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Evergreen Solar Reports First-quarter Financial Results

Marlboro, MA-based solar power products manufacturer Evergreen Solar, Inc. recently announced its financial results for the first quarter ended April 2, 2005, reporting a quarterly net loss of $3.2 million, or six cents per share, compared to a net loss of $4.6 million, or 30 cents per share, for the first quarter of 2004.

The company reported total first-quarter revenues of $10.5 million, up from total revenues of $3.1 million for the comparable period of the previous year.

"During the first quarter, we continued to successfully execute our growth strategy and made progress on a number of fronts," said Evergreen Solar president and CEO Richard Feldt. "We exceeded $10 million in quarterly product revenue -- a company record -- and achieved positive gross margins for the second consecutive quarter. This was a notable accomplishment given the escalating price for silicon. We ended the quarter with more than $70 million in cash and marketable securities on the strength of our February financing that netted the company over $62 million."