DayStar Technologies Announces 2009 Third Quarter Financial Results
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Mon, 09 Nov 2009 21:39:03 GMT |
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DayStar Technologies, Inc. |
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SANTA CLARA, Calif., Nov. 9 /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 third quarter ended September 30, 2009.
Net loss for the third quarter of 2009 was $6.2 million or $0.18 per share, compared with a net loss of $6.7 million or $0.20 per share in the third quarter of 2008. The lower net loss reflects the implementation of cost savings measures including a reduction in workforce, and also reflects the decrease in payroll and research and development expenses resulting from the sale of DayStar's Halfmoon, NY operations early in the quarter. The per share losses were calculated on the weighted average common shares outstanding of 33.4 million for the third quarter ended September 30, 2009, compared with 33.3 million for the third quarter ended September 30, 2008.
DayStar had cash and cash equivalents of $1.7 million at September 30, 2009, compared with $17.1 million at December 31, 2008. Net property and equipment was $47.6 million at September 30, 2009 compared to $37.1 million at December 31, 2008, reflecting DayStar's investment in equipment and improvements, as well as progress made on the construction of production equipment during 2009. As of September 30, 2009, DayStar had total liabilities of $23.8 million, and total stockholders' equity was $26.2 million. During the third quarter of 2009, DayStar received $2.0 million in bridge financing from Mr. Peter Alan Lacey. In order to continue operations and to build-out its initial manufacturing line and commence commercial shipments of its product, DayStar will require substantial additional funds in the near term. For a description of DayStar's capital resources and additional funding requirements, please refer to the "Liquidity and Capital Resources" section of DayStar's Quarterly Report on Form 10-Q, as filed with the Securities and Exchange Commission earlier today.
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.
Contact:
DayStar Technologies, Inc.
William S. Steckel Patrick J. Forkin III
Chief Financial Officer Vice President - Corporate Development
408/582.7100 408/907.4633
investor@daystartech.com investor@daystartech.com
DAYSTAR TECHNOLOGIES, INC.
(A DEVELOPMENT STAGE ENTERPRISE)
BALANCE SHEETS
September December
30, 2009 31, 2008
-------- --------
(Unaudited)
ASSETS
Current Assets:
Cash and cash equivalents $1,675,931 $17,120,401
Other current assets 377,084 543,357
------- -------
Total current assets 2,053,015 17,663,758
--------- ----------
Property and Equipment, at cost 53,262,329 46,022,825
Less accumulated depreciation and
amortization (5,650,243) (8,942,105)
---------- ----------
Net property and equipment 47,612,086 37,080,720
---------- ----------
Other Assets:
Other assets 309,321 204,108
------- -------
Total Assets $49,974,422 $54,948,586
=========== ===========
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities:
Accounts payable and accrued expenses $18,184,380 $7,554,814
Notes and capital leases payable,
current portion, net of discount of
$1,721,718 and $0, respectively 278,282 171,983
Stock warrants 416,667 -
Deferred rent, current portion 136,769 175,212
Deferred revenue - 420,000
------- -------
Total current liabilities 19,016,098 8,322,009
Long-Term Liabilities:
Deferred rent 3,375,917 2,951,557
Conversion feature 1,128,066 -
Stock warrants 293,898 125,481
------- -------
Total long-term liabilities 4,797,881 3,077,038
Commitments and Contingencies - -
Stockholders' Equity:
Preferred stock, $.01 par value;
3,000,000 shares authorized; 0 shares
issued and outstanding - -
Common stock, $.01 par value;
120,000,000 shares authorized;
33,538,112 and 33,438,862 shares
issued and outstanding at September
30, 2009 and December 31, 2008,
respectively 335,381 334,389
Additional paid-in capital 143,264,901 140,179,025
Accumulated deficit (10,145,391) (10,145,391)
Deficit accumulated during the
development stage (107,294,448) (86,818,484)
------------ -----------
Total stockholders' equity 26,160,443 43,549,539
---------- ----------
Total Liabilities and Stockholders'
Equity $49,974,422 $54,948,586
=========== ===========
DAYSTAR TECHNOLOGIES, INC.
(A DEVELOPMENT STAGE ENTERPRISE)
STATEMENTS OF OPERATIONS
(Unaudited)
For the Three Months For the Nine Months
Ended September 30, Ended September 30,
------------------- -------------------
2009 2008 2009 2008
---- ---- ---- ----
Revenue:
Product revenue $- $- $- $-
Research and development
contract revenue - - - -
------ ------ ------ ------
Total revenue - - - -
Costs and Expenses:
Research and
development 2,998,177 5,135,579 12,164,271 11,991,015
Selling, general and
administrative 2,006,535 2,016,110 4,846,650 6,806,396
Restructuring - - - -
Depreciation and
amortization 807,716 783,268 2,795,026 2,307,672
------- ------- --------- ---------
Total costs and
expenses 5,812,428 7,934,957 19,805,947 21,105,083
Other Income (Expense):
Other (expense) income (341,985) 268,394 (485,278) 716,165
Interest expense (36,390) (8,877) (105,597) (32,039)
Amortization of note
discount and financing
costs (107,483) - (107,483) -
Gain on derivative
liabilities 128,983 926,664 28,341 1,914,782
Loss on extinguishment
of debt - - - -
------ ------ ------ ------
Total other income
(expense) (356,875) 1,186,181 (670,017) 2,598,908
-------- --------- -------- ---------
Net Loss $(6,169,303)$(6,748,776)$(20,475,964)$(18,506,175)
=========== =========== ============ ============
Weighted Average
Common Shares
Outstanding (Basic
And Diluted) 33,354,884 33,348,373 33,411,894 33,073,037
========== ========== ========== ==========
Net Loss Per Share
(Basic and Diluted) $(0.18) $(0.20) $(0.61) $(0.56)
====== ====== ====== ======
SOURCE DayStar Technologies, Inc.
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