Electric Fuel Reports Q4 1998 Results

March 18, 1999 by Jeff Shepard

Electric Fuel Corp. (New York) reported revenues for the fourth quarter ended December 31, 1998, of $484,000, compared to $595,000 for the same period a year ago. The company reported a net loss for the quarter of $2,778,000, or $0.20 per share, compared to a net loss of $4,024,000, or $0.32 per share, for the same period last year. For the year ended December 31, 1998, Electric Fuel reported revenues of $4,013,000, compared to $4,526,000 for 1997. Net loss for the year was $8,533,000, or $0.61 per share, compared to a net loss of $9,129,000, or $0.73 per share for the prior year.The company's 1998 results included final revenue recognition from its activities in connection with the Deutsche Post Field Test program, as well as revenues from the supply of batteries and equipment to Edison spa (Italy), and from the sale of survivor locator lights. The company also recognized initial revenues resulting from a contract signed with the Federal Transit Authority for the design of an all-electric full-size transit bus powered by the company's zinc-air battery.