development margin will
be recognized under GAAP upon termination of the related lease through the non-cash extinguishment of the debt offset by any remaining
net book value of the solar energy system asset.
The Company believes that these non-GAAP measures represent important
internal measures of performance for the SunEdison business, and better reflect SunEdison's income and near-term cash flows.  Accordingly,
where these measures are provided, it is done so that investors have the same financial data that management uses to evaluate the
operational and financial performance of the SunEdison business unit. MEMC management uses these measures to manage the SunEdison
business because it believes these measures are more representative of the operational health and performance of that business.
These non-GAAP measures should not be considered as a substitute for, and should only be read in conjunction with, measures of
financial performance prepared in accordance with GAAP and the reconciliation of each non-GAAP measure to the directly comparable
GAAP measure set forth in the press release.
The non-GAAP measures also include special adjustments related to
non-cash charges (goodwill and deferred tax asset impairments), restructuring and other costs (primarily non-cash) to streamline
future operations. Management believes it is useful and more representative of the results of the continuing operations in the
reporting period to have non-GAAP earnings per share reflect exclusion of these charges and unfavorable tax consequences related
to world-wide income distribution. These adjusted non-GAAP measures should not be considered as a substitute for, and should only
be read in conjunction with, measures of financial performance prepared in accordance with GAAP.
The tables included with the press release refer to the Company's
EBITDA for the fourth quarters of 2011 and 2010 as well as the quarter ended September 30, 2011 and each of the twelve months ended
December 31, 2011 and December 31, 2010. EBITDA is a non-GAAP disclosure consisting of net income plus interest expense, net, provision
for income taxes and depreciation and amortization. The Company believes that EBITDA is useful to an investor in evaluating the
Company's operating performance and liquidity because (i) it is widely used to measure a company's operating performance
without regard to items such as depreciation and amortization, which can vary depending upon accounting methods and the book value
of assets, (ii) it presents a meaningful measure of corporate performance exclusive of the Company's capital structure and
the method by which the assets were acquired, and (iii) it is a widely accepted financial indicator of a company's ability
to service its debt, as the Company is required to comply with certain covenants and limitations that are based on variations of
EBITDA in the Company's financing documents.
The press release also references the Company's
free cash flow and free cash flow use for the fourth quarter of 2011. The Company also believes that the non-GAAP measure
of "free cash flow" is useful to help investors better understand the capital intensity of our business,
including our project financing operations. In addition to other key performance indicators,  the Company evaluates the
performance of the solar project business on the cash generation abilities of the projects, which are typically financed at
the inception of the leases, resulting in a gain on sale that is deferred and not immediately included in net income.
Finally, because the impairment charges described in the press release
are non-cash charges unrelated to ongoing operations, management determined that including among the non-GAAP financial performance
measures the non-GAAP earnings per share excluding this charge would be useful as more representative of the results of the reporting
period.
Item 9.01. Financial Statements and
Exhibits.
(d) Exhibits
Item
99.1
Press release dated February 15, 2012 furnished with this Report.
99.2
Slide presentation furnished with this Report.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
MEMC ELECTRONIC MATERIALS, INC.
Date: February 15, 2012
By:
/s/ Bradley D. Kohn
Name: Bradley D. Kohn
Title: Senior Vice President, General Counsel and Corporate Secretary
Exhibit Index
Number
Item
99.1
Press release dated February 15, 2012 furnished with this Report.
99.2
Slide presentation furnished with this Report.