Applied Energetics Sees Revenue Leap in Quarter
Aug 12, 2008 (The Arizona Daily Star - McClatchy-Tribune News Service via COMTEX) -- Aug. 12--Tucson-based Applied Energetics Inc. posted strong second-quarter gains, which the defense contractor attributed to big contract wins from the Defense Department.
Revenue rose to $5.7 million, compared with $3.1 million during the second quarter last year. That was due in part, the company said, to contracts for technology that detects and destroys improvised explosive devices -- known as IEDs -- on the battlefield.
"This is a busy and exciting time for our company," Chairman and CEO Dana A. Marshall said in a conference call with investors on Monday. "We've made important technical and operational achievements."
During the quarter, Applied Energetics was awarded a $9.3 million Marine Corps contract and received $4.5 million in Army funds for development of its laser-guided-energy technology.
The company also shrank its net loss to $1.1 million, or 1 cent per diluted share, compared with $2.5 million, or 3 cents, during the same quarter last year.
Applied Energetics narrowed its losses compared with its first quarter of 2008, when it had a loss of $3.6 million, compared with $2.7 million during the same period in 2007.
Shares of Applied Energetics rose in midday trading to close at $1.52 on the Nasdaq Stock Market, down 7 cents from Friday's close.
--Contact reporter Jack Gillum at 573-4178 or at jgillum@azstarnet.com.
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Jack Gillum
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