ENTECH SOLAR INC 
By Entech Solar, Inc. (OTCBB: ENSL) (the ?Company?, ?Entech Solar? or ?Entech?), today announced its financial results for the three and six months ended June 30, 2010.
For the three months ended June 30, 2010, the Company's revenues were $30 thousand, compared to $150 thousand for the comparable period in 2009. The Company's gross profit for the three months ended June 30, 2010 was $15 thousand, compared to a gross profit of $11 thousand for the three months ended June 30, 2009. Entech Solar's net loss attributable to common shareholders for three months ended June 30, 2010 was $4.7 million, or $(0.01) per share, compared to a net loss of $4.3 million, or $(0.02) per share, for the comparable period in 2009. As of June 30, 2010, the Company's cash and cash equivalents were $3.3 million.
For the six months ended June 30, 2010, the Company's revenues were $45 thousand, compared to $2.1 million for the comparable period in 2009. The Company's gross profit for the six months ended June 30, 2010 was $0, compared to a gross loss of $6.4 million for the six months ended June 30, 2009. Entech Solar's net loss attributable to common shareholders for six months ended June 30, 2010 was $11.0 million, or $(0.04) per share, compared to a net loss of $20.3 million, or $(0.09) per share, for the comparable period in 2009
Since December 31, 2009, we have entered into additional preferred and common stock purchase agreements with The Quercus Trust for an aggregate of $7.0 million. The Quercus Trust is our principal shareholder. David Gelbaum, trustee of The Quercus Trust, is our Chief Executive Officer and Chairman.
About Entech Solar
Entech Solar, Inc. is a leading developer of solar energy technologies and sustainable day lighting solutions for the commercial, industrial and utility markets. Entech Solar designs concentrating solar modules that directly produce electricity from sunlight as part of the SolarVolt? product line. The Company also manufactures and markets the Entech? Tubular Skylight, a state-of-the-art tubular skylight that provides superior light output and optical efficiency for the commercial and industrial green building initiatives. For more information, please visit www.entechsolar.com.
| ENTECH SOLAR, INC. AND SUBSIDIARIES | ||||||||
| CONDENSED CONSOLIDATED BALANCE SHEETS | ||||||||
| (In thousands, except share and per share data) | ||||||||
| ||||||||
| June 30, 2010 | December 31, 2009 | |||||||
| Assets | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 3,284 | $ | 1,952 | ||||
| Accounts receivable?trade, net of allowance | 26 | 22 | ||||||
| Inventory, net of reserve | 172 | 267 | ||||||
| Other current assets | 547 | 160 | ||||||
| Total current assets | 4,029 | 2,401 | ||||||
| Property and equipment, net | 2,344 | 2,983 | ||||||
| Intangible and other assets: | ||||||||
| Other intangible assets, net | 18,502 | 19,695 | ||||||
| Goodwill | 19,196 | 19,196 | ||||||
| Other deposits | 358 | 384 | ||||||
| Total Assets | $ | 44,429 | $ | 44,659 | ||||
| Liabilities, Convertible Redeemable Preferred Stock and Stockholders' Equity | ||||||||
| Current liabilities: | ||||||||
| Accounts payable and accrued expenses | $ | 1,963 | $ | 2,301 | ||||
| Notes payable – related party | 500 | ? | ||||||
| Series D Preferred stock warrants | ? | 1,394 | ||||||
| Other | 94 | 94 | ||||||
| Total current liabilities | 2,557 | 3,789 | ||||||
| Other | 102 | 129 | ||||||
| Total liabilities | 2,659 | 3,918 | ||||||
| Convertible redeemable preferred stock: | ||||||||
| Series D convertible redeemable preferred stock | ? | 11,180 | ||||||
| Stockholders' equity: | ||||||||
| Preferred stock | 49 | 6 | ||||||
| Common stock | 322 | 277 | ||||||
| Additional paid-in capital | 197,032 | 173,852 | ||||||
| Accumulated deficit | (155,368 | ) | (144,395 | ) | ||||
| Treasury stock, at cost | (39 | ) | (39 | ) | ||||
| Noncontrolling interest | (226 | ) | (140 | ) | ||||
| Total Stockholders' Equity | 41,770 | 29,561 | ||||||
| Total Liabilities, Convertible Redeemable Preferred Stock and Stockholders' Equity | $ | 44,429 | $ | 44,659 | ||||
| ENTECH SOLAR, INC. AND SUBSIDIARIES | ||||||||||||||||||||||||||||||||||
| CONSOLIDATED STATEMENTS OF OPERATIONS | ||||||||||||||||||||||||||||||||||
| (In thousands, except per share data) | ||||||||||||||||||||||||||||||||||
| Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||||||||||
| 2010 | 2009 | 2010 | 2009 | |||||||||||||||||||||||||||||||
| Revenues: | ||||||||||||||||||||||||||||||||||
| Contract | $ | ? | $ | 150 | $ | ? | $ | 1,247 | ||||||||||||||||||||||||||
| Equipment and Services | 30 | 1 | 45 | 144 | ||||||||||||||||||||||||||||||
| Related party | ? | ? | ? | 597 | ||||||||||||||||||||||||||||||
| Related party?Former Chairman | ? | (1 | ) | ? | 125 | |||||||||||||||||||||||||||||
| Total revenues | 30 | 150 | 45 | 2,113 | ||||||||||||||||||||||||||||||
| Cost of Revenues: | ||||||||||||||||||||||||||||||||||
| Contract | ? | (75 | ) | ? | 752 | |||||||||||||||||||||||||||||
| Equipment and Services | 15 | ? | 45 | 97 | ||||||||||||||||||||||||||||||
| Related party | ? | 4 | ? | 601 | ||||||||||||||||||||||||||||||
| Related party?Former Chairman | ? | ? | ? | 142 | ||||||||||||||||||||||||||||||
| Manufacturing operations impairment | ? | 210 | ? | 6,968 | ||||||||||||||||||||||||||||||
| Total cost of revenues | 15 | 139 | 45 | 8,560 | ||||||||||||||||||||||||||||||
| Gross Profit (Loss): | ||||||||||||||||||||||||||||||||||
| Contract | ? | 225 | ? | 495 | ||||||||||||||||||||||||||||||
| Equipment and Services | 15 | 1 | ? | 47 | ||||||||||||||||||||||||||||||
| Related party | ? | (4 | ) | ? | (4 | ) | ||||||||||||||||||||||||||||
| Related party?Former Chairman | ? | (1 | ) | ? | (17 | ) | ||||||||||||||||||||||||||||
| Manufacturing operations impairment | ? | (210 | ) | ? | (6,968 | ) | ||||||||||||||||||||||||||||
| Total gross profit (loss) | 15 | 11 | ? | (6,447 | ) | |||||||||||||||||||||||||||||
| Operating Expenses: | ||||||||||||||||||||||||||||||||||
| Selling, general and administrative expenses | 3,272 | 1,763 | 7,530 | 10,468 | ||||||||||||||||||||||||||||||
| Depreciation and amortization | 744 | 719 | 1,495 | 1,459 | ||||||||||||||||||||||||||||||
| Research and development expenses | 738 |
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© Business Wire - 2010
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