Beacon Power Corp. (Wilmington, MA) announced its financial results for the first quarter ending March 31, 2002. For the first quarter of 2002, Beacon Power reported a net loss of $5.6 million, or $0.13 per share, as compared to a net loss of $5.8 million, or $0.14 per share, in the first quarter of 2001. As of March 31, 2002, Beacon Power had $28.7 million in cash and cash equivalents.
"We began 2002 as a development stage company having designed our initial products to specifically address the backup powering needs of the communications markets," stated Bill Capp, president and CEO. "We modified our business model to focus our technical and production capabilities on the high-power UPS market and we reduced our workforce in order to have sufficient cash on hand to fund our operations for the next 24 months."
