Evergreen Solar Product Revenues Up First Quarter

Evergreen Solar, Inc. announced results for the first quarter ended March 31, 2003. Product revenues in the first quarter of 2003 reached $1.1 million, an increase of approximately 17 percent from the first quarter of 2002.

Marlboro, Massachusetts – May 9, 2003 [SolarAccess.com] The company is also pursuing private placement equity financing of $29.475 million (All figures in U.S. dollars). For the three months ended March 31, 2003, product revenues were $1.1 million, an increase of $154,000 from $913,000 for the same period in 2002. Research revenues for the first quarter were $381,000, an increase of $145,000 from $236,000 for the same period in 2002. Net loss for the first quarter of 2003 was $3.2 million, or $0.28 per share, as compared with a net loss of $3.4 million, or $0.30 per share, for the first quarter of 2002. At March 31, 2003, cash, cash equivalents, and short-term investments totaled $5.6 million, compared to $8.5 million at December 31, 2002. “We made good progress this quarter on our Line 2 expansion,” said Mark A. Farber, President and Chief Executive Officer of Evergreen Solar. “The five String Ribbon furnaces that we converted to double ribbon machines are now running in production. In addition to the crystal growth programs, we completed engineering qualification of the downstream portion of our cell and panel fabrication equipment. Line 2 is now producing solar cells with an average conversion efficiency of approximately 13 percent.” As previously announced, on March 24, 2003, the Company executed a definitive Purchase Agreement for a private placement equity financing of $29.475 million of Series A Convertible Preferred Stock and a warrant to purchase Common Stock. Company stockholders will vote on approval of the private placement at the Company’s annual meeting of stockholders on May 15, 2003. If stockholders approve the private placement, the closing of the financing is expected to occur as soon as practicable after the annual meeting. “I am pleased that product sales exceeded the $0.5 – $1.0 million range previously estimated, up 17% year-over-year,” continued Mr. Farber. “We remain optimistic for the year and reaffirm our 2003 product sales target of $6 – $9 million.”
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