AER Energy Reports Q1 1999 Results

May 04, 1999 by Jeff Shepard

AER Energy Resources (Atlanta, GA) announced in their first quarter results that they nearly halved their losses compared to the same period last year. Net loss for the first quarter ended March 31, 1999, was $1.14 million, or $0.05 per share, compared to a net loss of $2.11 million, or $0.09 per share for the same period in 1998. The company generated $0.48 million of license fees and research and development revenues under its Technology Licensing and Service Agreement with Duracell Inc. during the first quarter of 1999. There was no revenue during the same period in 1998.J.T. Moore, chief financial officer, commented, "The company continues to improve its financial performance with increased revenues and a 25 percent total reduction in total expenses from the same period in 1998. There improvements reflect our change in focus during 1998 to research and development of primary zinc-air technology and the licensing of our patented Diffusion Air Manager technology." AER is presently offering evaluation samples of their 6V08 zinc-air battery prototype to companies interested in their primary battery technology.