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Toronto, Ontario – Electrovaya Inc. (TSX: EFL), the producer of the world’s most energy-dense lithium-ion SuperPolymerTM battery products, today announced its financial results for the third quarterended June 30, 2002. All figures are in U.S. dollars unless otherwise indicated.
Third Quarter Results
In the third quarter of fiscal 2002, Electrovaya reported revenue of $640,000. This year over year increasereflects the commercialization of the Company’s PowerPad products which began in April 2001. As part of itsdrive towards overall profitability, the Company also generated revenue of $130,000 in the third quarter fromsales of machinery built by its manufacturing facility in Concord, Ontario.
The net loss for the third quarter was $3.9 million, or $0.06 per share, compared with a net loss of $2.2 millionor $0.03 per share in the third quarter of last year. The loss before interest, taxes and amortization increased to $3.1 million in the quarter from a loss of $2.1million last year, as a result of higher research and development expenses and the cost of goods sold.
The cost of goods sold during the quarter totalled $1.2 million and included materials, labour and overhead costsassociated with the production of commercial PowerPad units. There is no comparable data from the previousyear as cost of goods sold was not recorded in 2001. However, start-up and manufacturing expenses, whichinclude raw materials costs and labour, constituted $0.5 million in the third quarter of last year.
For more information, please contact:
Paul J. Van Damme
Vice-President, Finance & CFO
Electrovaya Inc.
tel: 905-855-4636
email: pvandamme@electrovaya.com