Thursday October 23 8:42 AM EDT
Company Press Release
AER Energy Resources, Inc. Reports Third Quarter Results
SMYRNA, Ga., Oct. 23 /PRNewswire/ -- AER Energy Resources, Inc. (Nasdaq:AERN) today announced operating results for the third quarter ended September
30, 1997.
For the quarter ended September 30, 1997, the Company reported a net loss of $2,387,000, or $0.10 per share, as compared to a net loss of $1,795,000, or
$0.07 per share, in the same period of 1996.
Revenues from the sales of the Company's rechargeable zinc-air batteries were $82,000 for the quarter ended September 30, 1997, up from $1,000 for the quarter
ended September 30, 1996. The revenues for the quarter ended September 30, 1997, resulted primarily from the sale of AER Energy's rechargeable zinc-air
batteries designed to operate the OmniQuest(TM) satellite telephone manufactured by Mitsubishi Electric Corporation. These batteries, marketed under private label
as the PowerLink(TM), are supplied to end-users as an accessory by Alegna, Inc., a sales agent for American Mobile Satellite Corporation who provides mobile
satellite services and equipment.
For the quarter ended September 30, 1997, research and development expenses were $944,000, as compared to $1,186,000 for the same period in 1996, a
decrease of 20 percent. This decrease was primarily the result of an allocation in the quarter ended September 30, 1996, of manufacturing overhead costs to
research and development, reflecting the extensive use of the Company's manufacturing facilities for technology development and product testing during the quarter.
Marketing, general and administrative expenses for the quarter ended September 30, 1997 were $728,000, as compared to $695,000 for the same period in 1996,
an increase of five percent. This increase resulted primarily from higher personnel-related, public relations and marketing expenses.
At September 30, 1997, the Company had cash and cash equivalents of $12.25 million.
AER Energy Resources, Inc. is engaged in the development and commercialization of high energy density, rechargeable zinc-air batteries that provide long,
continuous runtime for portable electronic products. The company is currently marketing batteries to provide satellite telephone, notebook computer and remote
data capture device users with full working day operation on a single charge.
OmniQuest is a trademark of Mitsubishi Electronics America, Inc.; PowerLink is a trademark of Alegna, Inc.; AER Energy is a trademark of AER Energy
Resources, Inc.
SOURCE AER Energy Resources, Inc. |
