Global Thermoelectric Inc. (Calgary, Alberta, Canada) announced operational and financial results for the second quarter ended June 30, 2002. Revenue from thermoelectric generator sales and service for the quarter ended June 30, 2002, increased 125 percent to $5.4 million, compared to $2.4 million for the second quarter of 2001. The company was successful in collecting, in full, a $2.0 million contractual holdback related to its India contract.
For the six months ended June 30, 2002, the company reported revenues from continuing operations of $9.9 million, compared to $8.7 million for the six months ended June 30, 2001. The second-quarter receipt of the India holdback contributed to the increase in revenues from the prior year. A net loss of $12.9 million, or $0.47 per share, from continuing operations was incurred in the first six months of 2002, compared to a net loss from continuing operations of $4.2 million, or $0.16 per share, in the similar period of the prior year.
