Evercel Reports Q3 1999 Results

Evercel Inc. (Danbury, CT) recently reported their results for the third quarter which ended July 31, 1999. They claim that the results continue to reflect the company's investment in new production required to commercialize its patented, nickel-zinc battery.Evercel reported a net loss of $1,305,000 or $0.46 per share, compared with a net loss of $478,000 or $0.34 per share during the corresponding period in 1998. For the nine months ended July 31, 1999, the company reported a net loss of $3,082,000 or $1.54 per share, compared with a net loss of $1,323,000 or $0.95 per share during the same period in 1998.The company's main accomplishments during the quarter were, production start-up in China, establishment of a presence in the Taiwanese electric scooter and bike market, and advancement of progress toward a semi-automated assembly process.Third quarter results reflect increased spending on sample products for potential customers, increased spending on technical and production staff, and capital and related expenses required to purchase and install the initial manufacturing equipment to prepare for production.