Unique Mobility Reports Q1 1999 Results & Welcomes Drew to Board of Directors

August 01, 1999 by Jeff Shepard

Unique Mobility Inc. (Golden, CO) reported a net loss for the first quarter ended June 30, 1999, of $345,751, or $0.02 per share, compared to a net loss of $942,252, or $0.06 per share, for the same period last year. Revenues for the quarter increased to $5,764,411 from $2,852,781 for the same period a year ago, and were up 11 percent from the fiscal 1999 fourth quarter record level of $5,191,039. Unique Mobility also announced the appointment of Dr. Ernest H. Drew to its board of directors and accepted the retirement from the board of Frank Hodsoll and H.J. Young. Drew was most recently President and CEO of the Industrial Group of Westinghouse Electric Corp. until it was sold in 1998."Dr. Drew adds significant industrial and management experience to our board at a moment when Unique Mobility is witnessing major growth in revenues, and anticipates the near-term emergence of improved operating cash flow and EBITDA," stated Unique Chairman and CEO Ray A. Geddes. "Both Mr. Hodsoll and Mr. Young have made important contributions to Unique during its development stage, and we are grateful for their past involvement."