Millennium Cell Announces Q1 2002 Results
Millennium Cell Inc. (Eatontown, NJ) reported an adjusted net loss of $3.6 million, or $0.13 per share (adjusted for non-cash charges), for the first quarter of 2002 ended March 2002. This compares with an adjusted net loss of $1.9 million, or $0.07 per share, for the first quarter ended March 2001.
"We are pleased to announce that we booked our first revenue in the first quarter of 2002 in the amount of $0.4 million, representing the sale of prototypes to PSA Peugeot Citroen (France)," said Millennium Cell President and CEO Stephen Tang. "These prototypes and the recent public launch of the DaimlerChrysler Town and Country Natrium demonstrate the progress we are making with the practical commercial applications of our technology."