DayStar Technologies Announces 2011 2Q Results

DayStar Technologies, Inc., a developer of solar photovoltaic products based on CIGS thin-film deposition technology, announced financial results for its second quarter ended June 30, 2011.

Net loss for the second quarter of 2011 was $1.1 million or $0.12 per share, compared with a net loss of $12.2 million or $2.97 per share in the second quarter of 2010. The per share losses were calculated on the weighted average common shares outstanding of 8.9 and 4.1 million for the second quarter ended June 30, 2011 and 2010, respectively.

R&D expenses for the second quarter of 2011 were $0.2 million compared with $2.6 million in the second quarter of 2010. Selling, general and administrative expenses for the second quarter of 2011 were $0.5 million compared with $1.1 million in the second quarter of 2010. The decreases in both research and development expenses and selling, general and administrative expenses reflect the significant cost savings measures implemented by the company during the past year. Additionally, the second quarter net loss in the prior year included restructuring charges of $7.8 million related to impairment charges on leasehold improvements and certain manufacturing equipment when the Company exited its manufacturing facility in Newark, CA.

“We continue discussions with potential strategic investors with the objective of enhancing shareholder value,” said Peter Lacey, DayStar chairman and interim CEO.