Entech Solar, Inc. (OTCBB: ENSL) (the ?Company?, ?Entech Solar? or ?Entech?), today announced its financial results for the three and nine months ended September 30, 2010.

For the three months ended September 30, 2010, the Company's revenues were $128 thousand, compared to $75 thousand for the comparable period in 2009. The Company's gross profit for the three months ended September 30, 2010 was $114 thousand, compared to a gross profit of $3 thousand for the three months ended September 30, 2009. Entech Solar's net loss attributable to common shareholders for three months ended September 30, 2010 was $3.3 million, or $(0.01) per share, compared to a net loss of $4.7 million, or $(0.02) per share, for the comparable period in 2009. As of September 30, 2010, the Company's cash balance was $1.8 million.

For the nine months ended September 30, 2010, the Company's revenues were $173 thousand, compared to $2.2 million for the comparable period in 2009. The Company's gross profit for the nine months ended September 30, 2010 was $114 thousand, compared to a gross loss of $6.4 million for the nine months ended September 30, 2009. Entech Solar's net loss attributable to common shareholders for nine months ended September 30, 2010 was $14.3 million, or $(0.05) per share, compared to a net loss of $25.0 million, or $(0.11) 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 $7.5 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)

 
 
September 30, 2010 December 31, 2009
 
Assets
Current assets:
Cash $ 1,772 $ 1,952
Accounts receivable?trade, net of allowance 27 22
Inventory, net of reserve 240 267
Other current assets   559     160  
 
Total current assets 2,598 2,401
Property and equipment, net 2,205 2,983
 
Intangible and other assets:
Other intangible assets, net 17,906 19,695
Goodwill 19,196 19,196
Other deposits   374     384  
 
Total Assets $ 42,279   $ 44,659  
 
Liabilities, Convertible Redeemable Preferred Stock and Stockholders' Equity
Current liabilities:
Accounts payable and accrued expenses $ 2,345 $ 2,301
Series D Preferred stock warrants ? 1,394
Other   ?     94  
 
Total current liabilities 2,345 3,789
Other   86     129  
 
Total liabilities   2,431     3,918  
 
Convertible redeemable preferred stock:
Series D convertible redeemable preferred stock   ?     11,180  
 
Stockholders' equity:
Preferred stock 49 6
Common stock 335 277
Additional paid-in capital 198,445 173,852
Accumulated deficit (158,686 ) (144,395 )
Treasury stock, at cost (39 ) (39 )
Noncontrolling interest   (256 )   (140 )
 
Total Stockholders' Equity   39,848     29,561  
 
Total Liabilities, Convertible Redeemable Preferred Stock and Stockholders' Equity $ 42,279   $ 44,659  
       

ENTECH SOLAR, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except per share data)

 
 
Three Months Ended September 30, Nine Months Ended September 30,
2010 2009 2010 2009
Revenues:
Contract $ ? $ 49 $ ? $ 1,296
Equipment and Services 128 26 173 170
Related party ? ? ? 597
Related party?Former Chairman   ?     ?     ?     125  
 
Total revenues   128     75     173     2,188  
 
Cost of Revenues:
Contract ? 110 ? 862
Equipment and Services 14 (38 ) 59 59
Related party ? ? ? 601
Related party?Former Chairman ? ? ? 142
Manufacturing operations impairment   ?     ?     ?     6,968  
 
Total cost of revenues   14     72     59     8,632  
 
Gross Profit (Loss):
Contract ? (61 ) ? 434
Equipment and Services 114 64 114 111
Related party ? ? ? (4 )
Related party?Former Chairman ? ? ? (17 )
Manufacturing operations impairment   ?     ?     ?     (6,968 )
 
Total gross profit (loss)   114     3     114     (6,444 )
 
Operating Expenses:
Selling, general and administrative expenses 2,035 2,515 9,565 12,983
Depreciation and amortization 741 720 2,236 2,179
Research and development expenses   677     1,653     2,735     3,828  
 
Total operating expenses   3,453     4,888     14,536     18,990  
 
Loss from Operations (3,339 ) (4,885 ) (14,422 ) (25,434 )
Other income (expense)   (9 )   90     15     172  
 
Net Loss (3,348 ) (4,795 ) (14,407 ) (25,262 )
Net Loss attributable to noncontrolling interest   (30 )   (58 )   (116 )   (254 )
 
Net Loss attributable to Entech Solar, Inc. $ (3,318 ) $ (4,737 ) $ (14,291 ) $ (25,008 )
 
Net Loss attributable to Entech Solar, Inc. per Common Share (Basic and Diluted) $ (0.01 ) $ (0.02 ) $ (0.05 ) $ (0.11 )
 
Weighted Average Common Shares Outstanding used in Per Share Calculation (Basic and Diluted) 322,394 239,127 313,827 238,144

Entech Solar
Chas Michel, 817-224-3600
Investor Relations
ir@entechsolar.com