Financial Statement for Year 2000 and 1st 1/4 2001.
EMR Microwave Technology Corp EMW
Shares issued 37,314,143 May 25 2001 close $.080
May 31 2001 6:23:53
An anonymous director reports
EMR Microwave Technology today released its fourth quarter 2000 and first quarter 2001 results. EMR posted a loss of $1.4-million or four cents per share in 2000 on revenues of $27,054. This compares with a loss of $1.8-million or five cents per share in 1999 on revenues of $282,772. In the first quarter of 2001, EMR realized a loss of $235,861 on revenues of $12,795, compared with a loss of $442,620 on revenues of $3,422 for the same period in 2000.
Revenues in the year came from ore testing contracts for mining companies as well as from testing contracts for fly ash treatment for electric utilities.
The company continues to focus on further development and commercialization of its process for the treatment of coal combustion fly ash, a material of great value in the cement industry. The company has signed a memorandum of understanding for the formation of a joint venture partnership to market and commercialize the fly ash technology and has prepared a number of formal proposals for utilities in Canada and the Eastern United States. Conclusion of negotiation of the joint venture agreement is expected shortly and the company expects to make significant advances in this commercialization initiative over the next few months. This joint venture has already attracted important attention in the utility industry through presentations at two international trade conferences as well as through the trade press media.
Other marketing initiatives in the mining industry, particularly for the company's refractory copper process, are continuing through the marketing agreement with Bateman.
During the year 2000, and continuing into 2001, the company has continued to reduce and control operating expenses through reduction of leased space and further staff reductions, including implementation of a work-share program, until such time as project activity increases in relation to fly ash developments, expected by early summer. The company has also applied for exchange approval to negotiate a shares-for-debt settlement with outstanding creditors. At the same time, the company has attracted increased testing revenues which are indicative of the industry interest in the fly ash technology and has also received its first licensing revenues. Through this period the company has supplemented its revenues through private placements to meet continuing expenses.
FINANCIAL HIGHLIGHTS
12 months ended Dec. 31
2000 1999
Sales $ 27,054 $ 282,772
Net earnings
(loss) ($1,406,920) ($1,784,563)
Net earnings
(loss) per
share ($0.04) ($0.05)
FINANCIAL HIGHLIGHTS
Three months ended March 31
2001 2000
Sales $ 12,795 $ 3,422
Net
earnings
(loss) ($235,861) ($442,620) |
