DayStar Still Not Shining With Losses Of $12.2 Million For Q2 2010
The CIGS manufacturer hopes to be back on track after a number of after restructuring, impairment and compensation charges
DayStar Technologies, a developer of solar photovoltaic products based on CIGS thin-film deposition technology has announced financial results for its second quarter ended June 30, 2010.
This comes after an announcement from the company only a month ago that it intended to collaborate with a number of international firms in the near future.
Net loss for the second quarter of 2010 was $12.2 million or $2.97 per share, compared with a net loss of $6.7 million or $1.79 per share in the second quarter of 2009.
The net loss for the second quarter of 2010 reflects non-cash restructuring charges of $7.8 million, including $3.5 million in impairment charges on leasehold improvements at the Company's Newark, California facility upon termination of the lease, as well as $4.3 million in impairment charges recorded on certain equipment during the quarter.
The loss for the second quarter of 2010 also includes share-based compensation of $1.5 million. Overall, cash expenses were reduced significantly during the second quarter of 2010 as compared with 2009 with the implementation of cost savings measures including a reduction in workforce in order to preserve cash while focusing our resources on the development of core CIGS technology and fundraising efforts to secure strategic partners and commercialize its products.
The per share losses were calculated on the weighted average common shares outstanding of 4.1 and 3.7 million for the second quarter ended June 30, 2010 and 2009, respectively.
The company says average shares outstanding and loss per share for the quarter ended June 30, 2010 and 2009 reflect the 1-for-9 reverse stock split implemented on May 11, 2010. DayStar's common stock began trading on the NASDAQ Capital Market on a split adjusted basis on May 12, 2010.