Electrofuel Reports First-Quarter ResultsFebruary 11, 2002 by Jeff Shepard
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.