News

# Proton Energy Reports Second-Quarter 2002 Results

August 18, 2002 by Jeff Shepard

Proton Energy Systems Inc. (Rocky Hill, CT) reported that revenues for the second quarter ended June 30, 2002, were $1,317,000, compared to revenues of$555,000 for the same period last year. Net loss attributable to common shareholders for the second quarter of 2002 was $3,080,000, or$0.09 per share, compared to $1,171,000, or$0.04 per share, for the comparable 2001 period. The net loss per share is due to an increase in the research and development activities relating to PEM technology.

Revenues for the six months ended June 30, 2002, were $2,255,000, compared to revenues of$794,000 for the same period last year. Net loss attributable to common shareholders for the first six months of 2002 was $5,344,000, or$0.16 per share, compared to $1,435,000, or$0.04 per share, for the comparable 2001 period.