Mechanical Technology Reports Q1 2002 Results
Mechanical Technology Inc. (Albany, NY) reported financial results for its first quarter ended March 31, 2002. For the first quarter ended March 31, 2002, revenue was $0.8 million. This is compared to $1.7 million for the period ended March 31, 2001.
The company's operating loss was $2.7 million for the first quarter ended March 31, 2002, compared to $1.9 million for the same period in the prior year. The company's operational cash usage for the quarter was $2.6 million, in line with stated expectations. The company's net loss for the three-month period was $5.3 million, or $0.15 per diluted share, compared with a net loss of $2.8 million, or $0.08 per diluted share, for the same period a year ago.