Millennium Cell Announces Q3 2002 Results

October 29, 2002 by Jeff Shepard

Millennium Cell Inc. (Eatontown, NJ) reported an adjusted net loss of $2.6 million, or $0.09 per share (adjusted for non-cash charges), for the third quarter of 2002 ended September 2002. This is $0.01 below the projected loss per share of $0.10 and compares to an adjusted net loss of $3.1 million and loss per share of $0.11 for the second quarter ending in June 2002.

"We are pleased to have met our projected target for the quarter," said Stephen Tang, Millennium Cell president and CEO. "This is the first full quarter after the implementation of cost restructuring earlier this year, and we are pleased that our financial discipline is validated by the quarter's results."