Catalytica Energy Reports Third-Quarter Results
Catalytica Energy Systems Inc. (Mountain View, CA) reported financial
results for the third quarter ended September 30, 2001. Revenues for the third quarter of 2001 were $1,177,000, compared with $1,457,000 reported for the same period of the prior year. Third-quarter revenue for 2001 was lower due to an increase in program efforts associated with the company's Xonon Cool Combustion system.
Third-quarter results were also positively impacted through the reversal of previously recorded spin-off and related transaction costs, totaling $875,000, as a result of final determination of these transaction costs. The recording of a one-time $3,000,000 charge, resulted in an operating loss of $6,288,000, compared with an operating loss during the third quarter last year of $4,882,000. Net loss for the quarter was $5,860,000, or a loss of $0.37 per share. Net loss for the same period of the prior year was $4,923,000.
Craig Kitchen, president and CEO of Catalytica Energy Systems, commented, "Excluding the $3.0 million settlement charge we incurred this quarter, these results remain in line with our expectations. Our top line reflects a continued increase in revenues received from government agencies in support of various research and development efforts, which partially offset the decrease in funding from OEM partners. We also increased our investment in research and development during the quarter in
anticipation of the scheduled launch of new program initiatives in the fourth quarter."