Proton Energy Reports First-Quarter 2002 Results

April 30, 2002 by Jeff Shepard

Proton Energy Systems Inc. (Rocky Hill, CT) announced its first-quarter 2002 results. Revenues for the first quarter ended March 31, 2002, were $938,000, compared to revenues of $239,000 for the same period last year. The increase is primarily related to the increase in contract revenue associated with the company's US Department of Energy and Naval Research Laboratory contracts.

Net loss attributable to common shareholders for the first quarter of 2002 was $2,263,000, or $0.07 per share, compared to $264,000, or $0.01 per share, for the comparable 2001 period. The increase in net loss per share is due to an increase in research and development activities related to PEM technology, a decrease in interest income resulting from decreased cash and marketable securities balances, and lower average interest rates.

President and CEO Walter Schroeder noted, "Proton continues to gain recognition as the leader in practical applications of PEM technology. Our current products are performing well and we are pleased with our sales outlook. Based upon what we are seeing, we believe Proton remains on target to achieve its goal of more than doubling revenues for 2002 compared to 2001. Our balance sheet remains strong and we ended the first quarter with $162.6 million, or approximately $4.89 per share, in cash."