Evergreen Solar Announces Third-Quarter 2004 Results
Evergreen Solar Inc. (Marlboro, MA), a developer, marketer and manufacturer of photovoltaic products, announced financial results for the third quarter ending September 30, 2004. For the three months ended September 30, 2004, product revenues were a record $5.6 million, more than double the $2.6 million reported for the same period in 2003. Research revenues for the third quarter were $369,000 compared with $463,000 in the third quarter of 2003.
Operating loss for the third quarter of 2004 was $4.7 million, compared with $3.3 million for the third quarter of 2003. Net loss attributable to common stockholders for the third quarter of 2004 was $4.6 million, or $0.10 per share, compared with $4.0 million, or $0.35 per share, for the third quarter of 2003, and on a pro-forma basis, operating loss was $4.3 million and net loss attributable to common stockholders was $4.2 million, or $0.09 per share. For the third quarter of 2004, weighted average shares outstanding were 47.5 million. Third-quarter 2003 earnings per share was based on 11.5 million weighted average shares outstanding.
As of September 30, 2004, cash, cash equivalents and short-term investments totaled $16.6 million, compared to $20.3 million at December 31, 2003.