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Evergreen Solar Reports First Quarter Financial Results

Stocks in this article: ESLR

Evergreen Solar, Inc. (NasdaqCM: ESLR), a manufacturer of String Ribbon® solar power products with its proprietary, low-cost silicon wafer technology, today announced financial results for the first quarter ended April 2, 2011.

Revenues for the first quarter of 2011 were $35.3 million, down 60.4% sequentially compared to fourth quarter of 2010 revenues of $89.3 million. Shipments for the first quarter of 2011 were approximately 17.8 megawatts, compared to fourth quarter of 2010 shipments of 46.6 megawatts. Average selling price for the first quarter of 2011 was $1.86 per watt, down approximately 2% from $1.90 per watt recorded in the fourth quarter of 2010.

Gross margin for the first quarter of 2011 was -62.5% compared to -84% in the fourth quarter of 2010. Gross margin in the first quarter of 2011 was impacted by the decline in average selling prices, lower sales volume, an estimated lower of cost or market adjustment of approximately $17.2 million recorded to the cost basis of our inventory and inefficiencies associated with the shut down of our Devens facility. Gross margin in the fourth quarter of 2010 was primarily impacted by a write-down of prepaid inventory resulting from the decision to close the Company’s Devens, Massachusetts manufacturing facility.

Operating loss for the first quarter of 2011 was $46.2 million, compared to $399.1 million for the fourth quarter of 2010. Operating loss in the fourth quarter of 2010 was impacted by an inventory write-down and impairment of long-lived assets totaling $377.5 million in connection with the Company’s decision to close its Devens manufacturing facility.

Net loss for the first quarter of 2011 was $33.4 million compared to $411.0 million in the fourth quarter of 2010.

Cash and cash equivalents, including restricted cash, as of April 2, 2011 were approximately $38.5 million and were approximately $33 million at April 30, 2011, after making the Company’s scheduled interest payment of $10.75 million on April 15, 2011 to holders of the Company’s 13% Convertible Senior Secured Notes due 2015.

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