Evercel Reports 2002 First-Quarter Results
Evercel Inc. (Hingham, MA) reported first-quarter revenue of $152,000, compared to $600,000 in the first quarter of 2001. Net loss available to common shareholders was $637,000, or $0.06 per basic and diluted loss per share, compared to a loss of $4.4 million, or $0.48 per basic and diluted loss per share, in last year's first quarter.
"We have completed the first two phases of our plan to lower the company's cash burn rate and re-focus the business," said Garry Prime, president and CEO. "Phase one was reducing our cash burn rate, in part by exiting Virginia; phase two was to further reduce our operating expenses by exiting Danbury, CT, and relocating to smaller facilities in Massachusetts. Now that we have expenses under control, we are concentrating on phase three, further enhancing the capabilities of our nickel-zinc battery technology and finding new applications and markets to grow the business."