Fuel Cell Technologies Corp. (FCT, Kingston, ON) reported financial results on the quarter ended March 31, 2003. Total revenue was $536,290 for the first quarter of 2003 compared to $139,947 for the same quarter of 2002. This was a 283% increase in revenues quarter-over-quarter. The impact of the Solid State Energy Conversion Alliance program that started in September 2002 is reflected in the revenues year-over-year.
Total expenses for the first quarter of 2003 compared to the first quarter of 2002, showed a decrease of 1.5%. The company continues to manage and control expenses while continuing to achieve product development and business goals. Total expenses were $1,135,171 to March 31, 2003, compared to $1,152,904 for that period in 2002. The company's earnings before interest, taxes, depreciation and amortization for the first quarter ended March 31, 2003, was negative $549,459 compared to a $980,958 loss for the first quarter of 2002, showing a 44% reduction of loss from the first quarter of 2002.
With the closing of the financing by way of private placement on November 29, 2002, the first quarter of 2003 weighted daily average number of shares outstanding is 41,124,541, giving a basic net loss per share of $0.01. The basic loss per share for first quarter of 2002 was $0.03. The weighted daily average number of shares outstanding for the first quarter of 2002 was 31,190,671.
