4.11.2005: Meldung: Evergreen Solar, Inc.: Third-Quarter 2005 Results
MARLBORO, Mass.-- Nov. 4, 2005--Evergreen Solar, Inc., a manufacturer of solar power products with its proprietary, low-cost String Ribbon(TM) wafer technology, today announced financial results for the quarter ended October 1, 2005.
"The third quarter was another period of significant accomplishment for Evergreen Solar as we pursue our vision of becoming the low-cost provider in the solar industry," said Richard M. Feldt, President and Chief Executive Officer. "We achieved record product revenue at our Marlboro facility of $11.1 million, with gross margins of 10.4 percent. We made good progress on our research and development programs, and plan to begin converting our Marlboro factory to our thin wafer manufacturing process by year end. We also ordered five Quad ribbon production prototype furnaces to further the development of that platform."
"The state-of-the-art 30-megawatt manufacturing plant we are constructing in Thalheim, Germany through our EverQ venture remains firmly on schedule," Feldt continued. "The construction phase moved rapidly in the third quarter as we broke ground in July and celebrated the plant"s roof closing in October. Hiring and training for this facility are progressing extremely well. In order to accelerate the start up of the Thalheim plant, we are shipping 10 furnaces to an offsite location in Thalheim this month. These will be used to train our EverQ employees and provide wafers for use in the startup of our cell and module lines."
Third-Quarter 2005 Financial Results
For the quarter ended October 1, 2005, product revenues were $11.1 million, nearly double the $5.6 million reported for the third quarter of 2004 and an increase of 4 percent from the $10.7 million reported in the second quarter of 2005. For the third quarter of 2005, Evergreen Solar achieved positive product gross margin of 10.4 percent. This compares with negative 29.0 percent for the third quarter of 2004 and positive 6.2 percent in the second quarter of 2005.
Net loss attributable to common stockholders for the third quarter of 2005 was $4.6 million, or $0.07 per share, compared with a net loss of $4.6 million, or $0.10 per share, for the third quarter of 2004. For the third quarter of 2005, weighted average shares outstanding were approximately 61.2 million. Third-quarter 2004 earnings per share figures were based on approximately 47.5 million weighted average shares outstanding.
Business Outlook & Financial Guidance
"Demand for solar energy continues to strengthen worldwide and is expected to exceed supply for the foreseeable future," Feldt said. "Evergreen Solar is capitalizing on this growth while investing in ongoing technology initiatives. In Marlboro, we will continue to advance toward full production implementation of our promising thin wafer technology."
"In Thalheim, we remain on track with our aggressive construction schedule. We anticipate installing our first pieces of manufacturing equipment in the facility by the end of 2005. We expect to begin manufacturing our first wafers in the Thalheim plant in the first quarter of 2006, with full-scale production slated to commence during the summer of 2006."
Conference Call Information
Management will conduct a conference call at 10:00 a.m. (ET) this morning to review the Company"s third-quarter financial results and highlights. Those interested in listening to the live webcast should log on to the "Investors" section of Evergreen Solar"s website, www.evergreensolar.com, prior to the event.
The call also can be accessed by dialing (719) 457-2727 or (800) 474-8920 prior to the start of the call. For those unable to join the live conference call, a replay will be available from 1:00 p.m. (ET) on November 4 through midnight (ET) on November 10 at (719) 457-0820 or (888) 203-1112 (passcode: 6795498), or by visiting the Company"s website.
About Evergreen Solar, Inc.
Evergreen Solar, Inc. (Nasdaq: ESLR) develops, manufactures and markets solar power products using the Company"s proprietary low-cost manufacturing technologies. The products provide reliable and environmentally clean electric power in global markets. Solar power applications include complete power systems for electric utility customers choosing to generate their own environmentally benign power, as well as wireless power for remote homes, water pumping, lighting and rural electrification. For more information, visit www.evergreensolar.com.
Evergreen Solar(R) is a registered trademark and String Ribbon(TM) is a trademark of Evergreen Solar, Inc.
CONTACT: Evergreen Solar, Inc.
Richard G. Chleboski, 508-357-2221 x708
Chief Financial Officer
Sharon Merrill Associates, Inc.
Jim Buckley, 617-542-5300
Executive Vice President
SOURCE: Evergreen Solar, Inc.