US food service packaging company EarthShell Corporation this week reported a $2.5 million (€2.6m) reduction in the net loss for the second quarter compared to the previous year.
The second quarter net loss for fiscal year 2002 was $7.7 million, or $0.06 cents per share on approximately 134 million shares outstanding, compared to a net loss of $9.4 million for the second quarter of the prior fiscal year, or $0.08 cents per share, on approximately 111 million shares outstanding.
Compared to the first quarter of fiscal 2002, the company's net loss decreased by $2.5 million to $7.7 million, from $10.2 million for the three months ended 30 June 2002.
"As of the end of June 2002, we have reduced our monthly operating cost to 67 per cent of that in March 2002. We are on target to further reducing operating costs in the third quarter," said Scott Houston, EarthShell chief financial officer."Our progress with transition of operating and financial responsibility for production to our operating licensees is facilitating our ability to reduce operating costs on a go-forward basis."