Mechanical Technology Inc. (Albany, NY) released its financial results and progress for its second quarter ended June 30, 2002. The company reports that for the three months ended June 30, 2002, the company had a net loss of $6.0 million, or $0.17 per diluted share, on revenues of $2.0 million, compared with a net income of $11.6 million, or $0.31 per diluted share, on revenues of $2.3 million, in the prior-year period. For the six-month period ended June 30, 2002, the company reported a net loss of $11.2 million, or $0.32 per diluted share, on revenues of $2.7 million.
For the six-month period ended June 30, 2002, the company reported a net income of $8.8 million, or $0.24 per diluted share, on revenues of $3.9 million in the prior-year period. Revenue for the three months ended June 30, 2002, included $1.6 million in product sales for the company's subsidiary, MTI Instruments Inc., and $0.4 million for funded research and development in the company's subsidiary, MTI MicroFuel Cells Inc., versus revenue of $2.3 million in the comparable period in 2001.
