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.