MEMC Announces Delay in Filing of Form 10-K

ST. PETERS, Mo., March 16 /PRNewswire-FirstCall/ -- MEMC Electronic Materials, Inc. today announced that the Company has filed a Form 12b-25 to report that its annual report on Form 10-K for the fiscal year ended December 31, 2005 cannot be filed on time. The Company stated that it cannot complete its financial statements for 2005 and the related audit because the Audit Committee has not yet completed its previously announced review.

As previously announced, the Company determined that the quarterly reports on Form 10-Q for the first two quarters of 2005 should be restated to reflect the Company's conclusions relating to the tax deductibility of an interest payment made in 2004. In connection with the restatements, the Company determined to reflect a change in its revenue recognition practices relating to polysilicon sales. The Audit Committee of the Board of Directors undertook a review of the revenue recognition related to polysilicon at that time. The Company thereafter filed a Form 12b-25 to report that it could not timely file its quarterly report for the third quarter of 2005.

The Audit Committee is continuing its investigation. At the same time, management is continuing its work to finalize the quarterly reports on Form 10-Q and the annual report on Form 10-K, including working on the quarterly reports with respect to revenue recognition, tax issues and other adjustments. As a result, the Company has not completed the restatement of its financial statements for the periods ended March 31, 2005 and June 30, 2005. The Company currently anticipates that the reports will be finalized and filed upon the completion of the Audit Committee review, management's finalization of the reports and the related reviews and audit by the Company's independent registered public accountants.

About MEMC

MEMC is the world's largest public company solely devoted to the supply of wafers to semiconductor device manufacturers. MEMC has been a pioneer in the design and development of wafer technologies over the past four decades. With R&D and manufacturing facilities in the U.S., Europe and Asia, MEMC enables the next generation of high performance semiconductor devices.