Fuel Cell Technologies Ltd., the operating subsidiary of Fuel Cell Technologies Corp. (FCT, Kingston, ON), a developer of solid-oxide fuel cell (SOFC) systems, reported on the quarter ended March 31, 2005. Total revenue increased 145% year-over-year for the first quarter 2005 to $619,179, compared to $253,108 for the same period in 2004.
The majority of the revenue ($538,201) was from the shipment of systems. Income from research contracts amounted to $50,977. FCT's earnings before interest, taxes, depreciation and amortization (EBITDA) in the first quarter of 2005 was negative $948,859 compared to an EBITDA of negative $976,240 for the first quarter 2004. Cash and cash equivalents continued as FCT's single largest balance sheet item, with a balance of $2,941,320 as of March 31, 2005, compared to $6,544,235 at the end of the first quarter of 2004.
Expenses in the first quarter of 2005 totaled $1,023,307, compared to $1,267,875 in the first quarter of 2004, a 19% decrease in expenses. This decrease is primarily due to a 48% decrease in research and development spending of $308,157. Capital expenditures totaled $64,386 during the quarter ended March 31, 2005, and net cash utilization increased 19% to $368,742 per month from $311,231 per month in the first quarter 2004. Over the course of the year, FCT management continues to envisage a cash utilization rate in the range of $250,000 to $300,000 per month.
