Archive - May 15, 2003

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ZAP Reports Financial Results for First Quarter 2003

Submitted by acampbell on Thu, 05/15/2003 - 20:00.
SANTA ROSA, California (May 15, 2003) - Electric vehicle pioneer ZAP (OTC BB:ZAPZ) today announced its financial results for the quarter ended March 31, 2003. Company officials noted that sales were up for the quarter, while losses were down. Net sales for the quarter ended March 31, 2003 were $1.5 million, compared to $420,000 in the prior year, an increase of $1,080,000 or 257 percent. ZAP's auto dealership subsidiary RAP Group posted sales that accounted for $ 1.1 million. ZAP's consolidated net loss decreased to $440,000 for the quarter, from $560,000 for the prior year, a decrease of $120,000 or 21 percent. The total consolidated assets also increased to $7.8 million, from $3.3 million in 2002.