Evercel Reports Third Quarter 2000 Results

October 17, 2000 by Jeff Shepard

Evercel (Danbury, CT) has reported their third quarter 2000 results and reviewed commercialization milestones from the quarter. For the three months ended September 30, 2000, Evercel reported revenues of $30,000 and a net loss to common shareholders of $3,224,000, or $0.45 per share. Sales of $30,000 in 2000 represent sales of product samples. In comparison, Evercel reported no sales in the third quarter of 1999, and a net loss of $1,257,000, or $0.22 per share.For the nine months that ended September 30, 2000, the company reported revenues of $94,000 and a net loss of $7,906,000, or $1.22 per share. In comparison, the company reported a net loss of $3,573,000, or $0.80 per share during the same period in 1999.During the quarter, the company built a new manufacturing line in Newport News, VA, to manufacture the batteries. This facility is essentially complete and a grand opening is planned for the 25th of October, 2000. Also during the quarter, Evercel began a new advertising campaign and put up a web site to support these marketing efforts. The company also put prototypes of their batteries in the boats of various top professional fisherman, all of whom are said to be experiencing unprecedented performance. Evercel also recently created Oxygen SPA (Padua, Italy) and entered into an agreement with it and Eurosolare SPA, the solar energy division of ENI SPA (Rome, Italy), to support the launch of two-wheeled electrical vehicles in Italy.