Electric Fuel Corp. (New York) reported first-quarter 2002 results. Net loss was reduced to $3.3 million for the quarter ended March 31, 2002, as compared with $4.9 million during the previous quarter and $3.7 million for the corresponding quarter in 2001. Loss per share narrowed to $0.11 for the quarter ended March 31, 2002, as compared with $0.18 during the previous quarter and $0.16 for the corresponding quarter in 2001.
Revenues were $727,000 for the quarter ended March 31, 2002, as compared with $1.1 million during the previous quarter and $726,000 for the corresponding quarter in 2001. Cash-on-hand and cash equivalents totaled approximately $13.0 million as of March 31, 2002.
Electric Fuel President and CEO Yehuda Harats said, "Despite a difficult retail environment, we were able to marginally improve our quarterly revenues while reducing our expenses, as compared with the similar period in 2001. Consequently, we were able to substantially narrow our net loss and our loss per share. This combination of a narrowed loss and increased cash-on-hand puts us in a position to focus not only on our retail sales but also on increasing our efforts in our sales and marketing efforts in the defense and security sectors."
