Bolder Posts FY98 Results

February 22, 1999 by Jeff Shepard

Bolder Technologies Corp. (Golden, CO) reported a net loss for the fourth quarter ended December 31, 1998, of $2.8 million, or $0.33 per share, compared to a net loss of approximately $2.6 million, or $0.31 per share, the same period a year ago. Revenues for the quarter were $662,752, compared to $658,160 a year ago.For the year ended December 31, 1998, Bolder reported a net loss of $9.9 million, or $1.22 per share, on revenues of $2.5 million, compared to a net loss of $8.7 million, or $0.97 per share, on revenues of $2.6 million last year. According to Bolder, product revenues for the fourth quarters and years ended December 31, 1998 and 1997 were nominal and are expected to remain nominal until commercial operations accelerate. "During the year, several major events contributed to the transition of Bolder Technologies from a development stage to a commercial company," stated Chairman and CEO Daniel S. Lankford. "After a long, difficult development period for the manufacturing process technology, we successfully achieved high-volume production capability for our core TMF product, the sub-C cell. In addition to the sub-C cell, we launched the TMF Rebel rechargeable battery packs during the fourth quarter. As the year ended, we entered the market adoption period for our TMF products. Since introducing our TMF product, we have seen increased sample shipments, have begun to realize some design wins, and are beginning to ship some small orders."