NEWARK, Calif., May 24 /PRNewswire-FirstCall/ -- DayStar Technologies, Inc. , 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 http://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: DayStar Technologies, Inc. Patrick J. Forkin III Sr. VP Corporate Development 408/907.4633 investor@daystartech.com Christopher T. Lail VP & Corporate Controller 408/907.4600 investor@daystartech.com DAYSTAR TECHNOLOGIES, INC. (A DEVELOPMENT STAGE ENTERPRISE) BALANCE SHEETS March 31, December 31, 2010 2009 (Unaudited) ASSETS Current Assets: Cash and cash equivalents $13,281 $17,320 Other current assets 470,218 343,083 Total current assets 483,499 360,403 Property and Equipment, at cost 52,208,358 52,915,965 Less accumulated depreciation and amortization (7,117,892 ) (6,388,914 ) Net property and equipment 45,090,466 46,527,051 Other Assets: Other assets 227,451 246,396 Total Assets $45,801,416 $47,133,850 LIABILITIES AND STOCKHOLDERS' EQUITY Current Liabilities: Accounts payable and accrued expenses $19,214,742 $18,387,530 Notes and capital leases payable, current portion, net of discount of $292,257 and $795,413, respectively 3,382,743 1,629,587 Deferred rent, current portion 143,040 139,870 Total current liabilities 22,740,525 20,156,987 Long-Term Liabilities: Deferred rent 3,528,844 3,452,790 Conversion feature 54,806 251,618 Stock warrants 69,727 131,835 Total long-term liabilities 3,653,377 3,836,243 Commitments and Contingencies - - Stockholders' Equity 19,407,514 23,140,620 Total Liabilities and Stockholders' Equity $45,801,416 $47,133,850 DAYSTAR TECHNOLOGIES, INC. (A DEVELOPMENT STAGE ENTERPRISE) STATEMENTS OF OPERATIONS (Unaudited) For the Three Months Ended March 31, 2010 2009 Revenue $- $- Costs and Expenses: Research and development 2,488,828 4,886,104 Selling, general and administrative 2,242,266 1,744,166 Depreciation and amortization 729,361 896,461 Total costs and expenses 5,460,455 7,526,731 Other Income (Expense): Other income 9,375 5,781 Interest expense (122,226) (20,728) Amortization of note discount and financing costs (975,231) - Gain (loss) on derivative liabilities 406,179 (114,070) Total other income (expense) (681,903) (129,017) Net Loss $(6,142,358) $(7,655,748) Weighted Average Common Shares Outstanding (Basic And Diluted) 3,807,854 3,720,923 Net Loss Per Share (Basic and Diluted) $(1.61) $(2.06)
DayStar Technologies, Inc.
CONTACT: DayStar Technologies, Inc., Patrick J. Forkin III, Sr. VP,
Corporate Development, +1-408-907-4633, investor@daystartech.com; Christopher
T. Lail, VP & Corporate Controller, +1-408-907-4600, investor@daystartech.com
Web Site: http://www.daystartech.com/
