Evercel Reports Second-Quarter 2001 Fiscal ResultsJuly 30, 2001 by Jeff Shepard
Evercel Inc. reported second-quarter revenue of $88,000, up from $59,000 in the second quarter of 2000. Net loss available to common shareholders was $5.2 million, or $0.50 per basic and diluted loss per share. In comparison, the company lost $2.6 million, or $0.41 per basic and diluted loss per share, in last years' second quarter.
Operating costs and expenses in the second quarter of 2001 increased $2.4 million over the comparable quarter in 2000. Interest income for the quarter increased to $251,000, from $171,000 in the comparable quarter of 2000, due to interest on short-term investments from net proceeds of $25.4 million from a public offering of three million shares on February 9, 2001.
For the six months ended June 30, 2001, the company reported a net loss to common shareholders of $9.7 million, or $0.98 per basic and diluted loss per share. In comparison, the company's net loss was $4.7 million for the same period in 2000, or $0.78 per basic and diluted loss per share.
"Our revenue growth is clearly not where we want it to be," said Garry A. Prime, president and CEO. "Part of my job over the next few weeks is to study, analyze, create and present to the board of directors possible strategic adjustments that may be taken to realize the full economic potential of our nickel-zinc battery technology."