Catalytica Energy Systems Inc. (Mountain View, CA) reported financial results for the fourth quarter and year ended December 31, 2002. Revenues for the fourth quarter of 2002 grew to $1,526,000, as compared to $688,000 for the fourth quarter of 2001.
Revenue growth and reduced SG&A spending during the quarter contributed to a substantial decline in net loss for the quarter to $3,441,000, or a loss of $0.20 per share, compared with a net loss reported in the fourth quarter last year of $7,133,000, or a loss of $0.41 per share. On a comparative basis, net loss in the fourth quarter of the prior year was negatively impacted by a one-time, non-cash charge of $2,145,000 taken against an equity investment. Cash usage in the fourth quarter of 2002 was $3,630,000.
Net loss for the year ended December 31, 2002, was $17,874,000, or a loss of $1.02 per share, on revenues of $4,795,000, compared with a net loss in the previous fiscal year of $19,589,000, or a loss of $1.33 per share, on revenues of $5,523,000. The decrease in net loss on a year-over-year basis is partially attributable an impairment charge and to the recording of $3,250,000 associated with legal settlements, both of which negatively impacted the company's 2001 financial results. Total cash used in 2002 was $20,877,000. Both net loss and cash consumption reported for 2002 were in-line with the company's financial objectives for the year.
