Catalytica Energy Reports First-Quarter 2002 Results

July 02, 2002 by Jeff Shepard

Catalytica Energy Systems Inc. (Mountain View, CA) reported financial results for the first quarter ended March 31, 2002. Revenues for the first quarter of 2002 were $649,000, compared with revenues of $1,446,000 for the same period of the prior year. Net loss for the quarter was $5,220,000, or a loss of $0.30 per share, compared with a net loss of $3,725,000, or a loss of $0.29 per share, in the first quarter last year. Cash and short-term investments at March 31, 2002, totaled $80.4 million.

"Our cash position remains strong at the close of the first quarter, reflecting our continued focus on managing our cash burn and controlling expenses," stated Catalytica Energy Systems President and CEO Craig Kitchen. "Excluding the purchase of our Gilbert, AZ, commercial manufacturing facility and other non-recurring expenses, we maintained an operating cash burn of $5.0 million, in line with our projections for the quarter. Managing our cash remains a key objective for the business in light of current market conditions."