DayStar Technologies Announces 2010 First Quarter Financial Results
NEWARK, Calif., May 24 /PRNewswire-FirstCall/ -- DayStar Technologies, Inc. (Nasdaq: DSTID), a developer of solar photovoltaic products based on CIGS thin-film deposition technology, today announced financial results for its first quarter ended March 31, 2010.
Net loss for the first quarter of 2010 was $6.1 million or $1.61 per share, compared with a net loss of $7.7 million or $2.06 per share in the first quarter of 2009. 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 complete our initial production line. The per share losses were calculated on the weighted average common shares outstanding of 3.8 and 3.7 million for the first quarter ended March 31, 2010 and 2009, respectively. The average shares outstanding and loss per share for the quarter ended March 31, 2010 and 2009 reflect the 1-for-9 reverse stock split implemented by DayStar on May 11, 2010. DayStar's common stock began trading on the NASDAQ Capital Market on a split adjusted basis on March 12, 2010.
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 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 |
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March 31, |
December 31, |
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(Unaudited) |
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ASSETS |
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Current Assets: |
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Cash and cash equivalents |
$ 13,281 |
$ 17,320 |
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Other current assets |
470,218 |
343,083 |
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Total current assets |
483,499 |
360,403 |
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Property and Equipment, at cost |
52,208,358 |
52,915,965 |
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Less accumulated depreciation and amortization |
(7,117,892 ) |
(6,388,914 ) |
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Net property and equipment |
45,090,466 |
46,527,051 |
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Other Assets: |
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Other assets |
227,451 |
246,396 |
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Total Assets |
$ 45,801,416 |
$ 47,133,850 |
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LIABILITIES AND STOCKHOLDERS' EQUITY |
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Current Liabilities: |
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Accounts payable and accrued expenses |
$ 19,214,742 |
$ 18,387,530 |
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Notes and capital leases payable, current portion, net of discount of $292,257 and $795,413, respectively |
3,382,743 |
1,629,587 |
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Deferred rent, current portion |
143,040 |
139,870 |
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Total current liabilities |
22,740,525 |
20,156,987 |
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Long-Term Liabilities: |
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Deferred rent |
3,528,844 |
3,452,790 |
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Conversion feature |
54,806 |
251,618 |
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Stock warrants |
69,727 |
131,835 |
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Total long-term liabilities |
3,653,377 |
3,836,243 |
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Commitments and Contingencies |
— |
— |
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Stockholders' Equity |
19,407,514 |
23,140,620 |
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Total Liabilities and Stockholders' Equity |
$ 45,801,416 |
$ 47,133,850 |
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DAYSTAR TECHNOLOGIES, INC. (A DEVELOPMENT STAGE ENTERPRISE) STATEMENTS OF OPERATIONS (Unaudited) |
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For the Three Months |
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2010 |
2009 |
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Revenue |
$ — |
$ — |
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Costs and Expenses: |
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Research and development |
2,488,828 |
4,886,104 |
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Selling, general and administrative |
2,242,266 |
1,744,166 |
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Depreciation and amortization |
729,361 |
896,461 |
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Total costs and expenses |
5,460,455 |
7,526,731 |
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Other Income (Expense): |
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Other income |
9,375 |
5,781 |
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Interest expense |
(122,226) |
(20,728) |
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Amortization of note discount and financing costs |
(975,231) |
— |
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Gain (loss) on derivative liabilities |
406,179 |
(114,070) |
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Total other income (expense) |
(681,903) |
(129,017) |
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Net Loss |
$ (6,142,358) |
$ (7,655,748) |
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Weighted Average Common Shares Outstanding (Basic And Diluted) |
3,807,854 |
3,720,923 |
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Net Loss Per Share (Basic and Diluted) |
$ (1.61) |
$ (2.06) |
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SOURCE DayStar Technologies, Inc.
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