AER Energy Resources Reports Second Quarter Results
SMYRNA, Ga., July 23 /PRNewswire/ -- AER Energy Resources, Inc. (Nasdaq:AERN) today announced operating results for the second quarter ended June 30,
1997.
Revenues from the sales of the Company's rechargeable zinc-air batteries for the 1997 second quarter were $11,403, compared to $5,363 for the second quarter
of 1996. The Company reported a net loss of $2.2 million, or $0.09 per share, for the quarter ended June 30, 1997 compared with a net loss of $1.95 million, or
$0.08 per share, for the second quarter of 1996. The net loss for the second quarter of 1997 reflected an increase in the cost of sales for expenses related to the
Company's ramping up to manufacture the PowerLink(TM) battery product designed for the OmniQuest(TM) satellite telephone, manufactured by Mitsubishi
Electric Corporation.
For the quarter ended June 30, 1997, research and development (R&D) expenses were $1.03 million, as compared to $1.05 million for the same period in 1996, a
decrease of 2 percent. This decrease was partially due to a reduction in the amount of manufacturing overhead costs allocated to R&D during the second quarter of
1997 as compared to the same period of 1996. This allocation reflects the use of the manufacturing facilities for R&D-related activities. In addition, the Company
experienced reductions in material, design and tooling costs, which were partially offset by increases in personnel-related costs and facilities expense.
For the quarter ended June 30, 1997, marketing, general and administrative expenses decreased to $731,000 from $787,000 for the same period in 1996. This
decrease of 7 percent resulted primarily from reductions in expenses related to warranties, minimum royalties and travel-related costs.
At June 30, 1997, the Company had cash and cash equivalents of $14.6 million.
AER Energy Resources, Inc. is engaged in the development and commercialization of high energy density, rechargeable zinc-air batteries that provide long,
continuous run-time for portable electronic products. The Company is currently marketing batteries to provide portable computer users a full working day operation
on a single charge. The Company also sells zinc- air batteries for mobile satellite telephones, providing up to 8 hours of talk time or up to 50 hours in standby mode. |
