AER Energy Reports Yearly Fiscal Results
AER Energy Resources Inc. (Atlanta) reported net revenues of $352,000 for the year ended December 31, 1998, compared with $108,000 for the year ended December 31, 1997. The company's net loss for the year was $6,632,000, or $0.27 per share, down from a net loss of $8,766,000, or $0.36 per share, for the prior year. Net revenues for the fourth quarter ended December 31, 1998, were $300,000, up from $2,600 for the same period a year ago. Net loss for the quarter was $1,435,000, or $0.06 per share, compared to a net loss of $2,169,000, or $0.09 per share, for the same period last year."AER Energy's new strategy of emphasizing and expanding its advanced technology, licensing its patented Diffusion Air Manager technology, and partnering with substantial companies, such as Duracell, to commercialize its zinc-air batteries had a financial impact in at least two areas in 1998," stated CFO J.T. Moore. "Revenues began to flow from this new strategy at the end of the third quarter, and operating costs were scaled downward to fit the new strategy, contributing to a decrease of $2.3 million in total costs for the year."AER Energy also announced that it has received from Duracell the funds scheduled for January payment in the technology licenses and services agreement signed by the two companies in September 1998. The revenues are to fund AER Energy's work in the first quarter of 1999 on product development projects for Duracell and also to pay for an option for certain license rights.