News

Evercel Inc. Reports Second Quarter 2000 Results

July 18, 2000 by Jeff Shepard

Evercel Inc. (Danbury, CT) announced its second quarter 2000 results. For the three months ended June 30, 2000, Evercel reported revenues of $59,000 and a net loss to common shareholders of $2,571,000, or $0.41 per basic and diluted share, compared with no sales and a net loss of $1,435,000, or $0.26 per basic and diluted share, during the same period in 1999. Research and development costs increased 50 percent from $679,000 to $1,018,000 for the three months ended June 30, 2000, due to increased development costs as the company prepares to commercialize its nickel-zinc battery technology. For the six months ended June 30, 2000, the company reported a net loss of $4,682,000, or a loss of $0.78 per basic and diluted share, compared with a net loss of $2,316,000, or a loss of $0.58 per basic and diluted share, during the same period in 1999.