NEWARK, Calif., May 24 /PRNewswire-FirstCall/ -- DayStar Technologies, Inc. (Nasdaq: DSTID), a developer of solar photovoltaic products based on CIGS thin-film deposition technology, today announced financial results for its first quarter ended March 31, 2010.

Net loss for the first quarter of 2010 was $6.1 million or $1.61 per share, compared with a net loss of $7.7 million or $2.06 per share in the first quarter of 2009. The lower net loss reflects the implementation of cost savings measures including a reduction in workforce in order to focus our resources on the development of our core CIGS technology while we continue fundraising efforts to complete our initial production line. The per share losses were calculated on the weighted average common shares outstanding of 3.8 and 3.7 million for the first quarter ended March 31, 2010 and 2009, respectively. The average shares outstanding and loss per share for the quarter ended March 31, 2010 and 2009 reflect the 1-for-9 reverse stock split implemented by DayStar on May 11, 2010. DayStar's common stock began trading on the NASDAQ Capital Market on a split adjusted basis on March 12, 2010.

About DayStar Technologies, Inc.

DayStar Technologies, Inc. is engaged in the development, manufacturing and marketing of solar photovoltaic products based upon CIGS thin film deposition technology. For more information, visit the DayStar website at www.daystartech.com. 

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Any statements in this release regarding DayStar's business that are not historical facts may be considered "forward-looking statements." The forward-looking statements in this news release are based on information available at the time the statements are made and/or management's belief as of that time with respect to future events and involve substantial risks and uncertainties that could cause actual results and outcomes to be materially different. Forward-looking statements are based on management's current preliminary expectations and are subject to risks and uncertainties, which may cause DayStar's results to differ materially and adversely from the statements contained herein. Some of the potential risks and uncertainties are detailed in DayStar's annual report on Form 10-K for the year ended December 31, 2009, and other filings made with the Securities and Exchange Commission.  Undue reliance should not be placed on forward-looking statements, which speak only as of the date they are made. DayStar undertakes no obligation to update any forward-looking statements to reflect new information, events or circumstances after the date they are made, or to reflect the occurrence of unanticipated events.

Contact:



DayStar Technologies, Inc.

Patrick J. Forkin III

Sr. VP Corporate Development

408/907.4633

investor@daystartech.com



Christopher T. Lail

VP & Corporate Controller

408/907.4600 

investor@daystartech.com





DAYSTAR TECHNOLOGIES, INC.

(A DEVELOPMENT STAGE ENTERPRISE)



BALANCE SHEETS









March 31,

2010



December 31,

2009





(Unaudited)



ASSETS





Current Assets:





Cash and cash equivalents     

$  13,281

$  17,320

Other current assets 

470,218

343,083







Total current assets     

483,499

360,403







Property and Equipment, at cost      

52,208,358

52,915,965

Less accumulated depreciation and amortization   

(7,117,892 )

(6,388,914 )







Net property and equipment       

45,090,466

46,527,051







Other Assets:





Other assets       

227,451

246,396







Total Assets   

$  45,801,416

$  47,133,850







LIABILITIES AND STOCKHOLDERS' EQUITY





Current Liabilities:





Accounts payable and accrued expenses 

$  19,214,742

$  18,387,530

Notes and capital leases payable, current portion, net of discount of $292,257 and $795,413, respectively

3,382,743

1,629,587

Deferred rent, current portion   

143,040

139,870







Total current liabilities   

22,740,525

20,156,987

Long-Term Liabilities:





Deferred rent       

3,528,844

3,452,790

Conversion feature   

54,806

251,618

Stock warrants     

69,727

131,835







Total long-term liabilities  

3,653,377

3,836,243







Commitments and Contingencies     

—

—







Stockholders' Equity       

19,407,514

23,140,620







Total Liabilities and Stockholders' Equity     

$  45,801,416

$  47,133,850













DAYSTAR TECHNOLOGIES, INC.

(A DEVELOPMENT STAGE ENTERPRISE)



STATEMENTS OF OPERATIONS

(Unaudited)









For the Three Months

Ended March 31,





2010



2009









Revenue 

$  â€”

$  â€”













Costs and Expenses:





Research and development    

2,488,828

4,886,104

Selling, general and administrative       

2,242,266

1,744,166

Depreciation and amortization

729,361

896,461







Total costs and expenses

5,460,455

7,526,731

Other Income (Expense):





Other income       

9,375

5,781

Interest expense     

(122,226)

(20,728)

Amortization of note discount and financing costs   

(975,231)

—

Gain (loss) on derivative liabilities       

406,179

(114,070)







Total other income (expense)     

(681,903)

(129,017)







Net Loss 

$  (6,142,358)

$  (7,655,748)







Weighted Average Common Shares Outstanding (Basic And Diluted)

3,807,854

3,720,923







Net Loss Per Share (Basic and Diluted)

$  (1.61)

$  (2.06)













SOURCE DayStar Technologies, Inc.

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