Fuel Cell Technologies Corp. (FCT, Kingston, ON) reports on the quarter ended September 30, 2004, with financial results, management discussion and analysis, and highlights of corporate activity and activities of its operating subsidiary Fuel Cell Technologies Ltd.
Earnings before interest, taxes, depreciation and amortization (EBITDA) in the third quarter ended September 30, 2004, was a loss of $865,416 compared to a $454,123 loss in the third quarter 2003. This increase in loss as compared to the loss in the third quarter of 2003 was due to the decline in revenue. Year-to-date EBITDA was negative $2,688,762 in 2004, an increase from the loss of $2,009,898 at the end of the third quarter 2003.
Basic loss per share for a period is calculated using the weighted daily average number of common shares outstanding during that period. The third-quarter 2004 weighted daily average number of shares outstanding was 48,652,482, giving a basic net loss per share of $0.02. The basic loss per share for third quarter 2003 was $0.01. The weighted daily average number of shares outstanding for the third quarter 2003 was 41,124,541. For the year-to-date, loss per share was $0.06 for the nine months ended September 30, 2004, compared to $0.05 for the nine months ended September 30, 2003.
