Evercel Announces Reduced Earnings for Q1 2001

April 26, 2001 by Jeff Shepard

Evercel Inc. (Danbury, CT) announced that its revenue and net results for its 2001 first quarter will be below the company's prior expectations, reflecting delays in reaching full manufacturing capabilities of its Evertroll trolling motor batteries in its Newport News, Virginia, facility. Volume of sales of Evertrolls for the remainder of the year is uncertain until enough supply can be made available to gauge customer demand. The company currently expects revenue for the 2001 first quarter of approximately $550,000.

“We have shipped Evertrolls to customers and initial response has been positive," stated Robert L. Kanode, president and CEO of Evercel. “Now we are evaluating our production issues focusing on improvements in manufacturing yield and equipment utilization. Our goal is to reduce our manufacturing cost and improve supply."