Medis Technologies Ltd. (Nasdaq: MDTL) today published its financial report for the fourth quarter of 2007 and for the year as a whole. The maker of liquid fuel cell products for mobile handsets and portable consumer electronics posted a net loss of $13.5 million ($0.41 per share) for the fourth quarter, more than double the net loss of $6.7 million for the corresponding quarter of 2006.
The net loss totaled $42.3 million ($1.26 per share) in 2007, up from $33 million in 2006, while revenue rose to $400,000 from $150,000. The company attributes the losses to stock options, dividends, and $8.5 million on interest costs.
Medis chairman and CEO Robert K. Lifton noted that subsidiary Cell Kinetics Ltd. (Bulletin Board: CKNTF) held a rights issue on January 7, 2008, which was oversubscribed. The company sold 3.5 million shares at $0.30 per share and also issued four-year warrants exercisable at $0.60 per share.
Medis fell 3% in morning trading on Nasdaq to $8.37, giving a market cap of $280 million.
Published by Globes [online], Israel business news - www.globes-online.com - on March 18, 2008
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