News

# FCT Reports Third-Quarter 2003 Results

December 01, 2003 by Jeff Shepard

Fuel Cell Technologies Corp. (FCT, Kingston, ON) announced results for the quarter ended September 30, 2003. Total revenue was $801,355 in the third quarter of 2003 compared to$232,329 in the same quarter 2002. This is a 245% increase in revenues quarter-over-quarter. For the nine months ended September 30, 2003, revenues were $2,193,177 compared with$566,815 for the nine months ended September 30, 2002. The increase year-over-year is 287%.

Total expenses were $1,275,006 in the third quarter of 2003, compared to$1,424,634 for that quarter 2002, a decrease of 11% quarter-over-quarter. Total expenses for the nine-month, year-over-year were $4,284,456 and$3,657,968 in 2003 and 2002, respectively. The 17% increase in total expenses in the nine-month, year-over-year is made up of increases of 68% in amortization, 11% in general and administrative expenses, and 23% in research and development expenses.

Earnings before interest, taxes, depreciation and amortization (EBITDA) in the third quarter ended September 30, 2003, was negative $413,451 compared to a$1,153,940 loss in the third quarter of 2002. This is a 64% reduction of loss in the third quarter of 2003 from the loss in the third quarter of 2002. Year-to-date EBITDA 2003 is negative $1,917,136, a decrease of 36% from the loss of$2,987,266 at the end of the nine months of 2002.

The third-quarter 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 the third quarter of 2002 was$0.04. The weighted daily average number of shares outstanding for the third quarter of 2002 was 31,190,671. For the year-to-date, loss per share is $0.05 for the nine months ended September 30, 2003, and$0.10 for the nine months ended September 30, 2002.