For the quarter ending June 30, the loss was $5.8 million or $0.14 per share, compared to $2.9 million or $0.08 per share in the same period of 2004. The increase is attributable to non-cash charges of $2.4 million associated with issuance of the Series A Preferred Stock to The Dow Chemical Company in April this year. Excluding the impact of these charges, Millennium Cell’s results were within expectations for the quarter.
Chief executive officer, David Ramm, commented on the results: \\$quot;The second quarter was important for the Company as we secured new partners and new funding while advancing the development of our technology toward commercialization.\\$quot;
He added: \\$quot;On the business development front, we are making progress with OEM's and fuel cell developers in military, medical, industrial and consumer markets to identify and target applications where our hydrogen battery technology can provide immediate cost and performance advantages for customers.\\$quot;