Lithium Technology Corp. (LTC, Plymouth Meeting, PA) announced its consolidated financial results for the first nine months and third quarter ended September 30, 2005. Revenues for the 9 months ended September 30, 2005, were $1,233,000, an increase of 190% compared with $424,000 in the nine months ended September 30, 2004. Revenues for the third quarter of 2005 were $376,000, an increase of 304% compared with $93,000 in the third quarter of 2004.
Net loss per share for the 9 months ended September 30, 2005, was $0.12, compared to a net loss of $0.43 per share, for the 9 months ended September 30, 2004. Net loss per share for the third quarter of 2005 was $0.03, compared to a net loss of $0.13 per share, for the third quarter of 2004.
Commenting on the results, Dr. Andrew J. Manning, President and Chief Operating Officer of LTC, said: "We are pleased with the continuing increase of our revenues and improvement in our financial results. This substantial growth in the demand for our batteries in our different market segments gives us the confidence that we have taken the right structural and organizational steps to improve our financials and more importantly our profitability. During the last year we have focused on increasing our market share for our high power, high capacity large format batteries, especially in rapidly emerging specialties required by the defense sector, and strengthening our position in the alternative and hybrid power sectors. We are very pleased with the success of our strategy, and the progress in our business lines."
Lithium Technology Corporation is a manufacturer of large format rechargeable Lithium Ion batteries, custom engineered for military, automotive and industrial applications. The Company's product portfolio includes large cells and batteries from 10 times the capacity of a standard laptop computer battery to 100,000 times greater. LTC produces high power cells designed for HEVs and military applications that can discharge hundreds of amps in times as short as a few minutes, and high capacity cells for applications such as back-up power and remote standby installations. Cells are manufactured in both cylindrical and flat form and employ proprietary extrusion, design and assembly technology. LTC manufactures a variety of standard cells that are assembled into custom large batteries complete with electronics (battery management systems) and electronics to communicate with other components of the system for performance monitoring.
During the past twelve months, LTC and LTC's GAIA Akkumulatorenwerke GmbH subsidiary operating in Nordhausen, Germany, have contracted with ThyssenKrupp (the largest builder of non-nuclear submarines) to provide power supplies for underwater propulsion of manned submarines. Other applications include a prototype of lighter-than-air communication "stratellites"; unmanned surveillance vehicles (air, land, and underwater based); other robotic applications; surface to air missiles; standby power applications; renewable energy generation sources (windmills); and hybrid electric vehicles ("HEV") for military uses.