Electric Fuel Q1 Revenue Up, Loss Dips
-- TWICE, 5/27/2002
New York— Zinc-air fuel cell maker Electric Fuel marginally improved its quarterly revenue, reduced expenses and narrowed its net loss in the first quarter ended March 31.
Revenue was $726,000 in the first three months, compared with $725,959 in the year-ago period. Revenue was $1.1 million in the preceding quarter.
Net loss for the first quarter was reduced to $3.3 million, down from $3.7 million in the same three months in 2001, and down from $4.9 million in the preceding quarter.
Electric Fuel, which said it had about $13 million in cash and cash equivalents as of March 31, said the combination of a narrowed loss and increased cash-on-hand would allow it to focus both on its retail sales as well as sales and marketing efforts in the defense and security sectors.
