Evergreen Solar Reports First-Quarter 2003 Results

May 11, 2003 by Jeff Shepard

Evergreen Solar Inc. (Marlboro, MA), a developer, marketer and manufacturer of photovoltaic products, announced results for the first quarter ended March 31, 2003. For the three months ended March 31, 2003, product revenues were $1.1 million, an increase of $154,000 from $913,000 for the same period in 2002.

Research revenues for the first quarter were $381,000, an increase of $145,000 from $236,000 for the same period in 2002. Net loss for the first quarter of 2003 was $3.2 million, or $0.28 per share, as compared with a net loss of $3.4 million, or $0.30 per share, for the first quarter of 2002. At March 31, 2003, cash, cash equivalents and short-term investments totaled $5.6 million, compared to $8.5 million at December 31, 2002.

"We made good progress this quarter on our Line 2 expansion," commented Mark Farber, president and chief executive officer of Evergreen Solar. "The five String Ribbon™ furnaces that we converted to double-ribbon machines are now running in production. In addition to the crystal growth programs, we completed engineering qualification of the downstream portion of our cell and panel fabrication equipment. Line 2 is now producing solar cells with an average conversion efficiency of approximately 13%. I am pleased that product sales exceeded the $0.5 to $1 million range previously estimated, up 17% year-over-year. We remain optimistic for the year and reaffirm our 2003 product sales target of $6 to $9 million."