Fuel Cell Technologies Corp. (Kingston, ON) announced results for the quarter ended June 30, 2002. Revenues during the second quarter 2002 continued to reflect the impact of delays in government-related projects. Even though revenues, second-quarter 2002 over second-quarter 2001, show a 30 percent increase, the year-to-date, six-month comparison shows 2002 revenue is only 79 percent of 2001.
Expenses for the second quarter of 2002, compared to the second quarter of 2001, show a 28 percent decrease while still achieving product development and business goals. The comparison of year-to-date expenses year-over-year shows a 25 percent decrease in expenses after six months of operation in 2002 as compared to six months in 2001. Despite reduced revenue, the net loss of $886,000 in the second quarter was in keeping with management's expectations. The net loss from operations in the second quarter of 2002 decreased by approximately 34 percent for second-quarter 2001. Year-to-date losses are 25 percent less than those incurred to this point in 2001.
The second-quarter loss was allocated among a greater number of shares in 2002 than in 2001. The number of outstanding common shares increased to 31.1 million shares in the third quarter of 2001 by virtue of a public offering of an additional 6.7 million common shares of the company. The second-quarter 2002 loss per share is $0.03, compared to a second-quarter loss per share of $0.05 in 2001.
