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Beacon Power Announces Third-Quarter 2003 Results
FRIDAY, NOVEMBER 14, 2003 10:14 AM
- BusinessWire
BCON
0.92 +0.08
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WILMINGTON, Mass., Nov 14, 2003 (BUSINESS WIRE) -- Beacon Power (BCON) , a leader in sustainable energy storage and power conversion systems, today announced its financial results for the third quarter September 30, 2003.
For the third quarter of 2003, Beacon Power reported a net loss of $1.7 million, or ($0.04) per share, compared with a net loss in the third quarter of 2002 of $9.2 million, or ($0.21) per share.
During the third quarter of 2003, the Company invested $.8 million in R&D, $1.3 million in SG&A and recorded depreciation of $0.04 million. At September 30, 2003, the Company had $11.6 million in cash and cash equivalents. The Company's working capital was $10 million.
"We continue to be excited about the near-term opportunities to sell our M5 power conversion system for solar power applications. Products in this category convert DC power generated by renewable sources to the AC power required by residential and commercial users," said Bill Capp, president and CEO. "The M5 product is unique because it provides uninterruptible power to the user, despite problems that may occur with electricity from the local utility."
About Beacon Power Corporation
FRIDAY, NOVEMBER 14, 2003 10:14 AM
- BusinessWire
BCON
0.92 +0.08
Enter Symbol:
Enter Keyword:
WILMINGTON, Mass., Nov 14, 2003 (BUSINESS WIRE) -- Beacon Power (BCON) , a leader in sustainable energy storage and power conversion systems, today announced its financial results for the third quarter September 30, 2003.
For the third quarter of 2003, Beacon Power reported a net loss of $1.7 million, or ($0.04) per share, compared with a net loss in the third quarter of 2002 of $9.2 million, or ($0.21) per share.
During the third quarter of 2003, the Company invested $.8 million in R&D, $1.3 million in SG&A and recorded depreciation of $0.04 million. At September 30, 2003, the Company had $11.6 million in cash and cash equivalents. The Company's working capital was $10 million.
"We continue to be excited about the near-term opportunities to sell our M5 power conversion system for solar power applications. Products in this category convert DC power generated by renewable sources to the AC power required by residential and commercial users," said Bill Capp, president and CEO. "The M5 product is unique because it provides uninterruptible power to the user, despite problems that may occur with electricity from the local utility."
About Beacon Power Corporation
