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Message: Electrovaya Announces Second Quarter Fiscal 2009 Financial Results

Electrovaya Announces Second Quarter Fiscal 2009 Financial Results

posted on May 15, 2009 06:16PM

http://www.electrovaya.com/pdf/PR/20...

TORONTO, ONTARIO--(Marketwire - May 15, 2009) - Electrovaya Inc. (TSX: EFL.TO) today announced financial results for the second quarter of fiscal 2009. All figures are in US dollars.

Financial Highlights

For the quarter ending March 31, 2009:

- Total revenue increased by 41.8% to $675,000 from $476,000 for the quarter ended March 31, 2008

- Research and development expenses decreased by 4.8% or $52,000 to $1,039,000 from $1,091,000 in the quarter ending March 31, 2008.

- Loss from operations, before interest, taxes, foreign exchange and amortization decreased by $566,000 or 69.4% to $249,000 compared to $815,000 in the same quarter of the prior year.

- The Company had $3.4 million in cash and cash equivalents, a decrease of $0.8 million compared to $4.2 million as at December 31, 2008.

Summary of Financial Results 

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In thousands of US$ 3 months ended March 31
except per share amounts 2009 2008
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Revenue $ 675 $ 476
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Loss from operations before
interest, taxes, foreign
exchange and amortization $ 249 $ 815
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Loss for the period $ 237 $ 694
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Loss per share $ 0.01 $ 0.01
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Cash & investments $ 3,447 $ 5,311
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