Beacon Power Releases Quarterly Results

August 15, 2003 {} Beacon Power, which specializes in sustainable energy storage and power conversion systems, announced its financial results for the second quarter June 30, 2003. For the second quarter of 2003, Beacon Power reported a net loss of US$2.2 million, or ($0.05) per share, compared with a net loss in the second quarter of 2002 of $4 million, or ($0.09) per share. During the second quarter of 2003, the Company invested $1.0 million in R&D, $1.2 million in SG&A and depreciation of $0.04 million. At June 30, 2003, the Company had $13.2 million in cash and cash equivalents. The Company’s working capital was $11.6 million. The company is offering a new inverter, the M5, designed for the grid-tied solar electricity market.
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