Medis Shares Fall on 4Q Results

By Associated Press March 17, 2008 Comments (0)

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Shares of Medis Technologies Ltd., which makes liquid fuel cell batteries, are falling after the company said its fourth-quarter loss widened on higher costs.

The stock fell 76 cents, or 8.8 percent, to reach $7.90 in afternoon trading. It reached a five-year lowpoint of $6.75 earlier in the trading session.

The company lost $6.8 million, or 22 cents per share, compared with a loss of $13.5 million, or 41 cents per share, during the same period a year prior. Medis did not have revenue.

Costs rose as the company invested more money in manufacturing facilities to make its 24/7 Power Pack product.

For the full year, the company lost $42.3 million, or $1.26 per share, compared with a loss of $33 million, or $1.08 per share. Revenue rose to $400,000 from $150,000.

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