Medis Reports Second-Quarter, Six-Month Results
Medis Technologies Ltd. (New York) reported financial results for the second quarter and six months ended June 30, 2002. For the quarter ended June 30, 2002, the net loss was $2,565,000, or $0.12 per share, based on 21,098,959 weighted average shares, compared to a net loss of $7,440,000, or $0.38 per share, based on 19,594,657 weighted average shares for the quarter ended June 30, 2001.
For the six months period ending June 30, 2002, the net loss was $5,213,000, or $0.25 per share, based on 20,689,731 weighted average shares, compared to a net loss of $15,008,000, or $0.77 per share, based on 19,450,189 weighted average shares for the six months ended June 30, 2001. While non-cash items continued to impact the financial results, the impact was significantly reduced by the adoption of Financial Accounting Standards No. 142.
"Despite the fact that we are allocating more funds to the development of our fuel cell technology, we have been able to maintain cash outlays at our planned expenditure rate," said Medis Technologies Chairman and CEO Robert Lifton. "Based on that rate of expenditures, at the end of the quarter we had available funds for at least 16 months of operation. This does not include a presently available unused bank line of $5.0 million. We are looking to supplement those funds through transactions that involve our fuel cells. In that connection we expect to present new advances in our fuel cell technology starting in mid-September to companies in the United States and Asia."