Mechanical Technology Inc. (MTI, Albany, NY) reported financial results for its fourth quarter and year ended December 31, 2004. For the three months ended December 31, 2004, the company reported net income of $0.807 million, or $0.03 per diluted share, on revenues of $3.364 million.
Revenue included $3.078 million in product revenue generated by the company's subsidiary, MTI Instruments Inc. and $0.286 million in funded research and development revenues generated by the company's subsidiary, MTI MicroFuel Cells Inc. This compares with net loss of $1.033 million, or $0.04 per diluted share, on revenues of $2.132 million - $1.243 million generated by MTI Instruments and $0.889 million generated by MTI Micro - for the same period of 2003.
For the year ended December 31, 2004, the company reported a net loss of $4.191 million, or $0.14 per diluted share, on revenue of $8.570 million. Revenue included $7.530 million in product revenues generated by MTI Instruments, and $1.040 million in funded research and development revenues generated by MTI Micro. This compares with a net loss of $0.559 million, or $0.02 per diluted share, on revenues of $7.858 million -- $5.547 million generated by MTI Instruments and $2.311 million in funded research and development revenues generated by MTI Micro for the same period of 2003.
