Toronto, Ontario –Electrovaya Inc. (TSX: EFL) today announced financial results for the third quarter ended June 30, 2003. All figures are in thousands of US dollars.
Third Quarter Highlights
Third quarter revenue of $0.8 million was up 22% from $0.7 million in the third quarter of 2002, down 43% compared to $1.4 million in the second quarter of 2003.ßNet loss from operations, before amortization, interest income and foreign exchange, was ($2.1 million) for the quarter compared to ($3.1 million) and ($1.6 million) for the quarters ending June 30, 2002 and March 31, 2003 respectively.ßLoss per share was $0.04 per share compared to $0.06 per share in the third quarter of 2002 and $0.03 per share in the second quarter of 2003.ßCash and investments were $17.1 million compared to $16.8 million in March, 2003 and $23.0 million at the end of the same quarter in 2002.ßThe financial results for the quarter reflect the effect of an 8% improvement in the Canadian dollar compared to the US dollar from March 31, 2003 to June 30, 2003.
About Electrovaya Inc.
Electrovaya’s goal is to become the leading provider of tablet PC’s, portable power for the notebook computer and wireless sectors, and to apply its technology to a broad spectrum of alternative energy applications over the long term. It develops, manufactures and sells high value products globally using award winning patented proprietary lithium ion SuperPolymer(R) rechargeable battery technology, which delivers the highest energy density of any battery technology on the market today. Electrovaya has designed, developed and markets the SCRIBBLER Tablet PC which offers significantly longer run time than any other Tablet PC on the market today. The Company’s shares trade on the Toronto Stock Exchange under the symbol EFL.
For more information about the Company and its products, please visit our website at www.electrovaya.com
For more information, please contact:
Julia Harrison,
Electrovaya Inc.
tel: 905-855-4610 extension 3099
email: jharrison@electrovaya.com