Beacon Power Reports First-Quarter 2003 Results
Beacon Power Corp. (Wilmington, MA), a development-stage manufacturer of flywheel energy storage systems that provide reliable, high-quality, uninterruptible electric power, announced its financial results for the first quarter March 31, 2003. For the first quarter of 2003, Beacon Power reported a net loss of $2.2 million, or $0.05 per share, compared with a net loss in the fourth quarter of 2002 of $5.6 million, or $0.13 per share.
During the first quarter of 2003, Beacon Power invested $1 million in research and development, $1.2 million in SG&A and depreciation of $0.1 million. At March 31, 2003, the company had $16 million in cash and cash equivalents. The company's working capital was $15 million.
"We remain focused on analyzing markets for our products in terms of their size and growth potential, competitive advantages that our products could provide, and probable penetration we could achieve," said Bill Capp, president and CEO. "We are continuing to explore a number of markets and I am particularly excited about the potential for our products for renewable energy uses in both photovoltaic and wind turbine applications. We believe that we will be able to provide increased reliability and performance in these markets at competitive prices to competing products."