Evergreen Solar, Inc. (NasdaqGM: ESLR), a manufacturer of solar power products, reported a significantly larger net loss for 3Q08, as the company continues to prepare for initial production at it Devens, Massachusetts facility.
Net loss was $23.8 million for 3Q08, or $0.18 per share, compared to a net loss of $8.9 million, or $0.08 per share, for the 2Q08 and a net loss of $3.7 million, or $0.04 per share, in 3Q07.
The company said revenue for 4Q08 is expected to be approximately $45 million to $55 million, including approximately $4.0 million of selling fees and royalty payments from EverQ. Production is expected to be approximately 12 megawatts (MW) to 15 MW, including about 8 MW to 11 MW from the Devens facility.
Operating loss is expected to be between $16.0 million and $22.0 million. Net loss is expected to be approximately $13.0 million to $19.0 million, or $0.08 to $0.12 per share.
"We are very pleased with the significant progress we have made with our Devens facility, and we continue to remain on schedule with the completion of both 80 MW phases," said Richard M. Feldt, Chairman, President and CEO. "Virtually all of the equipment required for the first 80 MW phase is on site and we will begin to install equipment for the second phase late in 4Q08. We expect to begin shipping product from the second 80MW phase during the first quarter of 2009.
"While the macro economic environment remains challenging, our technology, business model and customer base all remain fundamentally strong, as evidenced by the two long-term sales contracts we recently signed, and as such, we remain confident in our ability to realize substantial profitability in 2009," Feldt continued.
New Contracts
The company also announced the signing of two new long-term sales contracts totaling more than 160 MW with United States-based Mainstream Energy LLC, and a leading Japanese global enterprise company, extending the company’s total contractual backlog to more than 1 gigawatt (GW) spanning over the next 5 years. Shipments under these two new contracts will begin in 2009 and continue through 2012. The solar panels for these two contracts will be produced at the company’s Devens, Massachusetts facility and at the next factory the company expects to build. With these new contracts, all 160 MW of annual manufacturing capacity of the Devens facility is now 100% committed from 2010 and beyond, the company said.
About Evergreen Solar, Inc.
Evergreen Solar, Inc. develops, manufactures and markets String RibbonTM solar power products using its proprietary, low-cost wafer technology. The company’s patented wafer manufacturing technology uses significantly less polysilicon than conventional processes. Evergreen Solar’s products provide reliable and environmentally clean electric power for residential and commercial applications globally.
Loading...