Electrofuel Reports Second-Quarter 2001 Results

June 17, 2001 by Jeff Shepard

Electrofuel Inc. (Canada) reported its results for the six months ended March 31, 2001. Revenue for the first six months of fiscal 2001 was $270,372. The company had no revenue in the same six months of fiscal 2000. Research and development costs increased to $1.3 million, from $512,978 in the same six months last year.

The company reported that sales and marketing expenses in 2001 rose to $694,572 from $251,672 a year earlier. General and administrative expenses increased to $2.5 million from $924,064 a year earlier. The net loss for the six months was $2.6 million, compared to $1.2 million for the same six months of fiscal 2000.