Evercel Reports Third-Quarter 2001 ResultsNovember 28, 2001 by Jeff Shepard
Evercel Inc. (Danbury, CT) reported third-quarter revenue of $29,000. Net loss available to common shareholders was $18.1 million, or $1.73 per basic and diluted loss per share, which includes a non-recurring charge of $15.1 million on a consolidated basis, or $1.44 per basic and diluted loss per share, for costs associated with the shutdown of its Virginia operations. This compares to a loss of $3.2 million, or $0.45 per basic and diluted loss per share, in last year's third quarter.
For the nine months ended September 30, 2001, the company reported a net loss available to common shareholders of $27.8 million, or $2.77 per basic and diluted loss per share, compared with a net loss of $7.9 million for the same period in 2000, or $1.22 per basic and diluted loss per share.
"We took great strides in the third quarter to bring our cost structure and our cash burn rate under control" said Gary Prime, president and CEO of Evercel. "We expect to be out of the Virginia facility by the end of the year and are looking to the future as to how best to capitalize on this company's technology."