Catalytica Energy Reports Q4, Annual 2001 Results

February 11, 2002 by Jeff Shepard

Catalytica Energy Systems Inc. (Mountain View, CA) reported financial results for the fourth quarter and year ended December 31, 2001. Net loss for the fourth quarter was $7,133,000 on revenues of $688,000, compared with a net loss of $7,384,000 on revenues of $1,598,000 in the same period of the prior year.

For the year ended December 31, 2001, revenues increased slightly to $5,523,000, compared with 2000 revenues of $5,487,000. Net loss for fiscal 2001 was $19,589,000, or a loss of $1.33 per share, compared with a net loss of $15,910,000, or a pro-forma loss of $1.25 per share, reported in the previous fiscal year.

“We made good progress in 2001 toward advancing our commercial programs, expanding our strategic relationships and strengthening our financial position,” stated Craig Kitchen, president and CEO of Catalytica Energy Systems. “We laid out a series of milestones at the beginning of 2001 aimed at further expansion of our commercialization efforts for Xonon as well as exploring future growth opportunities through development of other energy-related technologies. We are pleased with our accomplishments during the year, which included shipment of our first production units, the initiation of a new development effort with Solar Turbines, the opening of a new facility in Arizona to build out our manufacturing operations, and the launch of development initiatives in fuel processing for automotive fuel cell applications and emissions reduction for diesel applications.”