Electrofuel Inc. (Toronto, Canada) announced its financial results for the first quarter ended December 31, 2001. In the first quarter of fiscal 2002, the company reported revenue of $515,000, an increase of 315 percent over $124,000 in the first quarter of 2001. Revenue increased by 35 percent sequentially over the fourth quarter of fiscal 2001.
The net loss for the first quarter was $1.4 million, compared with a net loss of $1.0 million in the first quarter of last year. The loss per share was $0.02, unchanged from last year. Cash and short-term investments remained strong at $27.2 million, as the company reduced the cash consumption rate to $3.5 million for the first quarter of fiscal 2002 from $4.3 million in the fourth quarter of 2001. Cash consumed in the first quarter of fiscal 2001 totaled $4.9 million. Capital expenditures, primarily for production equipment for the company's second-phase expansion, were $702,000 in the first quarter of fiscal 2002.
