Proton Energy Reports Q4, Annual 2001 ResultsMarch 04, 2002 by Jeff Shepard
Proton Energy Systems Inc. (Rocky Hill, CT) announced results for the fourth quarter and year ended December 31, 2001. Revenues for the fourth quarter ended December 31, 2001, were $1,810,000, compared to revenues of $163,000 for the same period last year.
Revenues for the full year 2001 were $2,968,000, compared to revenues of $700,000 for the same period last year. Net loss attributable to common shareholders for 2001 was $4,954,000, or $0.15 per share, compared to $56,181,000, or $5.92 per share, for 2000.
President and CEO Walter Schroeder noted, "The growing team at Proton Energy Systems made important progress on all fronts in 2001. Most important, we are more convinced than ever that our business plan is a formula for building shareholder value with PEM technology. Very simply, our plan is to build high-margin products now that meet industrial hydrogen needs, while developing products to meet high-growth fuel cell market needs in the future. Our strong cash position of $167.0 million at year-end is powerful support for transforming our plan into exceptional commercial success."