AER Energy Resources, Inc. Reports First Quarter Results
Apr 25, 2001, 01:00 ET from AER Energy Resources, Inc.
ATLANTA, April 25 /PRNewswire/ --
AER Energy Resources, Inc. (OTC Bulletin Board: AERN) today announced
operating results for the first quarter ended March 31, 2001.
The Company's first quarter net loss decreased to $1.19 million, or
$0.05 per share, from $1.26 million, or $0.05 per share, for the same period
in 2000. Total costs and expenses decreased 14% to $1.19 million from
$1.38 million for the same period in 2000.
Revenues of $0.11 million were generated in both the first quarter 2001
and 2000 from the Technology Licenses and Services Agreement with Duracell
Inc.
Research and development expenses for the quarter ended March 31, 2001
decreased 16% to $0.78 million from $0.92 million for the same period in 2000.
This change resulted primarily from decreases in travel, legal, patent,
depreciation, and materials expenses.
Marketing, general and administrative expenses for the first quarter 2001
decreased 10% to $0.41 million from $0.46 million for the same period in 2000.
This change resulted primarily from decreased travel, marketing, and investor
relations expenses, offset by increases in legal and insurance costs.
At March 31, 2001, the Company had total cash and cash equivalents of
$0.60 million, all of which will be fully utilized during the second quarter
of 2001. The Company will need to raise additional funds in the near future
through additional license agreements, research and development contracts,
debt or equity. The recently announced development and license agreement with
Rayovac Corporation will satisfy some of the cash needs for the current year,
but additional funds will be necessary to sustain current operations.
The Company's chief financial officer, J.T. Moore, said, "The recently
announced Rayovac development and license agreement is another sign of the
perceived value of AER's patented technology. Our goal is to transform that
value into significant revenues and cash over the next several years."
About AER Energy
AER Energy Resources, Inc. is engaged in the research and development of
high energy density zinc-air batteries that provide long, continuous runtime
for portable electronic products and in the licensing of its technology. Its
patented Diffusion Air Manager technology can provide zinc-air batteries with
long in-service storage life and potentially allows these batteries to serve a
variety of portable electronic devices. For more information about AER
Energy, including licensing opportunities, contact AER Energy Resources at
1-800-769-3720 or 770-433-2127 or via the Internet at http://www.aern.com .
AER Energy(R) is a trademark of AER Energy Resources, Inc.
Note: This release contains statements which, to the extent that they are
not recitations of historical fact, may constitute "forward looking
statements" within the meaning of applicable federal securities laws and are
based on the Company's current expectations and assumptions. These
expectations and assumptions are subject to a number of risks and
uncertainties which could cause actual results to differ materially from those
anticipated, which include but are not limited to the following: ability of
the Company to achieve development goals, ability of the Company to
commercialize its battery technology, ability of the Company to license its
technology, ability of the Company to implement its licensing strategy,
development of competing battery technologies, ability of the Company to
protect its proprietary rights to its technology, improvements in conventional
battery technologies, demand for and acceptance of the Company's products in
the marketplace, ability to obtain commitments from battery manufacturers and
OEMs, impact of any future governmental regulations, impact of pricing or
material costs, ability of the Company to raise additional funds and other
factors affecting the Company's business that are beyond the Company's
control. All forward looking statements contained in this release are
intended to be subject to the safe harbor protection provided by applicable
federal securities laws.
AER Energy Resources, Inc.
First Quarter 2001 Results
(Unaudited)
(In thousands, except per share data)
Quarter Ended March 31,
2001 2000
Total revenues $108 $108
Research & development expenses $778 $922
Marketing, general & administrative expenses $414 $458
Total costs and expenses $1,192 $1,380
Interest income $3 $13
Net loss $(1,081) $(1,259)
Accretion of redeemable preferred stock $(37) $---
Redeemable preferred stock dividends $(74) $---
Net loss attributable to common stock $(1,192) $(1,259)
Net loss per share (basic and diluted) $(0.05) $(0.05)
Weighted average shares outstanding
(basic and diluted) 24,850 24,850
CONTACT: J. T. Moore
Chief Financial Officer
AER Energy Resources, Inc.
(770) 433-2127
Fax: (770) 803-0937
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SOURCE AER Energy Resources, Inc.
ATLANTA, April 25 /PRNewswire/ --
AER Energy Resources, Inc. (OTC Bulletin Board: AERN) today announced
operating results for the first quarter ended March 31, 2001.
The Company's first quarter net loss decreased to $1.19 million, or
$0.05 per share, from $1.26 million, or $0.05 per share, for the same period
in 2000. Total costs and expenses decreased 14% to $1.19 million from
$1.38 million for the same period in 2000.
Revenues of $0.11 million were generated in both the first quarter 2001
and 2000 from the Technology Licenses and Services Agreement with Duracell
Inc.
Research and development expenses for the quarter ended March 31, 2001
decreased 16% to $0.78 million from $0.92 million for the same period in 2000.
This change resulted primarily from decreases in travel, legal, patent,
depreciation, and materials expenses.
Marketing, general and administrative expenses for the first quarter 2001
decreased 10% to $0.41 million from $0.46 million for the same period in 2000.
This change resulted primarily from decreased travel, marketing, and investor
relations expenses, offset by increases in legal and insurance costs.
At March 31, 2001, the Company had total cash and cash equivalents of
$0.60 million, all of which will be fully utilized during the second quarter
of 2001. The Company will need to raise additional funds in the near future
through additional license agreements, research and development contracts,
debt or equity. The recently announced development and license agreement with
Rayovac Corporation will satisfy some of the cash needs for the current year,
but additional funds will be necessary to sustain current operations.
The Company's chief financial officer, J.T. Moore, said, "The recently
announced Rayovac development and license agreement is another sign of the
perceived value of AER's patented technology. Our goal is to transform that
value into significant revenues and cash over the next several years."
About AER Energy
AER Energy Resources, Inc. is engaged in the research and development of
high energy density zinc-air batteries that provide long, continuous runtime
for portable electronic products and in the licensing of its technology. Its
patented Diffusion Air Manager technology can provide zinc-air batteries with
long in-service storage life and potentially allows these batteries to serve a
variety of portable electronic devices. For more information about AER
Energy, including licensing opportunities, contact AER Energy Resources at
1-800-769-3720 or 770-433-2127 or via the Internet at http://www.aern.com .
AER Energy(R) is a trademark of AER Energy Resources, Inc.
Note: This release contains statements which, to the extent that they are
not recitations of historical fact, may constitute "forward looking
statements" within the meaning of applicable federal securities laws and are
based on the Company's current expectations and assumptions. These
expectations and assumptions are subject to a number of risks and
uncertainties which could cause actual results to differ materially from those
anticipated, which include but are not limited to the following: ability of
the Company to achieve development goals, ability of the Company to
commercialize its battery technology, ability of the Company to license its
technology, ability of the Company to implement its licensing strategy,
development of competing battery technologies, ability of the Company to
protect its proprietary rights to its technology, improvements in conventional
battery technologies, demand for and acceptance of the Company's products in
the marketplace, ability to obtain commitments from battery manufacturers and
OEMs, impact of any future governmental regulations, impact of pricing or
material costs, ability of the Company to raise additional funds and other
factors affecting the Company's business that are beyond the Company's
control. All forward looking statements contained in this release are
intended to be subject to the safe harbor protection provided by applicable
federal securities laws.
AER Energy Resources, Inc.
First Quarter 2001 Results
(Unaudited)
(In thousands, except per share data)
Quarter Ended March 31,
2001 2000
Total revenues $108 $108
Research & development expenses $778 $922
Marketing, general & administrative expenses $414 $458
Total costs and expenses $1,192 $1,380
Interest income $3 $13
Net loss $(1,081) $(1,259)
Accretion of redeemable preferred stock $(37) $---
Redeemable preferred stock dividends $(74) $---
Net loss attributable to common stock $(1,192) $(1,259)
Net loss per share (basic and diluted) $(0.05) $(0.05)
Weighted average shares outstanding
(basic and diluted) 24,850 24,850
CONTACT: J. T. Moore
Chief Financial Officer
AER Energy Resources, Inc.
(770) 433-2127
Fax: (770) 803-0937
MAKE YOUR OPINION COUNT - Click Here
http://tbutton.prnewswire.com/prn/11690X60629658
SOURCE AER Energy Resources, Inc.
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