News

Evergreen Solar Reports Third-Quarter 2003 Results

November 05, 2003 by Jeff Shepard

Evergreen Solar Inc. (Marlboro, MA), a developer, marketer and manufacturer of photovoltaic products, announced results for the third quarter ended September 30, 2003. For the three months ended September 30, 2003, product revenues were $2.6 million, an increase of $1.1 million from $1.5 million for the same period in 2002.

Research revenues for the third quarter were $463,000, a decrease of $178,000 from $641,000 for the same period in 2002. Operating loss for the third quarter was $3.3 million compared to an operating loss of $2.9 million for the third quarter of 2002. Net loss attributable to common shareholders for the third quarter was $4 million, or $0.35 per share, which includes a non-cash dividend earned by the Series A Convertible Preferred stockholders of $747,000. At September 30, 2003, cash, cash equivalents, and short-term investments totaled $24.5 million, compared to $8.5 million at December 31, 2002.

For the nine months ended September 30, 2003, product revenues were $6.4 million, an increase of $2.9 million from $3.5 million from the same period in 2002. Research revenues were $1.4 million, an increase of $268,000 from $1.1 million for the nine months ended September 30, 2002.

Operating loss for the nine months ended September 30, 2003, was $9.9 million, a decrease of $271,000 from $10.2 million for the same period in 2002. Net loss attributable to common shareholders for the nine months ended September 30, 2003, was $22.6 million, or $1.97 per share, which includes accretion charges associated with the Series A Preferred Stock financing of $12.8 million.