DCH Technology Reports 77-Percent Increase in Revenues
DCH Technology Inc. (DCH, Valencia, CA) announced that revenues for the fiscal year ended December 31, 2000, were up 77 percent to $961, 551, compared to $543,199 for the same period 1999. During the last quarter of 2000, DCH focused on the final development of the H2SCAN hydrogen-specific sensing systems, which integrate the company's Robust Hydrogen Sensor with electronic controls for data-logging, evaluation and communication. The product will officially launch at the end of the first quarter of 2001, with delivery of the first unit to a major automotive manufacturer.
Also during the quarter, DCH increased investment in new product research and development by 111 percent, from $841,708 in 1999 to $1,779,964 in 2000. DCH also increased investment in long-term corporate infrastructure, including the staffing of DCH's new 17,000 square-foot engineering and manufacturing center. DCH also expanded its technical staff for fuel-cell products, from $2,870,256 in 1999 to $5,725,880 in 2000. As a result of these investments, total losses incurred last year were $7,657,413, versus $3,587,473 in 1999.
DCH President and CEO John Donohue commented, “Our diversified product strategy is proving to be a tenacious platform for growth. Our strongest growth segment, DCH's family of hydrogen sensor products, will continue to fuel near-term growth as these products generate increasing sales in the automotive, semiconductor and nuclear power industries." He added, “Our expenditures were significant, but we invested wisely. They have bought and built DCH the foundation to succeed and lead in the emerging hydrogen economy."