Mechanical Technology Inc. (Albany, NY), a developer of micro fuel cell technology for hand-held electronic devices, reported a net loss of $6.05 million for the first quarter. The loss equates to $0.20 per diluted share, exceeding analyst estimates of a loss of $0.06 a share. In the first quarter of 2004, the company had a net loss of $242,000, or $0.01 a share.
The steeper loss is in part due to higher expenses, including the costs related to complying with the Sarbanes-Oxley Act of 2002. Mechanical Technology had revenue for the quarter of $1.7 million, down from $1.9 million in the year-ago quarter.
