Evergreen Solar Inc. (Marlboro, MA), a developer, marketer and manufacturer of photovoltaic products, announced financial results for the fourth quarter and year ended December 31, 2004. For the three months ended December 31, 2004, product revenues were a record $9.3 million, compared with the $1.4 million reported for the same period in 2003.
For the fourth quarter of 2004, Evergreen Solar achieved positive product gross margin of 5.3% compared with negative 220% for the fourth quarter of 2003. The operating loss for the fourth quarter of 2004 improved to $3.1 million, compared with a loss of $5.3 million for the fourth quarter of 2003. Net loss attributable to common stockholders for the fourth quarter of 2004 was $3.8 million, or $0.08 per share, compared with a loss of $5.9 million, or $0.43 per share, for the fourth quarter of 2003.
For the 12 months ended December 31, 2004, product revenues were a record $22.2 million, nearly triple the $7.7 million reported in 2003. Research revenues declined to $1.3 million for the year, compared with $1.6 million for 2003. For the year, the Company improved its product gross margin to negative 34% compared with negative 99% in 2003.
The operating loss for 2004 was $18.9 million, compared with a loss of $15.2 million in 2003. Net loss attributable to common stockholders for 2004 was $22.3 million, or $0.67 per share, compared with a loss of $28.5 million, or $2.39 per share, in 2003. For full year 2004, weighted average shares outstanding were 33.2 million.
