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Electric Fuel Q1 Loss Dips

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 and sales and marketing efforts in the defense and security sectors.