Evergreen Solar, Inc. (Nasdaq: ESLR)
Condensed Consolidated Balance Sheets
(in thousands, except share data)
December 31,
2004 2005
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Assets
Current assets:
Cash and cash equivalents $ 5,379 $ 30,742
Marketable securities 6,563 85,465
Accounts receivable, net of allowances for
doubtful accounts and sales discounts of $84
and $65 at December 31, 2004 and December 31,
2005, respectively 6,166 4,124
Grants receivable 16,295
Inventory 2,906 3,634
Interest receivable 57 541
Other current assets 1,411 4,052
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Total current assets 22,482 144,853
Deposits on fixed assets in production - 8,217
Restricted cash 414 1,582
Deferred financing costs - 2,877
Fixed assets, net 26,825 71,430
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Total assets $ 49,721 $228,959
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Liabilities and stockholders' equity
Current liabilities:
Accounts payable $ 3,074 $ 12,210
Short term borrowings 1,500 4,131
Accrued employee compensation 1,187 1,778
Accrued warranty 705 705
Other accrued expenses 1,295 1,625
Deferred revenue 440 -
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Total current liabilities 8,201 20,449
Deferred grants - 16,284
Long term debt - 93,553
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Total liabilities 8,201 130,286
Minority interest in EverQ - 11,223
Stockholders' equity:
Common stock, $0.01 par value, 100,000,000 shares
authorized, 47,541,823 and 61,965,231 issued and
outstanding at December 31, 2004 and December 31,
2005, respectively 475 620
Additional paid-in capital 116,764 182,345
Accumulated deficit (75,693) (93,009)
Deferred compensation - (1,036)
Accumulated other comprehensive loss (26) (1,470)
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Total stockholders' equity 41,520 87,450
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Total liabilities and stockholders' equity $ 49,721 $228,959
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Evergreen Solar, Inc. (Nasdaq: ESLR)
Condensed Consolidated Statements of Operations
(in thousands, except per share data)
Quarter Year-to-date
Ended Period Ended
December 31, December 31,
2004 2005 2004 2005
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Revenues:
Product revenues $ 9,265 $11,569 $ 22,240 $ 43,627
Research revenues 436 76 1,296 405
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Total revenues 9,701 11,645 23,536 44,032
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Operating expenses:
Cost of product revenues 8,773 10,066 29,717 39,954
Research and development
expenses, including cost of
research revenues 1,699 3,424 4,931 11,461
Selling, general and
administrative expenses 2,336 4,207 7,797 12,274
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Total operating expenses 12,808 17,697 42,445 63,689
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Operating loss (3,107) (6,052) (18,909) (19,657)
Other income (loss) (684) 450 (454) 1,146
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Net loss before minority
interest (3,791) (5,602) (19,363) (18,511)
Minority interest in EverQ loss - 562 - 1,195
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Net loss (3,791) (5,040) (19,363) (17,316)
Dividends and accretion on Series
A convertible preferred stock - - (2,904) -
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Net loss attributable to common
stockholders $(3,791) $(5,040) $(22,267) $(17,316)
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Net loss per share attributable
to common stockholders (basic
and diluted) $ (0.08) $ (0.08) $ (0.67) $ (0.29)
Weighted average shares used in
computing basic and diluted net
loss per share attributable to
common stockholders 47,534 61,510 33,204 59,631
CONTACT: Evergreen Solar, Inc.
Donald M. Muir, 508-357-2221 x7708
Chief Financial Officer
investors@evergreensolar.com
or
Investors/Media:
Sharon Merrill Associates, Inc.
Jason Fredette, 617-542-5300
Vice President
eslr@investorrelations.com
SOURCE: Evergreen Solar, Inc.