Evercel Reports 2001 First-Quarter, Annual ResultsMarch 20, 2002 by Jeff Shepard
Evercel Inc. (Danbury, CT) reported fourth-quarter revenue of $13,000. Net loss available to common shareholders was $719,000, or $0.07 per basic and diluted loss per share. This compares to a loss of $4.1 million, or $0.56 per basic and diluted loss per share, in last year's fourth quarter.
For the 12 months ended December 31, 2001, the company reported a net loss available to common shareholders of $28.5 million, or $2.82 per basic and diluted loss per share, compared with a net loss of $12.0 million for the same period in 2000, or $1.80 per basic and diluted loss per share.
“During the fourth quarter, we continued to meet our objectives as previously reported,” said Garry Prime, president and CEO of Evercel. “We closed the Virginia facility, transferred our manufacturing to our joint venture in China, continued to reduce our cash burn rate and initiated additional steps to further reduce our operating expenses. We can now begin to look at opportunities to utilize our assets to create value for the company.”