Electric Fuel's 2nd Quarter Sales Increase 63%

Staff On Aug 20 2001 - 6:00am

Zinc-air fuel battery maker Electric Fuel reported revenue of $1 million for the second quarter, about 63 percent better than the $632,541 recorded in the same three months in 2000.

Electric Fuel, however, extended its net loss for the second quarter ended June 30 to $4.6 million, compared with $2.9 million in the year-ago period.

The company also reported that revenue from sales of its Instant Power batteries and chargers during the second quarter was $634,000. This was more than five times the amount for the comparable second quarter in 2000.

For the six months, revenue jumped 37 percent to $1.8 million, compared with $1.3 million in the first half of 2000. The net loss for the six months widened to $8 million, up from $5.3 million in the first half of last year.

Electric Fuel CEO Yehuda Harats said, "During the second quarter, we marked some important achievements. Our revenues exceeded $1 million without reliance on any single customer, and sales of Instant Power batteries and chargers tripled over the preceding quarter," when revenue was $221,000.

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