Evergreen Solar Reports Second-Quarter 2002 ResultsJuly 31, 2002 by Jeff Shepard
Evergreen Solar Inc. (Marlboro, MA) announced results for the second quarter ended June 30, 2002. For the three months ended June 30, 2002, product revenues were $1.1 million, an increase of $863,000 from $212,000 for the same period in 2001. Research revenues for the second quarter were $207,000, as compared to $348,000 for the same period of last year. Net loss for the second quarter of 2002 was $3.5 million, or $0.30 per share, as compared with a net loss of $2.8 million, or $0.25 per share, for the second quarter of 2001.
At June 30, 2002, cash, cash equivalents and short-term investments totaled $18.0 million, compared to $26.3 million at December 31, 2001, and $22.2 million at March 31, 2002. Net fixed assets declined slightly to $15.6 million from the first quarter of 2002. Capital expenditures for the quarter were $434,000, the majority of which was spent on longer lead equipment for manufacturing expansion.
For the six months ended June 30, 2002, product revenues were $2.0 million, an increase of $1.6 million from $358,000 for the same period in 2001. Research revenues for the six months were $443,000, a decrease of $236,000 from the same period in 2001. Net loss for the first six months of 2002 was $6.9 million, an increase of $1.7 million from $5.2 million for the first six months of 2001.