Evergreen Solar Inc. (Marlboro, MA), a developer, marketer and manufacturer of photovoltaic products, announced results for the second quarter 2004. For the three months ended June 30, 2004, product revenues were $4.5 million, an increase of $1.9 million, or 71%, from $2.7 million for the same period in 2003.
Operating loss for the second quarter was $7 million, an increase of $3.7 million as compared to $3.3 million for the second quarter of 2003. Net loss attributable to common stockholders for the second quarter was $9.6 million, or $0.46 per share, which includes cash dividends of $546,000 and a 7% conversion premium of $1.7 million paid to the Series A Preferred stockholders in order to induce the holders of Series A Preferred to convert all outstanding Series A Preferred shares into common stock in conjunction with the company's recent equity financing.
On a pro-forma basis, operating loss was $4.5 million; net loss attributable to common stockholders was $7.1 million, or $0.34 per share. For the second quarter, weighted average shares outstanding were 20.8 million, which includes common stock issued on June 21, 2004, in conjunction with the company's $20 million private equity financing and the conversion of the outstanding shares of Series A Convertible Preferred. At the end of the quarter, total shares outstanding were approximately 47.5 million.
