Catalytica Energy Reports Q4, Year-End 2002 Results
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.