Mechanical Technology, Incorporated announced earnings results for the first quarter ended March 31, 2013. For the quarter, the company reported total revenue increased to $2.2 million or 82.7% from $1.2 million in the first quarter of 2012. Net income attributed to MTI for the three months ended March 31, 2013 was $86,000, or $0.02 per diluted share, compared to a net loss attributed to MTI of $822,000, or $0.16 per diluted share, in 2012. This increase in net income of $908,000 is attributable to the increase in sales at MTI Instruments along with cost saving initiatives that were implemented in the second half of 2012.

Mechanical Technology, Incorporated has appointed Kevin G. Lynch as the Chief Executive Officer of the company, effective May 1, 2013. Mr. Lynch had served as the Acting Chief Executive Officer, in an advisory role, since September 12, 2012.

Mechanical Technology, Incorporated announced earnings results for the year ended December 31, 2012. The company's total revenue for 2012 decreased to $5.9 million or 42.6% from $10.3 million in 2011. Net loss attributed to the company was $2.1 million or $0.40 per diluted share, compared to a net income of $2.4 million, or $0.48 per diluted share in 2011. This decrease in net income of $4.5 million is partially attributable to a release of a portion of the deferred tax asset valuation allowance of $1.5 million in 2011. The remainder of the decrease in net income is related to a decline in sales at MTI Instruments which was partially offset by reduced operating losses of variable interest entity, MTI MicroFuel Cells Inc.