Evergreen Solar Inc. (Marlboro, MA), a developer, marketer and manufacturer of photovoltaic products, announced results for the fourth quarter and year ended December 31, 2002. For the three months ended December 31, 2002, product revenues were $1.8 million, an increase of $1.1 million from $764,000 for the same period in 2001.
Research revenues for the fourth quarter were $364,000, an increase of $264,000 from $100,000 for the same period of 2001. Net loss for the fourth quarter of 2002 was $3.6 million, or $0.31 per share, as compared with a net loss of $3.8 million, or $0.33 per share, for the fourth quarter of 2001. At December 31, 2002, cash, cash equivalents, and short-term investments totaled $8.5 million, compared to $26.3 million at December 31, 2001, and $13.5 million at September 30, 2002.
For the year ended December 31, 2002, product revenues were $5.3 million, an increase of $3.8 million from $1.5 million for the same period in 2001. Research revenues for the year were $1.4 million, an increase of $516,000 from the same period in 2001. Net loss for the year ended December 31, 2002, was $13.2 million, an increase of $722,000 from $12.5 million for the same period in 2001.
"I am very pleased with the progress we made in 2002 on our key business metrics of increasing sales and reducing costs," commented Evergreen Solar President and Chief Executive Officer Mark Farber. "While the overall economy was sluggish, Evergreen was able to increase revenues. Additionally, we reduced our manufacturing costs and improved our product gross margins. While there is still plenty of room for future improvement, we firmly established String Ribbon technology in commercial-scale manufacturing during 2002."
