FCT Announces Fourth-Quarter 2002 ResultsFebruary 26, 2003 by Jeff Shepard
Fuel Cell Technologies Corp. (FCT, Kingston, ON) announced results for the quarter ended December 31, 2002, that FCT Directors approved during the meeting of the board on February 18, 2003. FCT completed a private placement of 9,933,870 units issued at $0.46 per unit, for total gross proceeds of $4,569,580. The net proceeds will provide for FCT's continuing preparation and progress toward commercialization of the combined heat and power 5kW solid-oxide fuel cell product.
Total revenue was $646,908 for the fourth quarter and $1,213,723 for the end of 2002, compared to $286,006 and $909,058, respectively, for the same periods of 2001. This was a 126 percent increase in revenues quarter-over-quarter, and a 33 percent increase year-over-year. FCT's earnings before interest, taxes, depreciation and amortization for the fourth quarter ended December 31, 2002, was a loss of $69,938, compared to a $1,296,101 loss for the fourth quarter of 2001. Year 2002 earnings before interest, taxes, depreciation and amortization was negative $3,057,204, showing a 39-percent reduction of loss from $5,053,040 for the year 2001.
Expenses for the fourth quarter of 2002 compared to the fourth quarter of 2001, showed a decrease of 51 percent. For the year 2002, expenses were $4,446,093 compared to $6,087,996 during 2001, showing a 27-percent decrease year-over-year. Year-over-year general and administrative expenses, cost of product, and sales and marketing expenses declined, while amortization increased. Research and development expenses decreased to $2,500,053 in 2002 from $3,878,812 in 2001.