News

DayStar Technologies Announces Q1 2009 Financial Results

Santa Clara, CA, May 11, 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 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.