Axion Power International, Inc. reported results for its second quarter and first six months ended June 30, 2008. Sales during the 2008 second quarter were $176,080, as compared to $133,078 during last year’s second quarter. The company reported a net loss for the second quarter of 2008 of $3.2 million, or $0.16 per share, as compared to a net loss of $3.4 million, or $0.21 per share, for the second quarter of 2007.
For the first six months of 2008, sales were $319,807, as compared to $297,591 for the prior year’s first six months. Net loss for the first six months of 2008 was $6.1 million, or $0.32 per share, as compared to a net loss of $10.0 million, or $0.61 per share, for the first six months of 2007. All revenues for the first and second quarters of 2008 came from specialty lead-acid batteries that the Company has been manufacturing in limited quantities at its modernized plant in New Castle, Pennsylvania.
Chief Executive Officer Thomas Granville said the company continues to make significant progress in its efforts to commercialize its promising, proprietary PbC technology. He added that Axion’s PbC technology is very well suited for numerous applications, including energy storage, grid buffering and load leveling, military applications, and the burgeoning electric and hybrid automobile markets.
"We remain very excited not only by the progress we are making technologically, but by what we are seeing throughout the world," Granville said. "We are developing precisely what the market is looking for – a significantly less expensive, more efficient, faster recharging and longer-lasting battery that is unlike anything else in the marketplace. Another very important factor, that makes our PbC battery unique, is the way it is easily integrated into existing lead acid battery lines. As a result, our proprietary product can be manufactured on any existing lead-acid battery production line anywhere in the world."
