MTI MicroFuel Cells Inc. (Albany, NY), a subsidiary of Mechanical Technology Inc., reported financial results for the first quarter ended March 31, 2004. For the three months ended March 31, 2004, MTI reported a net loss of $242,000, or $0.01 per diluted share, on revenues of $1.967 million. Revenue included $1.579 million in product revenues and $0.388 million in funded research and development revenues This compares with a net loss of $63,000, or less than a $0.01 per diluted share, on revenues of $1.805 million - $1.283 million and $0.522 million for the same period of 2003.
First-quarter 2004 results also reflect an increase in research and product development expenses to $2.668 million from $1.771 million in 2003. Results for the first quarter of 2004 also included a $3.129 million gain on the sale of securities available for sale compared to a $1.720 million net gain for the comparable quarter in 2003. The company also recorded non-cash losses on derivatives of $1.281 million and $6,000 for the three months ended March 31, 2004 and 2003, respectively.
