Mechanical Technology Inc. (Albany, NY) reported financial results and progress for its third quarter ended September 30, 2002. For the three months ended September 30, 2002, the company reported a net loss of $4.2 million, or $0.12 per diluted share, on revenues of $1.5 million, compared with a net loss of $4.7 million, or $0.13 per diluted share, on revenues of $1.7 million, in the prior-year period.
For the nine-month period ended September 30, 2002, the company reported net loss of $15.4 million, or $0.43 per diluted share, on revenues of $4.2 million. This compares with net income of $4.2 million, or $0.11 per diluted share, on revenues of $5.7 million, in the prior-year period. The change results primarily from a decrease in gain on the sale of holdings of $23.3 million because of difficult market conditions, offset by a $3.3 million decrease in equity in holdings losses, net of tax.
Revenue for the three months ended September 30, 2002, included $1.0 million in product revenue for the company’s subsidiary, MTI Instruments Inc., and $0.5 million for funded research and development in the company’s subsidiary, MTI MicroFuel Cells Inc., versus product revenue of $1.7 million in the comparable period in 2001. Net cash spending for the quarter was $2.3 million, lower than the $3.0 million projected for the quarter.
