Evergreen Solar Updates Preliminary Fourth Quarter 2010 Results
Evergreen Solar, Inc. (NasdaqCM: ESLR), a manufacturer of String Ribbon ® solar power products with its proprietary, low-cost silicon wafer technology, today announced updated, unaudited preliminary results for the quarter ended December 31, 2010.
Revenues for the fourth quarter of 2010 were $89.3 million, an increase of $2.7 million compared to third quarter of 2010 revenues of $86.5 million.
Shipments for the fourth quarter of 2010 increased to approximately 47 megawatts, compared to approximately 43 megawatts shipped in the third quarter.
Average selling price for the fourth quarter was $1.90 per watt, down 6% from the $2.02 per watt reported in the third quarter of 2010. Total manufacturing cost per watt was approximately $1.92, an increase of $0.04 per watt from $1.88 per watt reported for the third quarter of 2010. The increase was expected and results primarily from countervailing duties assessed on the Company’s imported aluminum frames, as previously disclosed.As a result of the decline in average selling prices and increase in manufacturing costs, gross margin declined to approximately negative $0.4 million, or -0.5%, versus a gross margin of $6.5 million, or 7.5% for the third quarter of 2010. Cash and cash equivalents, including restricted cash, as of December 31, 2010 were approximately $68.4 million. As previously announced, the Company currently expects to incur non-cash charges of up to approximately $340 million associated with the write-off of existing building, facilities and equipment associated with the Company’s decision to close its Devens facility. Furthermore, approximately $150 million of intangible and cash-related prepayments associated with various silicon contracts are under review to determine whether additional non-cash charges will be required. These charges may impact both the fourth quarter of 2010 and the first quarter of 2011, and the amount of the charges will be determined during the Company’s preparation of its annual financial statements for the year ended December 31, 2010.
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