Electrovaya Inc. (Toronto, Canada) announced its financial results for the second quarter ended March 31, 2002. For the first six months of the 2002 fiscal year, revenue was $1.7 million, compared with $271,000 in the first half of fiscal 2001. The loss from operations declined to $4.0 million from $4.2 million in 2001. The company reported a net loss of $3.6 million, or $0.05 per share, compared with a net loss of $2.6 million, or $0.04 per share, in the same period a year ago.
In the second quarter of fiscal 2002, Electrovaya reported revenue of $1.2 million. This significant increase over the same period last year reflects the commercialization of PowerPad products begun in April 2001. Revenue was up 125 percent over the first quarter of fiscal 2002 due to increased sales of the company's PowerPad 120 and 160 products to new distributors and retailers. The net loss for the second quarter was $2.3 million, or $0.03 per share, compared with a net loss of $1.6 million, or $0.02 per share, in the second quarter of last year.
"We continue to expand our production capacity to build our inventory position in response to the strengthening sales of our PowerPad products," said Electrovaya Chairman and CEO Sankar Das Gupta. "Electrovaya's quarterly revenue has been increasing sequentially, from $382,000 in the fourth quarter of fiscal 2001, to $515,000 in the first quarter of fiscal 2002, and now $1.2 million in the second quarter."
