Evercel Reports Q1 1999 Results
Evercel Inc. (Danbury, CT) reported a net loss for the three months ended April 30, 1999 of $1,260,000 or $0.70 per share. The results reflect $564,000 of costs incurred for the continued development of the company's nickel-zinc battery technology and production processes and $660,000 in administrative and selling expenses incurred by the company in the quarter in anticipation of initial orders from commercial customers. The company and its Asian partner, Xiamen Three Circles-ERC Battery Corp. Ltd., expect to begin revenue generation from operations when it receives initial orders from OEM customers overseas during the second half of the year. "We achieved several major milestones during the quarter, all of which moved us closer to our goal of manufacturing and selling our first commercial product," stated President and CEO Robert L. Kanode. "I am extremely pleased with our progress to date and look forward to the next several months as our manufacturing operations begin to go online.