Evergreen Solar Announces Second-Quarter Financial ResultsAugust 07, 2001 by Jeff Shepard
Evergreen Solar Inc. (Marlboro, MA) announced results for the second quarter ended June 30, 2001. Product revenues for the quarter were $212,000, an increase of $138,000 from $74,000 for the same period in 2000. Research revenues for the second quarter of 2001 were $348,000, as compared to $489,000 for the same period of last year. Net loss for the second quarter of 2001 was $2.8 million, or $0.25 per share, as compared with a net loss of $1.2 million, or $2.29 per share, for the second quarter of 2000. As of June 30, 2001, cash, cash equivalents and short-term investments totaled $34.1 million, compared to $38.4 million at March 31, 2001.
For the six months ended June 30, 2001, product revenues were $358,000, a $261,000 increase from $97,000 reported for the same period in 2000. Research revenues for the first six months of 2001 were $679,000, as compared to $1.0 million for the first six months of 2000. Net loss for the first six months of 2001 was $5.2 million, or $0.47 per share, as compared to a net loss of $1.9 million, or $3.88 per share, for the same period in 2000.
"The solar market appears to be growing faster than industry capacity, and we believe we are well positioned to continue to gain market share as our production ramps up," commented Mark A. Farber, president and CEO of Evergreen Solar. "We remain confident that we will be able to sell all of the product manufactured this year at Marlboro, as we continue to make inroads into expanding our distribution channels. However, given the current state of capital markets, we are choosing to slow the pace of investment in additional capacity for the foreseeable future to reduce the risk of needing to raise financing during adverse market conditions."
The company issued the following guidance for the full fiscal year 2002: product revenues of at least $7.0 million, an operating loss of approximately $15.0 million, net loss per share of approximately $1.20, and capital expenditures of between $4.0 and $6.0 million.