Evergreen Solar Reports Second-Quarter 2002 Results
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.