Electrosource, Inc. Reports Results for Fiscal Year 1999
29 March 2000
Electrosource, Inc. Reports Results for Fiscal Year 1999
SAN MARCOS, Texas--March 29, 2000--ELECTROSOURCE, INC. ("the Company") today announced fiscal year 1999 results as reported on Form 10-K to the Securities and Exchange Commission. The Electrosource, Inc. fiscal year (FY) ends December 31.Revenue for fiscal year 1999 was $2,202,807 as compared to $2,379,751 for fiscal year 1998, a 7% decrease. Total costs and expenses for fiscal year 1999 were $5,668,822 as compared to $9,442,281 for fiscal year 1998, a 40% decrease.
The ($3.466) million or ($0.34) per share net loss from continuing operations for FY 1999 was a 41% reduction over the FY 1998 net loss from continuing operations of ($5.862) million, or ($0.95) per share. In FY 1998, after an extraordinary gain of $2.331 million, net loss for FY 1998 and 1999 were roughly the same at ($3.5) million. -0-
(In thousands, except per share data)
Year Ended December 31,
1999 1998 1997 1996 1995
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Revenues $2,203 $2,380 $3,244 $3,563 $3,278
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Loss before
Extraordinary Gain $(3,466) $(5,862) $(7,833) $(7,825) $(20,508)
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Extraordinary Gain -- $2,331 -- -- --
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Net Loss $(3,466) $(3,530) $(7,833) $(7,825) $(20,508)
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Basic (and diluted)
Loss per
Share-continuing
operations $(0.34) $(0.95) $(1.91) $(2.13) $(9.76)
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Basic (and diluted)
Loss per Share $(0.34) $(0.57) $(1.91) $(2.13) $(9.76)
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Dividends per Share None None None None None
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In November 1999, the Company elected Weaver and Tidwell as independent auditors for the fiscal year ended December 31, 1999.
"Fiscal year 1999 was a year of reorganization, strategic review, and cost reduction," said B. E. Jay, appointed President and CEO in August, 1999. Jay continued, "The Company has emerged from FY 1999 focused on increased production and sales of its existing battery products, expansion of its product portfolio and penetration of several large and rapidly-growing markets we believe can benefit in a significant way from the unique features of the Company's energy-storage technology. The Company's diversified order backlog indicates that we are on the right track. We are cautiously optimistic about our prospects for the future."
Electrosource is a manufacturer of high-power, light-weight batteries for use in electric and hybrid-electric vehicles, engine-starting, and telecommunication stand-by power applications. Additional information about the Company is located on the internet at www.electrosource.com.
This release contains forward-looking statements that involve risks and uncertainties. Actual results could differ materially from those discussed in this release. Risks include financial risks, development risks, manufacturing risks, uncertainty of market acceptance, delay in shipment or cancellation of orders, customer reorganization, as well as other risks that are detailed from time to time in the company's Securities and Exchange Commission filings.