Azure Dynamics Corp. (Vancouver, BC), a developer of hybrid-electric power trains for commercial vehicles, reported its results for the three months ended September 30, 2005. The company incurred a net loss of $4.6 million, or $0.03 per share, compared to a net loss of $2.6 million, or $0.03 per share, in the comparable 2004 quarter. On a cumulative basis, the net loss incurred was $15.2 million, or $0.11 per share, compared to a net loss of $5.5 million, or $0.07 per share, in 2004.
Revenue for the quarter ended September 30, 2005, was $1.1 million, compared to $0 in 2004, and $3.6 million year-to-date, compared to $0 in 2004. Revenues for the quarter included $0.1 million ($0.9 million year-to-date) for the development of the AM General HMMWV system, and $0.5 million ($1.0 million year-to-date) for the development of the power electronics and drive systems for EASI. After considering direct and applicable indirect costs of sales, the gross margin contribution from revenue in the quarter was $154,000 and year-to-date $717,000 (gross margin percentage of sales of 14 percent and 20 percent, respectively).
