13 May '11, 12am

Evergreen Solar Continues Its Downward Spiral: The saga of Evergreen Solar (NasdaqCM: ESLR) continues to deliv...

photo by Gonzo Carles, creative commons The saga of Evergreen Solar (NasdaqCM: ESLR) continues to deliver bad news. The company cancelled tomorrow's scheduled conference call and issued a press release with its Q1 financial results. Revenues for the first quarter of 2011 were $35.3 million, down 60.4 percent compared to fourth quarter of 2010 revenues of $89.3 million. Shipments for the first quarter of 2011 were approximately 17.8 megawatts, compared to fourth quarter of 2010 shipments of 46.6 megawatts. Average selling price for the first quarter of 2011 was $1.86 per watt, down approximately 2 percent from $1.90 per watt recorded in the fourth quarter of 2010. Gross margin for the first quarter of 2011 was -62.5 percent compared to -84 percent in the fourth quarter of 2010. (An improvement). Operating loss for the first quarter of 2011 was $46.2 million, compared to $39...

Full article: http://www.greentechmedia.com/articles/read/evergreen-sol...

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