Electric Fuel Corp. Reports Year End and Q4 ResultsJanuary 18, 2001 by Jeff Shepard
Electric Fuel Corp. (New York, NY) reported results for the fourth quarter and year ended December 31, 2000. Revenues for the fourth quarter were $2,20,000, compared with $566,000 in the previous quarter and $786,000 in the year-earlier period. Net loss for the three months ended December 31, 2000 was $3,893,000, compared with $2,754,000 in the previous quarter and $1,365,000 in the fourth quarter of 1999.
Electric Fuel believes that the higher revenues in 2000, and especially in the fourth quarter, were primarily due to an increase in sales of the company's Instant Power batteries and chargers. The increase in net loss was attributable to an increase in operations and engineering costs related to new product development; the costs related to new product development; the development of the company's automated production line in Bet Shemesh, Israel; and marketing and sales expenses related to the introduction of the Instant Power brand of disposable cellular phone batteries.