Medis Technologies Ltd. (New York) reported financial results for the fourth quarter and year ended December 31, 2002. For the quarter ended December 31, 2002, the net loss attributable to common stockholders was $2,700,000, or $0.13 per share, based on 21,100,417 weighted average shares, compared to a net loss attributable to common stockholders of $12,424,000, or $0.62 per share, based on 20,100,106 weighted average shares for the quarter ended December 31, 2001 after giving retroactive effect to Medis' March 18, 2002, rights offering.
For the year ended December 31, 2002, the net loss attributable to common stockholders was $12,546,000, or $0.60 per share, based on 20,894,915 weighted average shares, compared to a net loss attributable to common stockholders of $34,766,000, or $1.76 per share, based on 19,771,338 weighted average shares for the year ended December 31, 2001, after giving retroactive effect to Medis' March 18, 2002, rights offering. While non-cash items continued to impact the financial results, the year-over-year impact was significantly reduced by the adoption by Medis of Statement of Financial Accounting Standards No. 142. Net cash used in operating and investing activities for the year ended December 31, 2002, was $7,020,000.
