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