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Evergreen Solar, Inc. Reports Second Quarter 2004 Results Second Quarter Highlights: * Made significant technical progress on cost and scalability of advanced Gemini String Ribbon(TM) process * Completed $20 million private equity financing to support capacity growth and technology development * Strengthened and broadened management team in line with future capacity expansion plans * Achieved record quarterly product revenues of $4.5 million - up 71% year-over-year MARLBORO, Mass., Aug. 3 /PRNewswire-FirstCall/ -- Evergreen Solar, Inc. (Nasdaq: ESLR), a developer, marketer, and manufacturer of photovoltaic (solar power) products for the worldwide market, today announced results for the second quarter 2004. "We made good progress on our strategy to become a low-cost producer of solar power products. We demonstrated on a pilot basis the cost potential and scalability of our advanced Gemini String Ribbon(TM) process. In June, we completed a $20 million private equity financing and converted all the remaining shares of Series A Preferred to common stock. We believe this financing and conversion is a strong endorsement of our prospects from the investment community and will provide resources to enhance our ongoing capacity expansion, accelerate promising next generation technologies, and most importantly position Evergreen for growth beyond our current capacity expansion," commented Richard M. Feldt, President and Chief Executive Officer. "The progress we made on improving the variable cost of our latest generation double ribbon technology also enabled us to achieve record product revenues and record pro forma product gross margin (adjusted for special charges recorded during the quarter). Our management bandwidth was enhanced with the hiring of key executives to lead our sales and marketing efforts and to strengthen the human resources function." "During the second quarter, Evergreen also attended two major European trade shows and we are pleased to report that the solar industry anticipates continued double-digit growth," continued Feldt. "We are solidly sold out for 2004, and 2005 prospects also look strong." For the three months ended June 30, 2004, product revenues were $4.5 million, an increase of $1.9 million, or 71%, from $2.7 million for the same period in 2003. The increase in product revenues was primarily the result of increased manufacturing volume associated with capacity expansion and increased selling activities. Research revenues for the second quarter were $229,000, a decrease of $279,000 from $508,000 for the same period in 2003. Product gross margin for the quarter ended June 30, 2004 was -102%, which included charges of $2.5 million for the disposal of certain equipment and materials associated with older generation manufacturing technology. On a pro forma basis, with the $2.5 million of charges excluded, product gross margin was a record -46%, an improvement from -60% from the same period in 2003. This improvement in pro forma gross margin was due to increased operating efficiencies and sales, which reduced per unit overhead costs, and lower variable manufacturing costs resulting from increased production, more efficient processes, and improvements in yield and solar conversion efficiency. Operating loss for the second quarter was $7.0 million, an increase of $3.7 million as compared to $3.3 million for the second quarter of 2003. Net loss attributable to common stockholders for the second quarter was $9.6 million, or $0.46 per share, which includes cash dividends of $546,000 and a 7% conversion premium of $1.7 million paid to the Series A Preferred stockholders in order to induce the holders of Series A Preferred to convert all outstanding Series A Preferred shares into common stock in conjunction with the Company`s recent equity financing. On a pro forma basis, operating loss was $4.5 million; net loss attributable to common stockholders was $7.1 million, or $0.34 per share. For the second quarter, weighted average shares outstanding were 20.8 million, which includes common stock issued on June 21, 2004 in conjunction with the Company`s $20.0 million private equity financing and the conversion of the outstanding shares of Series A Convertible Preferred. At the end of the quarter, total shares outstanding were approximately 47.5 million. At June 30, 2004, cash, cash equivalents, and short-term investments totaled $24.3 million, compared to $20.3 million at December 31, 2003. Use of Non-GAAP Financial Measures Evergreen Solar Inc. reports gross margin, operating income, net income attributable to common stockholders, and net loss per share in accordance with GAAP and also on a non-GAAP basis, referred to as pro forma. Pro forma results exclude the effect of charges of $2.5 million for the disposal of certain equipment and materials related to older generation processes that have been and are being abandoned in the current capacity scale-up. These non-GAAP measures should be considered in addition to, and not as a substitute for, the results prepared in accordance with GAAP. A reconciliation of GAAP net loss to pro forma results is included in the financial statements portion of this release. Evergreen`s management believes the non-GAAP information is useful because it can enhance the understanding of the Company`s ongoing financial performance and because Evergreen uses pro forma reporting internally to evaluate and manage the operations. Evergreen has chosen to provide this information to investors so they can have access to the same configurations and comparisons utilized by Company management to analyze its operating results. http://www.corporate-ir.net/ireye/ir_site.zhtml?ticker=eslr&… |
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| aus der Diskussion: | Evergreen Solar Inc, will AstroPower`s Insolvenzmasse |
| Autor (Datum des Eintrages): | iqfan (03.08.04 13:24:28) |
| Beitrag: | 10 von 18 (ID:13918146) |
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