May 17, 2010 / 10:38 AM / 7 years ago

UPDATE 1-Electrovaya's Q2 loss widens on one-time expenses

* Q2 loss/shr $0.02 vs $0.01 yr ago

* Revenue up 59 pct to $1.1 mln

May 17 (Reuters) - Electrovaya EFL.TO, a zero-emission lithium ion battery systems maker, reported a wider quarterly loss as a 59 percent rise in revenue failed to offset stock option expenses and one-time charges incurred in the period.

For the second quarter ended March 31, net loss was $1.2 million, or 2 cents per share, compared with $237,000, or 1 cent per share, a year ago.

Revenue rose 59 percent to $1.1 million.

Electrovaya said it incurred a $0.3 million non-cash stock option expense and $0.1 million in one-time legal and software expenses in the quarter.

Mississauga, Ontario-based Electrovaya’s shares, which have risen more than five-fold in the last three months, closed at C$4.05 Friday on the Toronto Stock Exchange. (Reporting by Abhiram Nandakumar in Bangalore; Editing Aradhana Aravindan)

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