DCH Technology Inc. (Valencia, CA) announced results for the 12 months ended December 31, 2001. Revenues were up for the fourth straight year on record sales of fuel cells; however, the company's net loss increased due primarily to a substantial increase in research and development spending and non-cash charges related to accounting requirements of the employee stock option plan.
For the year ended December 31, 2001, DCH had sales of $1,143,014, compared to sales of $961,551 for the year ended December 31, 2000. The increase in sales for the year was due substantially to the delivery of several large fuel cell units in 2001. Sales of sensors in 2001 remained at a level consistent with the previous year.
DCH had a net loss of $9,930,099 for the year ended December 31, 2001, compared to a net loss of $7,654,093 for the year ended December 31, 2000. Offset in part by an increase in the number of shares outstanding during the period, the net loss per share decreased to $0.31 per share for the year ended December 31, 2001, as compared to a loss of $0.32 per share for the comparable period in 2000.
