Medis Technologies Ltd. (New York) reported financial results for the year and quarter ended December 31, 2001. For the year ended December 31, 2001, the net loss attributable to common shareholders was $34,766,000, or $2.02 per share, compared to a net loss attributable to common shareholders of $25,463,000, or $1.79 per share, for the year ended December 31, 2000.
For the quarter ended December 31, 2001, the net loss attributable to common shareholders was $12,424,000, or $0.71 per share, compared to a net loss attributable to common shareholders of $7,627,000, or $0.45 per share, for the quarter ended December 31, 2000.
During the fourth quarter of 2001, Medis incurred charges to operations of $1,722,000 relating to the extension of outstanding stock options and charges of $3,204,000 included in the calculation of loss attributable to common shareholders and net loss per share, for the extension of stock purchase warrants held by Medis shareholders. No operating revenues were recognized in the yearly and quarterly periods ended December 31, 2001 and 2000.
Robert Lifton, chairman and CEO of Medis, noted, "The accounting treatment of various non-cash items continues to affect our financial statements in a major way. Very importantly, however, from a cash perspective, during this year we continued to operate at a satisfactory expenditure rate as net cash used in operating activities amounted to $5,788,000. We further invested another $799,000 for the purchase of property and equipment primarily for our fuel cell development and $520,000 as part of the transaction for the acquisition of the remaining shares of More Energy, our fuel cell subsidiary, which we do not own. I am personally very pleased by the progress of technological developments with this level of cash expenditures."
