Mechanical Technology Inc. showed an increased year-over-year net loss for the second quarter Thursday, according to regulatory documents filed with the U.S. Securities and Exchange Commission.
MTI, headquartered on New Karner Road, had a net loss of $3.3 million, or 69 cents per share, for the second quarter, compared with $2.5 million for the same period in 2007. MTI officials cited decreases in gross margins on product sales from the company’s subsidiary MTI Instruments and less funded research and development revenue for MTI MicroFuel Cells as major factors in the increased loss.
“At MTI Instruments, as a result of soft global economic conditions, we are now projecting a sales decrease of between 10 to 15 percent for the year,” MTI Chairman and CEO Peng Lim said in a release.
Second quarter revenues were down 22.8 percent to $2 million, compared with $2.6 million in the second quarter of 2007.
Although the second-quarter results were weaker than expected, MTI’s net loss for the first six months of 2008 was actually smaller by 8.8 percent, or $701,000, at $7.3 million, compared with a net loss of about $8 million for the first half of 2007.
Lim said MTI Micro., which is developing a methanol fuel-cell system for portable hand-held electronics called the Mobion, remains on track to commercialize the technology.
“In preparation for the anticipated commercialization of Mobion in the second half of 2009, we continued to expand our global operations by setting up a representative office in China to develop relationships with manufacturers and low-cost component suppliers, and we received further funding from the Department of Energy for the development of manufacturing techniques for our Mobion platform,” he said.
MTI’s stock closed Thursday at $3.05, down 7 cents.
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