DayStar Technologies Announces 2009 Fourth Quarter and Year End Financial Results
SANTA CLARA, Calif., March 19 /PRNewswire-FirstCall/ -- DayStar Technologies, Inc. (Nasdaq: DSTI), a developer of solar photovoltaic products based on CIGS thin-film deposition technology, today announced financial results for its fourth quarter and full year ended December 31, 2009.
Net loss for the fourth quarter of 2009 was $4.6 million or $0.14 per share, compared with a net loss of $7.8 million or $0.23 per share in the fourth quarter of 2008. Net loss for the full year ended December 31, 2009 was $25.0 million or $0.75 per share, compared with a net loss of $26.3 million or $0.79 per share in 2008. The lower net loss reflects the implementation of cost savings measures including a reduction in workforce in order to focus our resources on the development of our core CIGS technology while we continue fundraising efforts to built-out our initial production line. The loss on sale also reflects also reflects the decrease in payroll and research and development expenses resulting from the sale of our Halfmoon, NY operations earlier in the year. The per share losses were calculated on the weighted average common shares outstanding of 33.8 and 33.5 million for the fourth quarter and year ended December 31, 2009, respectively, compared with 33.4 and 33.2 million for the fourth quarter and year ended December 31, 2008, respectively.
About DayStar Technologies, Inc.
DayStar Technologies, Inc. is engaged in the development, manufacturing and marketing of solar photovoltaic products based upon CIGS thin film deposition technology. For more information, visit the DayStar website at www.daystartech.com.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Any statements in this release regarding DayStar's business that are not historical facts may be considered "forward-looking statements." The forward-looking statements in this news release, such as statements that DayStar is confident that its compliance plan, when implemented, will meet the requirements for continued listing on NASDAQ, are based on information available at the time the statements are made and/or management's belief as of that time with respect to future events and involve substantial risks and uncertainties that could cause actual results and outcomes to be materially different. Forward-looking statements are based on management's current preliminary expectations and are subject to risks and uncertainties, which may cause DayStar's results to differ materially and adversely from the statements contained herein. Some of the potential risks and uncertainties are detailed in DayStar's annual report on Form 10-K for the year ended December 31, 2009, and other filings made with the Securities and Exchange Commission. Undue reliance should not be placed on forward-looking statements, which speak only as of the date they are made. DayStar undertakes no obligation to update any forward-looking statements to reflect new information, events or circumstances after the date they are made, or to reflect the occurrence of unanticipated events.
Contact: |
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DayStar Technologies, Inc. |
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Patrick J. Forkin III |
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Sr. VP Corporate Development |
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408/907.4633 |
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Christopher T. Lail |
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VP & Corporate Controller |
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408/907.4600 |
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DAYSTAR TECHNOLOGIES, INC.
(A DEVELOPMENT STAGE ENTERPRISE)
BALANCE SHEETS
December 31, December 31,
2009 2008
---- ----
ASSETS
Current Assets:
Cash and cash equivalents $17,320 $17,120,401
Other current assets 343,083 543,357
------- -------
Total current assets 360,403 17,663,758
------- ----------
Property and Equipment, at cost 52,915,965 46,022,825
Less accumulated depreciation and
amortization (6,388,914) (8,942,105)
---------- ----------
Net property and equipment 46,527,051 37,080,720
---------- ----------
Other Assets 246,396 204,108
------- -------
Total Assets $47,133,850 $54,948,586
=========== ===========
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities:
Accounts payable and accrued expenses $18,387,530 $7,554,814
Notes and capital leases payable, current
portion 1,629,587 171,983
Deferred rent, current portion 139,870 175,212
Deferred revenue and gain - 420,000
--- -------
Total current liabilities 20,156,987 8,322,009
Long-Term Liabilities:
Deferred rent 3,452,790 2,951,557
Conversion feature 251,618 -
Stock warrants 131,835 125,481
------- -------
Total long-term liabilities 3,836,243 3,077,038
--------- ---------
Stockholders' Equity 23,140,620 43,549,539
---------- ----------
Total Liabilities and Stockholders'
Equity $47,133,850 $54,948,586
=========== ===========
DAYSTAR TECHNOLOGIES, INC.
(A DEVELOPMENT STAGE ENTERPRISE)
STATEMENTS OF OPERATIONS
(Unaudited)
For the Three Months For the Years
Ended December 31, Ended December 31,
-------------------- --------------------
2009 2008 2009 2008
---- ---- ---- ----
Revenue: $- $- $- $-
--- --- --- ---
Costs and Expenses:
Research and
development 2,577,712 5,687,197 14,741,983 17,678,212
Selling, general
and administrative 1,212,026 2,057,746 6,058,676 8,864,142
Depreciation and
amortization 739,744 934,832 3,534,770 3,242,504
------- ------- --------- ---------
Total costs and
expenses 4,529,482 8,679,775 24,335,429 29,784,858
Other Income
(Expense):
Other (expense)
income (217) 132,244 (485,494) 848,409
Interest expense (84,031) (7,392) (189,628) (39,431)
Amortization of note
discount and
financing costs (988,847) - (1,096,330) -
Gain on derivative
liabilities 1,038,512 730,827 1,066,853 2,645,609
--------- ------- --------- ---------
Total other
(expense) income (34,583) 855,679 (704,599) 3,454,587
------- ------- -------- ---------
Net Loss $(4,564,065) $(7,824,096) $(25,040,028) $(26,330,271)
=========== =========== ============ ============
Weighted Average
Common Shares
Outstanding (Basic
and Diluted) 33,807,460 33,438,862 33,511,598 33,164,993
========== ========== ========== ==========
Net Loss
Per Share (Basic
and Diluted) $(0.14) $(0.23) $(0.75) $(0.79)
====== ====== ====== ======
SOURCE DayStar Technologies, Inc.
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