Global Thermoelectric Reports Q4, Annual ResultsMarch 26, 2002 by Jeff Shepard
Global Thermoelectric Inc. (Calgary, Canada) announced operational and financial results for the quarter and the year ended December 31, 2001. For the year ended December 31, 2001, the company incurred a net loss, after discontinued operations, of $11.8 million, or $0.45 per share, compared to $0.7 million, or $0.04 per share, for the year ended December 31, 2000. For the three months ended December 31, 2001, the company reported revenues of $3.1 million compared to revenues of $4.4 million in the quarter ended December 31, 2000.
The company incurred a net loss, after discontinued operations, of $5.8 million, or $0.21 per share, in the current quarter, compared to a net loss of $1.0 million, or $0.04 per share, for the quarter ended December 31, 2000. The continued expansion of the company's fuel cell commercialization activities, and consequently fuel cell research, engineering and development expenditures, accounted for the increased loss in the quarter.
At December 31, 2001, the company held cash and short-term investments of $121.1 million, compared to $135.3 million at December 31, 2000. For 2002, the company anticipates fuel cell commercialization expenditures of $20.0 to $30.0 million in addition to approximately $8.0 to $10.0 million in fuel-cell-related capital expenditures.