Electrovaya posts $3 M loss

By siliconindia   |   Thursday, 13 February 2003, 20:30 IST
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TORONTO: Electrovaya Inc. posted revenue of $883000, compared with $515000 in the same quarter of 2002 and $661000 in the fourth quarter of 2002. The loss from operations increased to $3.0 million from $1.6 million in the same quarter last year and from $2.7 million in Q4. The net loss for the first quarter of fiscal 2003 was $2.9 million versus $1.4 million in 2002. The loss per share for the quarter was $0.04 compared with $0.02 in Q1 2002 and $0.03 in Q4. The company has taken a number of initiatives to restructure the company and reduce expenditures. The cash burn rate was reduced in the quarter to $2.8 million from $3.5 million in the first quarter of 2002. The cash burn rate in the fourth quarter of 2002 was $2.4 million. Part of the increased cash burn was due to the Scribbler launch and development activities. "Electrovaya is well positioned to meet the growing demand for mobility and productivity from portable computer users," said Dr. Das Gupta. "We have a cluster of unique products to meet this demand and have now successfully launched our Tablet PC, SCRIBBLER. Electrovaya is rapidly opening up distribution channels to meet the challenge of the global market for mobile energy." "Following quarter end, we reviewed and revised our business plan to reflect our operating experience and market conditions," continued Dr. Das Gupta. "Our primary objective is to achieve profitability through a combination of increasing revenue and controlling costs. We will further support sales through the appointment of additional major distribution channels in North America, and by partnering with OEMs. Concurrently, we are focussing R&D on expanding our markets through the development of new products."