Millennium Cell Reports Fourth-Quarter 2002 Results

February 10, 2003 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 fourth quarter of 2002 ended December, 2002. This meets the projected loss per share and is the same as the adjusted net loss of $2.6 million and loss per share of $0.09 for the third quarter ending in September 2002.

"This marks the third consecutive quarter in which we've met the guidance established when we restructured last May," said Stephen Tang, Millennium Cell president and CEO. "We are pleased to have maintained this financial discipline while vigorously pursuing our business plan."