Global Thermoelectric Announces 2002 Results

April 03, 2003 by Jeff Shepard

Global Thermoelectric Inc. (Calgary, Alberta, Canada), a leading developer of solid-oxide fuel cell products, announced operational and financial results for the fourth quarter and year ended December 31, 2002. Revenue for the year ended December 31, 2002, totaled $22.3 million, comprised of thermoelectric generator sales and service revenue of $21.8 million and revenue from fuel cell contract research of $0.5 million. Revenue for 2001 was $15.4 million, which was comprised exclusively of thermoelectric sales and service.

Revenue for the quarter ended December 31, 2002, increased 97 percent to $6.1 million, compared to $3.1 million for the fourth quarter of the prior year. Revenue comprised $6 million of generator sales and service while $0.1 million related to fuel cell contract research and development. International sales comprised 85 percent of the quarterly sales volume compared to 56 percent in the comparative quarter. Sales to the US and South America were particularly strong in the quarter.