News
DayStar Announces 2008 Fourth Quarter and Year End Financial Results
About DayStar Technologies, Inc.Santa Clara, CA, March 16, 2009 – DayStar Technologies, Inc. (Nasdaq: DSTI), a developer of solar photovoltaic products based on CIGS thin-film deposition technology, today announced financial results for its fourth quarter and full year ended December 31, 2008.
Net loss for the fourth quarter of 2008 was $7.8 million or $0.23 per share, compared with a net loss of $8.0 million or $0.29 per share in the fourth quarter of 2007. Net loss for the full year ended December 31, 2008 was $26.3 million or $0.79 per share, compared with a net loss of $36.1 million or $2.09 per share in 2007. The lower net loss reflects a significant reduction in non-recurring, non-cash expenses, primarily related to the restructuring of a convertible note and other changes in business strategy in 2007. This reduction in non-cash expenses was partially offset by increased operating expenses incurred during 2008 for CIGS-on-glass module and manufacturing process development. The per share losses were calculated on the weighted average common shares outstanding of 33.4 and 33.2 million for the fourth quarter and year ended December 31, 2008, respectively, compared with 27.5 and 17.3 million for the fourth quarter and year ended December 31, 2007, respectively, reflecting the sale of shares in connection with Daystar’s follow on public offering in October 2007.
DayStar had cash and cash equivalents of $17.1 million at December
31, 2008, compared with $61.4 million at December 31, 2007. Net property and
equipment was $37.1 million at the end of 2008 compared to $9.1 million at the
end of 2007, reflecting DayStar’s investment in equipment and improvements
during 2008. As of December 31, 2008, DayStar had total liabilities of $11.4
million, and total stockholders’ equity was $43.5 million.
Conference Call
DayStar
will hold its year end conference call today, Monday, March 16, 2009, at 2 pm
Pacific time. To listen to the call,
dial (412) 858-4600 approximately 10 minutes prior to the start of the
call. The pass code is DayStar. A taped replay will be made available
approximately one hour after the conclusion of the call and will remain
available for one week. To access the
replay, dial (412) 317-0088. The pass code is 428596.
DAYSTAR TECHNOLOGIES, INC.
(A DEVELOPMENT STAGE ENTERPRISE)
BALANCE SHEETS
| December 31, 2008 |
December 31, 2007 |
|||||||
| ASSETS | ||||||||
| Current Assets: |
||||||||
| Cash and cash equivalents |
$ | 17,120,401 | $ | 61,365,559 | ||||
| Other current assets |
543,357 | 666,511 | ||||||
| Total current assets |
17,663,758 | 62,032,070 | ||||||
| Property and Equipment, at cost |
46,022,825 | 14,911,021 | ||||||
| Less accumulated depreciation and amortization |
(8,942,105 | ) | (5,774,823 | ) | ||||
| Net property and equipment |
37,080,720 | 9,136,198 | ||||||
| Other Assets: |
||||||||
| Other assets |
204,108 | 72,427 | ||||||
| Total Assets |
$ | 54,948,586 | $ | 71,240,695 | ||||
| LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||
| Current Liabilities: |
||||||||
| Accounts payable and accrued expenses |
$ | 7,554,814 | $ | 2,620,635 | ||||
| Notes and capital leases payable, current portion |
171,983 | 174,996 | ||||||
| Deferred rent, current portion |
175,212 | — | ||||||
| Deferred revenue and gain |
420,000 | 2,333 | ||||||
| Total current liabilities |
8,322,009 | 2,797,964 | ||||||
| Long-Term Liabilities: |
||||||||
| Notes and capital leases payable |
— | 171,983 | ||||||
| Deferred revenue |
— | 420,000 | ||||||
| Deferred rent |
2,951,557 | — | ||||||
| Stock warrants |
125,481 | 2,771,090 | ||||||
| Total long-term liabilities |
3,077,038 | 3,363,073 | ||||||
| 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; 33,438,862 and 32,621,262 shares issued and outstanding at December 31, 2008 and December 31, 2007, respectively |
334,389 | 326,213 | ||||||
| Additional paid-in capital |
140,179,025 | 135,387,049 | ||||||
| Accumulated deficit |
(10,145,391 | ) | (10,145,391 | ) | ||||
| Deficit accumulated during the development stage |
(86,818,484 | ) | (60,488,213 | ) | ||||
| Total stockholders’ equity |
43,549,539 | 65,079,658 | ||||||
| Total Liabilities and Stockholders’ Equity |
$ | 54,948,586 | $ | 71,240,695 | ||||
DAYSTAR TECHNOLOGIES, INC.
(A DEVELOPMENT STAGE ENTERPRISE)
STATEMENTS OF OPERATIONS
| (Unaudited) For the Three Months Ended December 31, |
For the Years Ended December 31, |
|||||||||||||||
| 2008 | 2007 | 2008 | 2007 | |||||||||||||
| Revenue: |
||||||||||||||||
| Research and development contract revenue |
$ | — | $ | 60,000 | $ | — | $ | 60,000 | ||||||||
| Total revenue |
— | 60,000 | — | 60,000 | ||||||||||||
| Costs and Expenses: |
||||||||||||||||
| Research and development |
5,687,197 | 3,260,965 | 17,678,212 | 10,420,541 | ||||||||||||
| Selling, general and administrative |
2,057,746 | 2,589,295 | 8,864,142 | 6,875,610 | ||||||||||||
| Restructuring |
— | 1,084,776 | — | 2,840,996 | ||||||||||||
| Depreciation and amortization |
934,832 | 786,067 | 3,242,504 | 3,013,149 | ||||||||||||
| Total costs and expenses |
8,679,775 | 7,721,103 | 29,784,858 | 23,150,296 | ||||||||||||
| Other Income (Expense): |
||||||||||||||||
| Other income |
132,244 | 437,211 | 848,409 | 566,533 | ||||||||||||
| Interest expense |
(7,392 | ) | (272,530 | ) | (39,431 | ) | (523,355 | ) | ||||||||
| Amortization of note discount and financing costs |
— | (13,826 | ) | — | (4,176,138 | ) | ||||||||||
| Gain (loss) on derivative liabilities |
730,827 | (522,843 | ) | 2,645,609 | (2,828,136 | ) | ||||||||||
| Loss on extinguishment of debt |
— | — | — | (6,091,469 | ) | |||||||||||
| Total other income (expense) |
855,679 | (371,988 | ) | 3,454,587 | (13,052,565 | ) | ||||||||||
| Net Loss |
$ | (7,824,096 | ) | $ | (8,033,091 | ) | $ | (26,330,271 | ) | $ | (36,142,861 | ) | ||||
| Weighted Average Common Shares Outstanding (Basic And Diluted) |
33,438,862 | 27,462,346 | 33,164,993 | 17,302,763 | ||||||||||||
| Net Loss Per Share (Basic and Diluted) |
$ | (0.23 | ) | $ | (0.29 | ) | $ | (0.79 | ) | $ | (2.09 | ) | ||||