Millennium Cell Reports Second-Quarter 2002 Results

August 11, 2002 by Jeff Shepard

Millennium Cell Inc. (Eatontown, NJ) reported an adjusted net loss of $3.1 million, or $0.11 per share, for the second quarter of 2002 ended June 2002. This is equal to the adjusted net loss and loss per share for the first quarter ended June 2001. In May 2002, Millennium Cell took action to reduce costs and issued forward-looking cost projections. In June 2002, the company announced the completion of a private financing, which raised $15.0 million in new capital.

"We are pleased to have achieved our operating-cost forecast, consistent with the guidance we provided in May, and to have met the commitments of our business plan and operating targets for the quarter," said Millennium Cell President and CEO Stephen Tang.