Moller flies into more red ink
May 15, 2007
• Q1 loss put at more than a half million
• No sales during quarter
The Central Valley maker of the Skycar, Moller International Inc. (OTCBB: MLER) of Davis says it had a net loss of $551,760 or a penny per share for the first quarter. That’s a bit more red ink than the comparable year-ago quarter when the net loss was $466,789, or a penny per share.
Moller says it had no income in the most recent quarter.
For the nine months ended March 31,Moller flew into a net loss of just over $2 million ($2,032,674) or 4 cents per share compared to a net loss of just over $1.5 million ($1,529,691) or 3 cents per share for the nine months ended March 31, 2006.
“These losses would be consistent with expectations since we were unable to secure the same level of contracts as the prior year, which resulted in a decline in revenue,” the company says Tuesday in an SEC filing.
It points to lower contract revenues combined with continued labor and material expenses on non-revenue generating projects (product research and development activities), additional legal expense, increases in costs incurred for accounting related activities, and higher interest for the larger loss.
“The company currently proposes to produce variations of its M200X, an earlier prototype volantor. Although there is no assurance that this vehicle will meet with success in the market place, the company is actively seeking support for the program and, if found, may choose to move into the production of these vehicles,” it says.
“The Moller Skycar volantor incorporates a patented thrust deflection vane system that redirects thrust, enabling it to hover or to takeoff and land vertically from almost any surface,” it says on its Web site.