Medis Technologies Ltd. (New York) reported financial results for the first quarter ended March 31, 2005. For the quarter ended March 31, 2005, the net loss was $4,968,000, or $0.18 per share, based on 27,087,934 weighted average shares, compared to a net loss attributable to common shareholders of $3,241,000, or $0.13 per share, based on 25,880,979 weighted average shares, for the quarter ended March 31, 2004. During the quarter ended March 31, 2005, the company continued to substantially increase funding of its fuel cell technologies as it refines its Power Pack products and prepares for commercial production.
"While the cash used in operating activities for the first quarter was $4,353,000, we also had capital expenditures of $773,000, primarily related to our program for developing production lines in our facility in Israel to produce the electrode, fuel and other components as well as the fully assembled Power Pack products," stated Medis Technologies Chairman and CEO Robert Lifton. "Our target for the end of this year is to start producing our Power Packs in those facilities at the rate of 10,000 units per month, building up to as much as 40,000 units a month."
