MTI Reports First-Quarter 2003 Results and Progress
Mechanical Technology Inc. (MTI, Albany, NY) reported financial results for its first quarter ended March 31, 2003. For the first quarter ended March 31, 2003, revenue was $1.805 million, which included $1.283 million in sales generated by the company's subsidiary, MTI Instruments Inc., and $522,000 in funded research and development for its micro fuel cell subsidiary, MTI MicroFuel Cells Inc.
This is compared to $762,000 for the period ended March 31, 2002, which included $590,000 in sales generated by MTI Instruments and $172,000 in funded research and development for MTI Micro. The Company's operating loss, primarily related to micro fuel cell development costs, was $1.9 million for the first quarter ended March 31, 2003, as compared to $2.7 million for the same period in the prior year. The company's cash used in operations for the quarter was $1.8 million and cash used for capital expenditures was $150,000.
The company's net loss for the first quarter ended March 31, 2003, was $63,000, or $0.00 per diluted share, compared with a net loss of $5.3 million, or $0.15 per diluted share, for the same period a year ago. The net loss for the reporting period also included a $1.7 million gain from the sale of securities available for sale, compared to a $2.2 million gain from the sale of holdings during the three months ended March 31, 2002.