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Meldungen 10.11.2009

Entech: Third Quarter Results

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Entech Solar, Inc., with plans to become a leading developer of renewable energy technologies, today announced its financial results for the quarter ended September 30, 2009.

Third Quarter Operational Highlights

    * ThermaVolt™ II: The Company completed the assembly and test of multiple working modules using its proprietary concentrating photovoltaic (PV) and thermal technology, and has started the next crucial phase in the product’s development – design-verification-testing (DVT). DVT allows Entech Solar’s engineers and scientists to test and validate the performance and quality of the modules prior to the commencement of independent third-party product certification. ThermaVolt II modules, which produce both electricity and hot water, have the same length and width dimensions (form factor) as industry-standard PV modules.
    * SolarVolt™ II: Entech Solar announced plans to develop an electricity-only concentrating photovoltaic solar module. With a form factor similar to the ThermaVolt II module, this Concentrated Power Product (CPP) offers customers large-scale utility solutions.
    * Tubular Skylight Lighting Solution: The Company completed the critical design review of its patented lighting solution product and the development of its go-to-market commercialization strategy. Product certification has started with independent third-party testing laboratories. The Company plans to begin selling this product in early 2010 with an initial launch in North Texas.

“I am pleased to update investors on Entech Solar’s product development progress. We received positive comments on our ThermaVolt II prototype module that was recently on exhibit at Solar Power International, North America’s largest solar industry conference in Anaheim, California,” said Dr. Frank Smith, Chief Executive Officer.

“We continue to advance our products through critical development and gate reviews. We expect ThermaVolt II to offer a compelling value proposition to the multi-billion dollar U.S. combined heat and power market with its dual output of electricity and thermal energy, standard manufacturing and competitive price point. The Company’s strategic goal is to be a leading developer of renewable energy technologies for the commercial, industrial and utility markets.”

Financial Results

As the Company completes its transition from the flat-plate solar installation business, revenues for the 2009 third quarter amounted to $75 thousand, compared with $6.5 million reported in the third quarter last year. The Company recorded a gross profit for the quarter ended September 30, 2009 of $3 thousand, versus a gross loss of $2.3 million in the prior-year period. The Company’s net loss attributable to common shareholders for the third quarter of 2009 was $4.7 million, or $(0.02) per share, versus a comparable loss of $7.4 million, or $(0.03) per share in the third quarter of 2008.

As of September 30, 2009, the Company’s cash and cash equivalents totaled $4.8 million, $2 million of which was provided by a related party loan from The Quercus Trust. This loan will be repaid upon completion of the previously announced rights offering.

About Entech Solar

Entech Solar, Inc. is a leading developer of renewable energy technologies for the commercial, industrial and utility markets. Entech designs concentrating solar modules that provide both electricity and thermal energy as part of its ThermaVolt™ product line and electricity-only as part of the SolarVolt™ product line. The Company also develops a state-of-the-art tubular skylight that provides superior light output and optical efficiency for the commercial and industrial green buildings initiatives. For more information, please visit www.entechsolar.com.

Forward Looking Statements:

Except for historical information contained herein, this document contains forward-looking statements within the meaning of Section 21-E of the Securities Exchange Act of 1934. These statements involve known and unknown risks and uncertainties that may cause the Company's actual results or outcomes to be materially different from those anticipated and discussed herein. Further, the Company operates in industries where securities values may be volatile and may be influenced by regulatory and other factors beyond the Company's control. Other important factors that the Company believes might cause such differences are discussed in the risk factors detailed in the Company's 10-K and its quarterly reports on Form 10-Q both as filed with the Securities and Exchange Commission, which include the Company's cash flow difficulties, dependence on significant customers, and rapid development of technology, among other risks. In assessing forward-looking statements contained herein, readers are urged to carefully read all cautionary statements contained in the Company's filings with the Securities and Exchange Commission.

                    
ENTECH SOLAR, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2009 AND 2008
(UNAUDITED)
(In thousands, except per share data)
                                    
        Three Months Ended September 30,         Nine Months Ended September 30,
        2009         2008         2009         2008
Revenues:                                 
Contract         $     49             $     6,470             $     1,296             $     22,295     
Equipment & Services             26                 -                 170                 -     
Related party             -                 -                 597                 775     
Related party - Former Chairman               -                     -                     125                     -     
Total               75                     6,470                     2,188                     23,070     
                                
Cost of Revenues:                                 
Contract             35                 8,768                 862                 29,922     
Equipment & Services             37                 -                 59                 -     
Related party             -                 -                 601                 673     
Related party - Former Chairman             -                 -                 142                 -     
Manufacturing operations impairment               -                     -                     6,968                     -     
Total               72                     8,768                     8,632                     30,595     
                                
Gross Profit (Loss):                                 
Contract             14                 (2,298     )             434                 (7,627     )
Equipment & Services             (11     )             -                 111                 -     
Related party             -                 -                 (4     )             102     
Related party - Former Chairman             -                 -                 (17     )             -     
Manufacturing operations impairment               -                     -                     (6,968     )               -     
Total               3                     (2,298     )               (6,444     )               (7,525     )
                                
Operating Expenses:                                 
Selling, general and administrative expenses             2,516                 4,308                 12,983                 13,801     
Depreciation and amortization             719                 778                 2,179                 2,027     
Research and development expenses               1,653                     43                     3,828                     140     
Total Operating Expenses               4,888                     5,129                     18,990                     15,968     
                                
Loss from Operations               (4,885     )               (7,427     )               (25,434     )               (23,493     )
                                
Other income (expense)                                 
Beneficial conversion and warrant amortization             -                 -                 -                 (50     )
Interest income             -                 30                 78                 392     
Interest expense             (9     )             -                 (9     )             -     
Other income (expense)               99                     -                     103                     -     
Total other income (expense), net               90                     30                     172                     342     
Net Loss             (4,795     )             (7,397     )             (25,262     )             (23,151     )
Net Loss attributable to noncontrolling interest               58                     -                     254                     -     
Net Loss attributable to Entech Solar, Inc.             (4,737     )             (7,397     )             (25,008     )             (23,151     )
                                
Accretion of preferred stock dividends - Series C             -                 (9     )             -                 (18     )
Preferred stock dividends - Series F               -                     -                     -                     (15,512     )
Net Loss attributable to Entech Solar, Inc. Common Shareholders         $     (4,737     )         $     (7,406     )         $     (25,008     )         $     (38,681     )
                                
Net Loss attributable to Entech Solar, Inc. per Common Share (Basic and Diluted)         $     (0.02     )         $     (0.03     )         $     (0.11     )         $     (0.19     )
                                
Weighted Average Common Shares Outstanding used in                                 
Per Share Calculation (Basic and Diluted)               239,127                     235,044                     238,144                     206,415     
                                                                
                      
ENTECH SOLAR, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
AS OF SEPTEMBER 30, 2009 AND DECEMBER 31, 2008
(In thousands, except share and per share data)
                              
                September 30, 2009             December 31, 2008
                (UNAUDITED)             *
Assets                             
                            
Current assets:                     
    Cash and cash equivalents     $     4,795             $     12,169     
    Accounts receivable - trade (net of allowance of $152 and $155                     
        at September 30, 2009 and December 31, 2008, respectively)         252                 1,971     
    Rebates receivable         -                 115     
    Inventory (net of reserve of $2,632 and $1,112 at September 30, 2009                 
        and December 31, 2008, respectively)         573                 3,664     
    Costs and estimated earnings/losses in excess of billings         35                 2,613     
    Escrow funds relating to contract performance         50                 1,339     
    Prepaid expenses and deposits         314                 964     
                              
        Total Current assets         6,019                 22,835     
                            
Advances on machinery and equipment         -                 2,285     
                            
Property and Equipment, net         3,075                 5,969     
                            
Intangible and other assets                     
    Other intangible assets, net         21,183                 23,058     
    Goodwill         23,837                 23,837     
    Other deposits         145                   153     
Total Assets     $     54,259               $     78,137     
                            
Liabilities, Convertible Redeemable Preferred Stock and Stockholders' Equity                 
                            
Current liabilities:                     
    Accounts payable and accrued expenses     $     2,723             $     4,076     
    Note Payable - related party         2,000                 -     
    Customer deposits - related party         -                 1,023     
    Renewable Energy Credit guarantee liability, current portion         29                 60     
    Series D Preferred Stock Warrants         1,394                 1,394     
    Billings in excess of costs and estimated earnings/losses         94                   760     
        Total Current liabilities         6,240                 7,313     
                            
    Renewable Energy Credit guarantee liability, net of current portion         180                   180     
        Total Liabilities         6,420                   7,493     
                            
Convertible redeemable preferred stock                     
    Series C convertible redeemable preferred stock         -                 170     
    Series D convertible redeemable preferred stock         11,180                   11,180     
        Total Convertible redeemable preferred stock         11,180                   11,350     
                            
Stockholders' Equity                     
    Preferred stock convertible $.01 par value authorized                     
        10,000,000; 5,503,968 issued and outstanding:                     
        Series B 7%- 611,111 shares liquidation preference $550,000         6                 6     
    Common stock, $.001 par value; authorized 610,000,000                     
        239,486,729 and 236,420,779 issued at September 30, 2009 and December 31, 2008, respectively; 239,458,861 and 236,392,911 shares outstanding at September 30, 2009 and December 31, 2008, respectively             
                239                 236     
    Additional paid-in capital         170,433                 167,979     
    Accumulated deficit         (133,896     )             (108,888     )
    Treasury stock, 27,868 shares, at cost, as of September 30, 2009 and                 
        December 31, 2008, respectively         (39     )             (39     )
    Noncontrolling Interest         (84     )             -     
        Total Stockholders' Equity         36,659                   59,294     
                            
Total Liabilities, Convertible Redeemable Preferred Stock and Stockholders' Equity     $     54,259               $     78,137     
* Derived from audited financial information         

Contact:
Entech Solar Media & Investor Relations:
Jessica Bloomgarden, 917-284-6397
jbloomgarden@entechsolar.com

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