ERCC Posts Revenues, Approves Name Change
Energy Research Corp. (ERC, Danbury, CT) reported revenues for the third quarter ended July 31, 1999, of $4,416,000, compared with revenues of $5,537,000 for the same period a year ago. The company posted a net loss of $386,000, or $0.09 per share, compared to a net loss of $349,000, or $0.08 per share, for the same period last year.According to ERC, the increased loss for the third quarter was due to the higher costs related to the commercialization of company's Direct FuelCell technology and costs associated with manufacturing process improvements. The loss also reflected preparation costs relating to the company's name change to FuelCell Energy Inc., and its change in incorporation from New York to Delaware. At a special shareholders' meeting this week, shareholders approved the name change and the proposal to change the company's state of incorporation. The shareholders also approved an increase to the company's authorized common stock from 8 million to 20 million shares.For the nine months ended July 31, 1999, ERC reported revenues of $16,488,000, compared with $16,056,000 for the same period last year. Net loss for the nine-month period was $1,507,000, or $0.36 per share, compared to net income of $6,000 for the same period a year ago."Our results during this past quarter, both financial and technological, reflect the increased pace of product development, further reinforcing the solid foundation upon which we expect to continue building this company," stated President and CEO Jerry Leitman. "The performance of our fuel cell stacks now in operation are a strong prelude to the upcoming demonstrations of our sub-megawatt and megawatt-class power plants during the next couple of years in the United States and Europe."