Evergreen Solar Reports First-Quarter 2002 Results

April 30, 2002 by Jeff Shepard

Evergreen Solar Inc. (Marlboro, MA) announced results for the first quarter ended March 31, 2002. For the three months ended March 31, 2002, product revenues were $913,000, an increase of $767,000 from $146,000 for the same period in 2001.

Research revenues for the first quarter were $236,000, as compared to $331,000 for the same period of last year. Net loss for the first quarter of 2002 was $3.4 million, or $0.30 per share, as compared with a net loss of $2.4 million, or $0.21 per share, for the same period of last year. At March 31, 2002, cash, cash equivalents and short-term investments totaled $22.2 million, compared to $26.3 million at December 31, 2001.

"We continue to make significant progress on our two principal objectives, increasing manufacturing volumes and lowering costs," commented Evergreen Solar President and CEO Mark Farber. "We are particularly pleased with the 38-percent quarter-to-quarter improvement in product gross margins, which we believe demonstrates the continuing improvement in important facets of our manufacturing scale-up."