Evercel Reports Financial Results for Fiscal-Year 2000

November 06, 2000 by Jeff Shepard

Evercel Inc. (Danbury, CT) reported revenue for 2000 of $200,000 and a net loss to common shareholders of $12.0 million, or a loss of $1.80 per basic and diluted share. Revenues for 2000 decreased $9,000 as compared to 1999. Net loss to common shareholders increased $6.1 million compared to 1999, an increase of $0.59 per basic and diluted loss per share.

For the quarter ended December 31, 2000, the net loss to common shareholders was $4.1 million, compared to a loss of $2.4 million for the fourth quarter of 1999. The loss per basic and diluted share in the fourth quarter of 2000 was $0.56, as compared to $0.41 in 1999.

“The past year was a year of substantial investment in and accomplishment toward reaching our goal of providing a totally new type of rechargeable battery technology to consumers in the US and abroad," commented Robert L. Kanode, president and CEO of Evercel. “Our results reflect our aggressive drive to begin manufacturing and selling our products in quantity. Looking forward, we are confident that these efforts will yield the desired results as we build on our strong manufacturing foundation."