Electric Fuel Boosts Q4 Revenue, Extends Loss
NEW YORK —Sales increases in its Instant Power batteries and chargers boosted fourth-quarter revenue at Electric Fuel to $2.2 million, about a 175 percent hike over the $786,000 in sales recorded during the same quarter in 1999. Net loss for the three months ended Dec. 31 was $3.9 million, compared with $1.4 million in the year-ago three months. Revenue for the 12 months was $4 million, about a 50 percent jump over the $2.7 million reported in 1999. Net loss for the 12 months was $12 million, compared with a net loss of $7 million in 1999. Electric Fuel said the 2000 rise in net loss was due to an increase in operations and engineering costs related to new product development, the ramping up of the company's automated production line in Israel, and marketing and sales expenses related to the introduction of batteries and chargers in the United States and elsewhere.
XM Satellite Radio Loss Increases For Q4, 12 Months
WASHINGTON, D.C. —XM Satellite Radio reported a $20.5 million consolidated operating loss in the fourth quarter ended Dec. 31, up from $12.9 million in the year-ago fourth quarter. XM recorded a $14 million consolidated net loss for the fourth quarter, compared with $11.1 million in the same three months last year. For the year, XM reported a consolidated operating loss of $79.5 million, compared with $30.7 million in the previous 12 months. It recorded a consolidated net loss of $51.9 million for the year, compared with $36.9 million in 1999. XM also said it has completed its production chipset design, and ST Microelectronics, the chipset maker, has started fabrication to make the components available to radio manufacturers by the end of March, ensuring mass production of XM-ready radios for its summer-2001 commercial launch. XM said it is offering $100 million in convertible notes and 5 million shares of stock.
O'Sullivan Sales, Earnings Off In Fiscal 2nd Quarter
LAMAR, MO. —Ready-to-assemble furniture manufacturer O'Sullivan Industries Holdings saw a slowdown during the second half of fiscal 2000, with sales decreasing 13 percent to $96.8 million in the fiscal second quarter ending Dec. 31, compared with $111 million in the year-ago three months. The company attributed this, in part, to rising energy prices and the reduction of wealth from declining equity markets and their significant effect on consumer purchasing power. Net loss before an extraordinary item was $7.5 million, down 37 percent from a net loss before an extraordinary item of $11.8 million in the same three months last year. The company recorded a pre-tax restructuring charge of $10.5 million for the closing of a manufacturing facility and the 10 percent reduction of corporate headquarters staff during the second quarter.
CellStar Fiscal-Q4 Revenue More Than Doubles
CARROLLTON, TEXAS —Value-added wireless logistics service company CellStar said North American revenue more than doubled to $163.1 million in the fiscal fourth quarter ended Nov. 30, up from $80.6 million in the year-ago three months. Increased revenue in North America benefited from strong promotional activity by several customers, as well as the addition of new customers and expanded markets. Total fourth-quarter revenue was relatively flat at $694.7 million, up from $688 million in the year-ago period. The company reported an overall net loss of $15.9 million for the fourth quarter, compared with net income of $24.5 million in the same three months last year. Fourth-quarter revenue from handsets was $631 million, up from $565.2 million in the third quarter. Average selling price of a digital handset was $196, compared with $230 in the third quarter.