ENERGY RESEARCH CORPORATION REPORTS RECORD FOURTH QUARTER AND ANNUAL RESULTS.DANBURY, Conn.--(BUSINESS WIRE)--December 15, 1994--Energy Research Corporation (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : ERCC ERCC Excision-Repair Cross-Complementing ERCC Engine(s) Running Crew Change ERCC Electric Reliability Coordinating Council ERCC Excision-Repair, Complementing Defective, in Chinese Hamster ) today reported that revenues for the fiscal year ended October 31, 1994 increased 35 percent to $30 million, compared with revenues of $22.2 million for the prior year. The Company reported net income of $220,000, or $0.06 per share, compared with $341,000 or $0.09 per share. For the fourth quarter, revenues increased 85 percent to $10.3 million, compared with $5.6 million in the same quarter in the previous year. Net income was $37,000, or $0.01 per share, compared with $143,000, or $0.04 per share. "This was the best year in the Company s history and we are obviously very pleased with our 1994 results. The increases in revenues from utility and government contracts in 1994 reflect continued progress and support for our commercialization activities. Both revenue and net income were in line with expectations based on the type of contracts the Company is now under, many of which are cost- sharing arrangements," said Dr. Bernard S. Baker Dr. Bernard S. Baker (June 26, 1936 - June 21, 2004) [1] was born in Philadelphia and a resident of Bethel, Connecticut in the United States He was a pioneer in the field of electrochemistry and his career spanned 45 years. , president and chief executive officer. "In addition, ERC (database) ERC - An extended entity-relationship model. achieved several important milestones during the past year that are the basis for expected major advances during 1995." Significant developments in 1994 included: - Santa Clara Santa Clara, city, Cuba Santa Clara (sän`tä klä`rä), city (1994 est. pop. 217,000), capital of Villa Clara prov., central Cuba. Demonstration Project begins construction: In April 1994, the Company began construction of its two- megawatt meg·a·watt n. Abbr. MW One million watts. meg  a·watt power plant in
Santa Clara, California Santa Clara, California (IPA: /ˌsæntəˈklærə/) , founded in 1777 and incorporated in 1852, is a city in Santa Clara County, in the U.S. state of California. . The Company anticipates the Santa Clara
Demonstration Project will begin operation during the summer of 1995.
This project is the first commercial-scale field demonstration of ERC s
Direct Fuel Cell technology and the world s largest carbonate fuel cell
power plant.- Completion of Direct Fuel Cell Stack verification tests: During spring and summer 1994, ERC successfully completed a series of stack tests, culminating in the operation of a full-height, 125 kilowatt kilowatt: see watt. unit. The tests achieved notable performance benchmarks including a 130 kilowatt electric power output, a record for a carbonate fuel cell stack. - Manufacturing Productivity: Fuel Cell Manufacturing Corporation (FCMC FCMC Fellow Certified Management Consultant FCMC Franklin County Municipal Court (Columbus, OH) FCMC Fuel Control and Monitoring Computer (Airbus Aircrafts) FCMC French Council for the Muslim Cult ), ERC s wholly owned manufacturing subsidiary, continued to increase staff, install new equipment and improve processes. FCMC is now a small- scale fuel cell manufacturing facility, capable of producing fuel cells to meet ERC s demonstration and R&D needs. - Battery Breakthrough: In August, ERC announced that its battery division had achieved very significant improvements in the cycle-life of its nickel-zinc battery The nickel-zinc battery (sometimes abbreviated NiZn) is a type of rechargeable battery commonly used in the light electric vehicle sector. History Developed by an Irish chemist, Dr James J. , increasing from 200 to 600 charge-discharge cycles. Based on these improvements, the Company continues to pursue partners to further develop this promising battery technology. - Strategic Alliances: ERC recently signed a memorandum of understanding A Memorandum of Understanding (MoU) is a legal document describing a bilateral or multilateral agreement between parties. It expresses a convergence of will between the parties, indicating an intended common line of action and may not imply a legal commitment. with Fluor Daniel, Inc. (FDI FDI See: Foreign direct investment ) to expand areas of cooperation in the commercialization of Direct Fuel Cell power plants. FDI is the principal subsidiary of Fluor Corporation, the largest publicly-owned engineering services firm in the U.S. In addition, the Company continues its collaborative relationship with the utility industry through the Fuel Cell Commercialization Group and the Santa Clara Demonstration Project. - New Development Support: In 1994, ERC continued to bid aggressively for, and receive new contracts. The Department of Energy selected ERC for negotiation of a multimillion dollar, five-year program to advance fuel cells to the commercial marketplace. The Company was also awarded several smaller contracts and grants that provide additional funding to pursue advanced concepts in its fuel cells and batteries. Energy Research Corporation, located in Danbury and Torrington, Connecticut Torrington is the largest city in Litchfield County, Connecticut and the northwestern Connecticut region. It is also the core city of the largest micropolitan area in the United States. , is an internationally recognized leader in the field of electrochemical electrochemical /elec·tro·chem·i·cal/ (-kem´i-k'l) pertaining to interaction or interconversion of chemical and electrical energies. e·lec·tro·chem·i·cal adj. technology for electric power generation and energy storage. ERC is developing its Direct Fuel Cells and batteries in cooperation with governmental, electric utility and major international commercial organizations.
RESULTS OF OPERATIONS
(In thousands, except per share data)
(Unaudited)
THREE MONTHS ENDED OCTOBER 31,
1994 1993
Revenues $ 10,309 $ 5,564
Net income before income
taxes $ 114 $ 231
Net income $ 37 $ 143
Earnings per share $ .01 $ .04
Weighted average common
and common equivalent
shares outstanding 3,946,987 3,900,662
TWELVE MONTHS ENDED OCTOBER 31,
1994 1993
Revenues $30,084 $22,211
Net income before income
taxes $ 356 $ 538
Net income $ 220 $ 341
Earnings per share $ .06 $ .09
Weighted average common
and common equivalent
shares outstanding 3,939,925 3,895,667
BALANCE SHEET
(In thousands)
ASSETS
October 31, October 31,
1994 1993
Current assets $11,981 $11,011
Property, plant &
equipment, net 7,548 7,902
Other assets 2,766 1,783
Total assets $22,295 $20,696
LIABILITIES AND STOCKHOLDERS' EQUITY
October 31, October 31,
1994 1993
Current liabilities $ 4,578 $ 2,700
Other long-term debt 5,883 6,301
Other long-term liabilities 178 289
Stockholders' equity 11,656 11,406
Total liabilities and
Stockholders' equity $22,295 $20,696
CONTACT: Energy Research Corp. William Baker William Baker may refer to:
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