North Coast Solar Stocks

May 11, 2009

DayStar Technologies Announces 2009 First Quarter Financial Results

Filed under: DSTI — Tags: , , , , , — Jason @ 6:21 pm

Monday May 11, 2009, 6:21 pm EDT

SANTA CLARA, Calif., May 11 /PRNewswire-FirstCall/ — DayStar Technologies, Inc. (DSTI), a developer of solar photovoltaic products based on CIGS thin-film deposition technology, today announced financial results for its first quarter ended March 31, 2009.

Net loss for the first quarter of 2009 was $7.7 million or $0.23 per share, compared with a net loss of $4.5 million or $0.14 per share in the first quarter of 2008. The higher net loss reflects an increase in research and development expenses incurred during 2009 for CIGS-on-glass module and manufacturing process development. The per share losses were calculated on the weighted average common shares outstanding of 33.5 million for the first quarter ended March 31, 2009, compared with 32.8 million for the first quarter ended March 31, 2008.

DayStar had cash and cash equivalents of $6.5 million at March 31, 2009, compared with $17.1 million at December 31, 2008. Net property and equipment was $45.8 million at March 31, 2009 compared to $37.1 million at December 31, 2008, reflecting DayStar’s continued investment in equipment and improvements, as well as progress made on the construction of production equipment during 2009. As of March 31, 2009, DayStar had total liabilities of $16.0 million, and total stockholders’ equity was $37.0 million. In order to continue operations and to build-out its initial manufacturing line and commence commercial shipments of its product, DayStar will require substantial 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.

Conference Call

The Company intends to schedule a conference call to be announced at a later date to discuss first quarter financial results and an update on strategic partnership and financing activities.

    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

                                                   March 31,   December 31,
                                                     2009           2008
                                                 (Unaudited)
                            ASSETS
    Current Assets:
          Cash and cash equivalents              $6,491,434    $17,120,401
          Other current assets                      509,691        543,357

              Total current assets                7,001,125     17,663,758
                                                  ---------     ----------

      Property and Equipment, at cost            55,647,590     46,022,825
          Less accumulated depreciation and
           amortization                          (9,838,184)    (8,942,105)

              Net property and equipment         45,809,406     37,080,720

      Other Assets:
          Other assets                              203,725        204,108

              Total Assets                      $53,014,256    $54,948,586

             LIABILITIES AND STOCKHOLDERS' EQUITY
      Current Liabilities:
          Accounts payable and accrued
           expenses                             $11,767,740     $7,554,814
          Notes and capital leases payable,
           current portion                          125,731        171,983
          Deferred rent, current portion            140,464        175,212
          Deferred revenue                          420,000        420,000

              Total current liabilities          12,453,935      8,322,009
      Long-Term Liabilities:
          Deferred rent                           3,324,071      2,951,557
          Stock warrants                            239,551        125,481

              Total long-term liabilities         3,563,622      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;
           33,488,862 and 33,438,862 shares
           issued and outstanding at March
           31, 2009 and December 31, 2008,
           respectively                             334,889        334,389
          Additional paid-in capital            141,281,433    140,179,025
          Accumulated deficit                   (10,145,391)   (10,145,391)
          Deficit accumulated during the
           development stage                    (94,474,232)   (86,818,484)

              Total stockholders' equity         36,996,699     43,549,539

              Total Liabilities and Stockholders'
               Equity                           $53,014,256    $54,948,586

                             DAYSTAR TECHNOLOGIES, INC.
                          (A DEVELOPMENT STAGE ENTERPRISE)
                              STATEMENTS OF OPERATIONS
                                    (Unaudited)

                                                 For the Three Months
                                                     Ended March 31,
                                                  2009           2008

    Revenue                                            $-             $-

      Costs and Expenses:
          Research and development              4,886,104      2,980,223
          Selling, general and
           administrative                       1,744,166      2,737,286
          Depreciation and
           amortization                           896,461        753,947

              Total costs and expenses          7,526,731      6,471,456
      Other Income (Expense):
          Other income                              5,781        208,385
          Interest expense                        (20,728)       (12,451)
          Loss (gain) on derivative
           liabilities                           (114,070)     1,791,025

              Total other income (expense)       (129,017)     1,986,959

      Net Loss                                $(7,655,748)   $(4,484,497)

      Weighted Average Common
       Shares Outstanding (Basic
       And Diluted)                            33,488,306     32,760,465

      Net Loss Per Share (Basic
       and Diluted)                                $(0.23)        $(0.14)
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