News

Evergreen Solar Reports Third-Quarter 2002 Results

October 30, 2002 by Jeff Shepard

Evergreen Solar Inc. (Marlboro, MA) announced results for the third quarter ended September 30, 2002. For the three months ended September 30, 2002, product revenues were $1.5 million, an increase of $1.0 million from $424,000 for the same period in 2001. Research revenues for the third quarter were $641,000, an increase of $488,000 from $153,000 for the same period of last year.

Net loss for the third quarter of 2002 was $2.7 million, or $0.24 per share, as compared with a net loss of $3.5 million, or $0.31 per share, for the third quarter of 2001. At September 30, 2002, cash, cash equivalents and short-term investments totaled $13.5 million, compared to $26.3 million at December 31, 2001, and $18.0 million at June 30, 2002. Net fixed assets increased slightly to $15.9 million from the second quarter of 2002. Capital expenditures for the quarter were $788,000.

For the nine months ended September 30, 2002, product revenues were $3.4 million, an increase of $2.7 million from $782,000 for the same period in 2001. Research revenues for the nine months were $1.1 million, an increase of $253,000 from $831,000 for the same period in 2001. Net loss for the first nine months of 2002 was $9.6 million, an increase of $930,000 from $8.7 million for the same period in 2001.