Global Thermoelectric Reports Q3 2002 Results

November 10, 2002 by Jeff Shepard

Global Thermoelectric Inc. (Calgary, Canada) announced that revenue from generator sales and service for the quarter ended September 30, 2002, increased 63 percent to $5.8 million, compared to revenue for the quarter ended September 30, 2001, of $3.6 million. International orders provided the strong revenue growth in the quarter. The company's revenues from western Canada decreased to $0.5 million in the quarter from $0.9 million in the third quarter of 2001.

The company's fuel cell division reported revenues of $0.5 million related to contract research and development for the Propane Research and Education Council (PERC). Revenue for the nine-month period ended September 30, 2002, totaled $15.7 million compared to revenue for the similar period of the prior year of $12.2 million.

Investment income of $0.8 million was earned in the quarter compared to $1.4 million in the same quarter of the prior year. The lower investment income paralleled the decrease in interest rates on a year-over-year basis, and to a lesser extent, reflected a decrease in the company's cash reserves. The company reported a gross margin of $2.8 million in the quarter, or 47.7 percent of revenue, compared to $1.3 million, or 37.7 percent, in the comparative quarter. Strong margins were realized on the company's international sales of thermoelectric generators.