Electrofuel Posts Results for First Quarter

February 14, 2001 by Jeff Shepard

Electrofuel Inc. (Toronto, Canada) has announced its results for the quarter ended December 31, 2000. Revenue for the first quarter of fiscal 2001 was $123,709, reflecting sales of the PowerPad160 rechargeable laptop computer battery from the Company's low-volume production plant in Toronto. The company had no revenue in the first quarter of fiscal 2000.

Research and development costs increased to $504,753 from $242,503 in the same quarter last year, due primarily to increased material costs related to the testing of equipment and plant commissioning activities. Sales and marketing expenses rose to $343,968 from $97,384 a year earlier, reflecting increased marketing activities related to the PowerPad 160 product and increased salaries for the additional sales staff hired in the quarter.

General and administrative expenses increased to $810,673 from $266,431 a year earlier due to higher salaried costs resulting from a significant increase in the number of employees in the first quarter of fiscal 2001 compared to the same period in fiscal 2000, higher property operating costs, and increased legal and public company costs.

The net loss for the current quarter was $974,824, compared to $579,887 in the first quarter of fiscal 2000.