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- 2005-11-19
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April 26, 2006
Marlboro, MA, USA: Evergreen Solar Announces First-Quarter 2006 Results
Evergreen Solar, Inc. today announced that product revenues for the first quarter of 2006
increased 12 percent to $11.6 million from $10.3 million in the first quarter of 2005,
and were flat compared to the $11.6 million reported for the fourth quarter of 2005.
"We are pleased with the financial and operational results we achieved during the first quarter,"
said Richard M. Feldt, President and Chief Executive Officer. "It was another period of solid
execution for Evergreen Solar as we achieved several key milestones."
During the quarter, Evergreen Solar, completed the conversion of its manufacturing capacity in
Marlboro to thin-wafer production in March; commenced the start-up production phase for EverQ
on schedule, making its first volume shipments of finished modules to customers this month.
Also during the first quarter, Renewable Energy Corporation (REC) accelerated its silicon deliveries
to Evergreen. Under its supply contract,REC has committed to provide EverQ
and Evergreen Solar with 190 and 60 metric tons, respectively, of solar
grade silicon annually over the next seven years. This volume is sufficient for both the Marlboro
factory and the initial 30 Megawatts of production at EverQ's Thalheim factory.
"While reliance on chunk silicon, currently supplied by REC, required us to modify our supply chain
and some of our manufacturing processes in the near-term, we continue to believe it will not
affect our expected results for 2006 or hinder our expansion plans," said Feldt. "We also made great
progress in research and development during the first quarter," Feldt continued.
"Thanks to further advances in our manufacturing technology,our newest factory equipment in
Marlboro is now routinely producing solar cells that achieve conversion efficiencies of 14 percent
and higher. Our next-generation technology - the Company's prototype Quad Ribbon platform -
continues to generate encouraging results. To date we have received five advanced prototype
Quad Ribbon furnaces. Two of these furnaces are now installed at our Marlboro factory, and three
are in R&D."
Net loss attributable to common stockholders for the first quarter of 2006 was
$8.1 million, or $0.13 per share. This figure includes approximately $2.6 million in Evergreen Solar's
share of net losses associated with the production ramp-up at
EverQ and compares with a net loss of $3.2 million, or $0.06 per share, for the first quarter of
2005 and a net loss of $5.0 million, or $0.08 per share, for the fourth quarter of 2005.
Evergreen Solar recorded equity-based compensation expenses of approximately $1.2 million during
the first quarter of 2006.
First-quarter 2006 product gross margin was negative
12.5 percent, compared with positive 3.4 percent for the first quarter a year ago and
positive 13.0 percent for the fourth quarter of 2005.
The expected year-over-year and sequential decrease in product gross margin primarily resulted
from cost of goods sold expense of approximately $2.5 million incurred with the start-up of the
EverQ manufacturing facility, incremental costs associated with completing the conversion to
thin-wafer production in Marlboro and, in conjunction with new reporting standards, stock-based
compensation expense related to Evergreen Solar's equity compensation plans
The year-over-year gross margin decrease was partially offset by the cumulative effect of
manufacturing productivity and efficiency improvements realized during the past four quarters.
"Our business is off to a strong start for 2006, and we expect to meet our major milestones for the
second quarter," said Feldt. "At EverQ's Thalheim factory, we have completed equipment installation
and continue to make excellent progress in hiring and training. We remain on schedule for ramping
to full production during the summer months. We anticipate additional efficiency and productivity
initiatives at EverQ, including conversion to thin-ribbon production later in the year."
"In Marlboro, we will be evaluating the performance of our prototype Quad Ribbon furnaces over
the next six months," said Feldt. "This evaluation should help us determine whether Quad Ribbon
will become Evergreen Solar's next-generation manufacturing platform.
In terms of the market environment, demand continues to be strong. In just the past six months,
we have signed four major contracts with a total value of more than $380 million over the next four
years."
The Company continues to expect Evergreen Solar's consolidated revenue to increase throughout
the year, more than doubling from 2005 levels for full-year 2006 as the EverQ operation ramps
production. Based on the current assessment of EverQ's second-quarter supply chain status and
planned production ramp, the Company now expects EverQ to achieve $8 to $13
million in revenue for the second quarter, increasing to ranges of $16 to $22 million and $23 to
$25 million for the third and fourth quarters, respectively. Evergreen Solar expects quarterly
revenue from its Marlboro factory to continue in the $10 to $12 million range for the balance of
2006. Evergreen Solar expects that accelerating to full production at EverQ and
implementing its R&D initiatives in Marlboro will continue to affect gross margins throughout 2006.
Gross margin at its Marlboro facility, including stock compensation expenses associated with the
adoption of FAS123R, is expected to be in the 5 percent to 10 percent range in the second quarter
and then to increase to a range of 7 percent to 15 percent in the second half as the Company
benefits from its thin-wafer conversion. Evergreen Solar now expects EverQ's gross margin to be in
a range of negative 35 percent to approximately break-even in the second quarter, improve to a
range of 12 percent to 25 percent in the third quarter and rise to a range of 30 percent to 35
percent by the fourth quarter. |
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发表于 2006-4-26 21:16
