News

# Fuel Cell Technologies Reports Fourth-Quarter 2004 Results

February 22, 2005 by Jeff Shepard

Fuel Cell Technologies Ltd., the operating subsidiary of Fuel Cell Technologies Corp. (FCT, Kingston, ON), reported on the quarter ended December 31, 2004. FCT Directors approved the financial statements during the meeting of the board on February 16, 2005.

The company's earnings before interest, taxes, depreciation and amortization (EBITDA) in the fourth quarter ended December 31, 2004, was negative $1,024,671 compared to an EBITDA of negative$725,093 for the same quarter 2003. For the complete year ended December 31, 2004, the EBITDA was negative $3,693,433 and negative$2,777,819 for the same period 2003.

The weighted daily average number of shares outstanding was 48,694,973 for the fourth-quarter 2004, and the basic net loss per share was $0.02. The weighted daily average number of shares outstanding for the same period 2003 was 41,817,159, and the basic net loss per share was$0.02. For the year ending December 31, 2004, net loss per share was $0.08 and$0.07 for the 12 months ended December 31, 2003.