Electric Fuel Announces Q1 2001 Results

May 10, 2001 by Jeff Shepard

Electric Fuel Corp. (New York, NY) announced its results for the first quarter of 2001. For the three months ended March 31, 2001, Electric Fuel reported revenues of $726,000, compared with revenues of $653,000 for the same period in 2000, an increase of 11 percent. The company reported a net loss for the quarter of $3.4 million, or $0.16 per share, compared with a net loss of $2.5 million, or $0.14 per share, reported for the same period in 2000.

Yehuda Harats, president and CEO of Electric Fuel, commented “We are very pleased at our continued successes in building the distribution base for our batteries and chargers. Our loss for this quarter was lower than for the fourth quarter of 2000 -- and this is despite difficult economic times, especially in the consumer electronic products industry."