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.
