Evergreen Losses Mount
As Marlborough-based Evergreen Solar Inc. finishes closing up its Devens plant, its preliminary results for the fourth quarter of 2010 show its gross profits slipping into negative territory.
The company said its gross margins fell to negative $400,000 in the fourth quarter, down from a gross profit of $8.9 million in the fourth quarter of 2009 and $6.5 million in the third quarter of 2010. The company credited declining sales prices and rising manufacturing costs for the loss.
Evergreen has never been profitable, but in past quarters its operating costs were partially offset by positive gross profits.
Evergreen's revenues for the fourth quarter rose 20 percent from the same period in 2009, to $89.3 million.
As of the end of 2010, the company said it had about $68.4 million in cash and cash equivalents. It also reiterated that it expects to incur $355 to $360 million in non-cash charges associated with closing the Devens facility.
WBJ Web Partners
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