Millennium Cell Announces Q4 2001 Results Of Operations.Business Editors EATONTOWN, NJ--(BUSINESS WIRE)--Feb. 4, 2002 - Adjusted net loss of 13 cents per share and 44 cents per share for Q4 and for the year 2001 respectively: - EPS for the quarter and for year end in line with consensus analyst estimates - Cost of operations for 2001 just over $12 million with 2002 costs estimated at $14 million - Increased business capacity an integral part of success for 2001: - Staffing increased from 38 to 53 employees at year end; anticipated to reach 63 in 2002 - Facilities expanded to add flexibility and speed to research and commercialization activities - Commercialization milestones reached in fourth quarter 2001: - PSA Peugeot Citroen placed first commercial order for Hydrogen on Demand(TM) prototype system - DaimlerChrysler integrated Hydrogen on Demand(TM) system into Town and Country "Natrium" - Undisclosed power-generation customer ordered Hydrogen on Demand(TM) system for portable power system design Millennium Cell Inc. (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 : MCEL MCEL Model Coupling Executable Library ), a development-stage company that has created a proprietary technology to safely store, generate and deliver pure hydrogen, today announced an adjusted net loss of $3.5 million, or 13 cents per share Cents per share The amount of a mutual fund's dividend or capital gains distributions that a shareholder will receive for each share owned. (adjusted for non-cash charges Non-Cash Charge A charge off, made by a company against earnings, that does not require an initial outlay of cash. Notes: Non-cash charges are typically against the depreciation, amortization, and depletion accounts on a company's balance sheet. ) for the quarter ended December 31, 2001. This compares to $3.5 million, or 13 cents per share (adjusted for non-cash charges) for the quarter ended September 30, 2001. The actual net loss for the quarter ended December 31, 2001 was 17 cents per share. The adjusted net loss for the fourth quarter of 2000 was 8 cents per share. "Millennium Cell ended a year of significant progress with high-impact fourth quarter announcements," said Dr. Stephen Tang tang, in zoology tang: see butterfly fish. , Millennium Cell President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. . "The validation See validate. validation - The stage in the software life-cycle at the end of the development process where software is evaluated to ensure that it complies with the requirements. of our Hydrogen on Demand(TM) technology by its integration into the DaimlerChrysler Town and Country `Natrium' mini-van was an important milestone. We are now positioned to leverage the success of 2001 into the new year." Other company milestones included a move to new facilities completed in the fourth quarter of 2001. The increase in space to approximately 32,500 square feet was necessary to accommodate a growing technical and commercial team. Another significant milestone was the first commercial order of Hydrogen on Demand(TM) prototypes by PSA (Professional Services Automation) An information system designed to organize, track and manage all opportunities, work, resources, costs, revenues and invoices to improve the productivity and efficiency of the workforce. Peugeot Citroen for evaluation and integration into the automaker's electric taxi. On the fuel supply side, two studies were completed--one validating the existence of sufficient borax borax or sodium tetraborate decahydrate (sō`dēəm tĕ'trəbôr`āt dĕk'əhī`drāt), chemical compound, Na2B4O7·10H2O; sp. gr. 1. reserves to meet projected demand and the other finding that a cost effective way to manufacture and regenerate re·gen·er·ate v. re·gen·er·at·ed, re·gen·er·at·ing, re·gen·er·ates v.tr. 1. To reform spiritually or morally. 2. To form, construct, or create anew, especially in an improved state. sodium borohydride Sodium borohydride, also known as sodium tetrahydroborate, has the chemical formula NaBH4. This white solid, usually encountered as a powder, is a specialty reducing agent used in the manufacture of pharmaceuticals and other organic and inorganic compounds. is possible. Founded in 1998, Millennium Cell is based in Eatontown, NJ and is focused on developing new, clean and abundant energy sources. Millennium Cell has invented, patented and developed a proprietary process called Hydrogen on Demand(TM) that safely generates pure hydrogen or electricity from environmentally friendly Environmentally friendly, also referred to as nature friendly, is a term used to refer to goods and services considered to inflict minimal harm on the environment.[1] raw materials. In the process, the hydrogen is carried in the chemical bonds of sodium borohydride, which in the presence of our proprietary catalyst releases hydrogen. The primary input components of the reaction are water and sodium borohydride, a derivative of borax, which is found in substantial natural reserves globally. Millennium Cell technology can be applied in distributive dis·trib·u·tive adj. 1. a. Of, relating to, or involving distribution. b. Serving to distribute. 2. generation, transportation and portable power, including micro-power and long-life batteries. The company is traded on NASDAQ under the symbol MCEL. For more information on Millennium Cell, visit www.millenniumcell.com or call Investor Relations Investor relations The process by which the corporation communicates with its investors. at 732-544-5727. Cautionary Note Regarding Forward-looking Statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. : This press release may include statements that are not historical facts and are considered "forward-looking" within the meaning of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. These forward-looking statements reflect Millennium Cell's current views about future events and financial performance. These forward-looking statements are identified by their use of terms and phrases such as "believe," "expect," "plan," "anticipate", "on target" and similar expressions identifying forward-looking statements. Investors should not rely on forward-looking statements because they are subject to a variety of risks, uncertainties and other factors that could cause actual results to differ materially from Millennium Cell's expectations, and Millennium Cell expressly does not undertake any duty to update forward-looking statements. These factors include, but are not limited to, the following: (i) the cost and timing of development and market acceptance of Millennium Cell's hydrogen fuel storage and delivery system, (ii) the cost and commercial availability of the quantities of raw materials required by the hydrogen fuel storage and delivery systems, (iii) competition from current, improving and alternative power technologies, (iv) our ability to raise capital at the times, in the amounts and at the costs and terms that are acceptable to fund the development and commercialization of our hydrogen fuel storage and delivery system, (v) our ability to protect our intellectual property, (vi) our ability to achieve budgeted revenue and expense amounts and (vii) other factors detailed from time to time in Millennium Cell's filings with the Securities and Exchange Commission.
Millennium Cell Inc.
(a development stage enterprise)
(unaudited, dollars in millions, except per share amounts)
Statement of Operations (1) Three Months Ended Twelve Months Ended
Dec., 01 Dec., 00 Dec., 01 Dec., 00
-------- -------- -------- --------
Product development
and marketing $ 1.8 $ - $ 5.5 $ -
General and administrative 1.2 1.7 4.7 3.1
Non-cash charges 1.2 1.8 7.3 10.8
Depreciation and amortization 0.2 0.1 0.5 0.3
Research and development 0.6 0.8 2.6 2.1
Total operating expenses $ 5.0 $ 4.4 $ 20.6 $ 16.3
Loss from operations -
as reported (5.0) (4.4) (20.6) (16.3)
Loss from operations -
adjusted (2) (3.8) (2.6) (13.3) (5.5)
Interest income, net 0.3 0.5 1.2 0.7
Net loss - as reported $ (4.7) $ (3.9) $ (19.4) $ (15.6)
Preferred stock amortization - - - (2.2)
Net loss applicable
to common - as reported $ (4.7) $ (3.9) $ (19.4) $ (17.8)
Net loss - adjusted (2) $ (3.5) $ (2.1) $ (12.1) $ (4.8)
Loss per share $(0.17) $(0.15) $ (0.71) $ (0.69)
Net loss per share -
adjusted (3) $(0.13) $(0.08) $ (0.44) $ (0.19)
Weighted-average
number of shares
outstanding 27.3 27.2 27.2 25.8
Condensed Balance Sheet (1) Dec., 01 Dec., 00
-------- --------
Cash and investments (4) $ 18.0 $ 30.1
Other assets 2.2 1.3
Total assets $ 20.2 $ 31.4
Deferred royalty income $ 2.5 $ 2.4
Other liabilities 1.8 1.2
Stockholders' equity 15.9 27.8
Total liabilities and
stockholders' equity $ 20.2 $ 31.4
(1) Amounts may not foot due to rounding. (2) Excludes non-cash charges. (3) EPS (Encapsulated PostScript) A PostScript file format used to transfer a graphic image between applications and platforms. EPS files contain PostScript code as well as an optional preview image in TIFF, WMF, PICT or EPSI, the latter being an ASCII-only format. calculation excludes non-cash charges and fiscal 2000 preferred stock Stock shares that have preferential rights to dividends or to amounts distributable on liquidation, or to both, ahead of common shareholders. Preferred stock is given preference over common stock. Holders of preferred stock receive dividends at a fixed annual rate. amortization. (4) Decrease in cash from $30.1 (Dec., 00) to $18.0 (Dec., 01) was as follows: ($12.1) operating loss operating loss The excess of operating expenses over revenue. As with operating income, operating losses exclude revenues and expenses from operations that are not considered a regular part of the business. Also called deficit. Compare operating income. + ($1.0) net capital expenditures + $0.5 working capital + $0.4 depreciation = ($12.1). |
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion