FCT Reports First-Quarter 2002 Financial Results

June 02, 2002 by Jeff Shepard

Fuel Cell Technologies Corp. (FCT, Kingston, ON) reported financial results for the quarter ended March 31, 2002. Revenues during the first quarter of 2002 reflect the impact of delays in government-related projects. Revenues were about 51 percent of revenues for the first quarter of 2001.

In spite of reduced revenue, the net loss of $1.0 million in the quarter was in keeping with management's expectations. The net loss from operations in the quarter decreased by approximately 15 percent from the net loss for the first quarter of 2001. The first-quarter loss was allocated among a greater number of shares in 2002 than in 2001. The number of outstanding common shares increased to 31.1 million shares in the third quarter of 2001 via a public offering of an additional 6.7-million common shares of FCT. The 2002 first-quarter loss per share is $0.03, compared to a first-quarter loss per share of $0.05 in 2001.