Global Thermoelectric Inc. (Calgary, Alberta, Canada), a leading developer of solid-oxide fuel cell products, announced operational and financial results for the first quarter ended March 31, 2003. Revenue from generator sales and service for the quarter ended March 31, 2003, increased 39% to $6.2 million, compared to revenue of $4.5 million for the first quarter of 2002.
The company reported a gross margin of $2.5 million (40.9% of revenue) in the first quarter compared to $1.6 million (35% of revenue) in the first quarter of the prior year. The company reported a net loss of $4.5 million, or $0.17 per share, for the quarter compared, to a net loss of $6.4 million, or $0.23 per share, for the quarter ended March 31, 2002.
Research, engineering and product development costs in the quarter decreased to $4.8 million from $6.1 million in the comparative period of the prior year. The fuel cell division accounted for $4.5 million and $5.8 million, respectively, of these expenditures. The decrease in expenditures reflects the company's cost-reduction initiatives instituted in the fourth quarter of 2002. At March 31, 2003, there were 149 employees directly involved in fuel cell development, compared to 171 employees at March 31, 2002.
