North Coast Solar Stocks

November 9, 2009

DayStar Technologies Announces 2009 Third Quarter Financial Results

Filed under: DSTI — Tags: , , , , , — Jason @ 4:38 pm

4:38 pm EST, Monday November 9, 2009

SANTA CLARA, Calif., Nov. 9 /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 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.

    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)
                                 ======      ======       ======       ======

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