News

# FCT Reports Second-Quarter 2003 Results

August 19, 2003 by Jeff Shepard

Fuel Cell Technologies Corp. (FCT, Kingston, ON) reported results on the second quarter ended June 30, 2003. Revenues increased 340% quarter-over-quarter to $855,532 in the second quarter of 2003 from$194,539 in the same quarter of 2002. For the six months ended June 30, 2003, revenues increased 316% year-over-year to $1,391,822 in 2003 from$334,486 in 2002.

Total expenses increased 74% quarter-over-quarter to $1,874,280 in the second quarter of 2003 from$1,080,430 in the same quarter of 2002. Total expenses for the six months ended June 30, 2003, increased 35% year-over-year to $3,009,450 in 2003 from$2,233,334 in 2002.

FCT's loss in the second quarter ended June 30, 2003, was 9% less than the loss in the second quarter of 2002: $954,226 in 2003 compared to$1,046,907 in 2002. Year-to-date EBITDA 2003 is negative $1,503,685 - a decrease of 18% from the loss of$1,833,326 at the end of six months 2002.

Basic net loss per share was $0.02, given second-quarter 2003 weighted daily average number of shares outstanding of 41,124,541. Basic net loss per share was$0.03, given second-quarter 2002 weighted daily average number of shares outstanding of 31,190,671. For the year-to-date, loss per share was $0.04 for the six months ended June 30, 2003, and$0.06 for the six months ended June 30, 2002.