Proton Posts Wider Fourth-Quarter Loss

March 26, 2002 by Jeff Shepard

Proton Energy Systems Inc. (Rocky Hill, CT) posted a wider fourth-quarter loss as it spent more on research and development. Proton reported a loss of $1.95 million, or $0.06 a share, compared with a loss of $522,000, or $0.02 a share, in the period a year earlier.

Revenues rose to $1.8 million from $163,000 in the year-ago period. The company reported that for 2002, it was aiming for product and contract revenue between $8.0 and $9.0 million. It also said it expected net cash burn of $22.0 to $24.0 million for 2002.