Medis Technologies Reports First-Quarter 2002 ResultsMay 13, 2002 by Jeff Shepard
Medis Technologies Ltd. (New York) reported financial results for the quarter ended March 31, 2002, noting that while non-cash items continued to impact its financial statements, the impact was reduced by the adoption by Medis of Statement of Financial Accounting Standards No. 142 (SFAS 142).
For the quarter ended March 31, 2002, the net loss was $2,648,000, or $0.13 per share, based on 20,279,000 weighted average shares, compared to a net loss of $7,568,000, or $0.39 per share, on 19,305,000 weighted average shares for the quarter ended March 31, 2001. The adoption of SFAS 142 reduced the amortization of goodwill by approximately $4,600,000 for the quarter. Net cash used in operating and investing activities during the quarter was approximately $1,476,000.
"The ability of our company to continue to make important strides in the development of our technologies, particularly small fuel cells, while limiting net cash used in the quarter to approximately $1.5 million was very gratifying," said Medis Technologies Chairman and CEO Robert Lifton. "We expect the quarterly cash burn rate to increase only slightly even though we plan to allocate more funds to fuel cell development. After completion of our successful rights offering, cash and cash equivalents available at the end of the quarter stand at $11,735,000. We also have a $5.0 million bank line available."