Evergreen Solar Reports Second-Quarter 2003 Results

July 30, 2003 by Jeff Shepard

Evergreen Solar Inc. (Marlboro, MA), a developer, marketer and manufacturer of photovoltaic products, announced results for the second quarter ended June 30, 2003. For the three months ended June 30, 2003, product revenues were $2.7 million, an increase of $1.6 million from $1.1 million for the same period in 2002.

Research revenues for the second quarter were $508,000, an increase of $301,000 from $207,000 for the same period in 2002. Operating loss for the second quarter was $3.3 million as compared to an operating loss of $3.7 million for the second quarter of 2002. Net loss attributable to common shareholders for the second quarter was $15.4 million, or $1.35 per share, which includes accretion charges of $12.1 million. At June 30, 2003, cash, cash equivalents and short-term investments totaled $29.2 million, compared to $8.5 million at December 31, 2002.