Global Thermoelectric Reports Third-Quarter ResultsOctober 29, 2001 by Jeff Shepard
Global Thermoelectric Inc. (Calgary, Canada) announced operational and financial results for the quarter ended September 30th, 2001. For the nine months ended September 30, 2001, revenue from continuing operations was $12.2 million, compared to $21.0 million for the nine months ended September 30, 2000. The company's contract with the Gas Authority of India accounted for $1.5 million of revenue in the current period, compared to $15.0 million of revenue for the first nine months of 2000.
The company incurred a net loss from continuing operations of $7.1 million, or $0.28 per share, in the nine months ended September 30, 2001, compared to net income from continuing operations of $0.3 million, or $0.00 per share, in the nine months ended September 30, 2000. An anticipated increase in fuel cell research and product development expenditures combined with a reduction in revenue related to the completion of the company's India contract contributed to the decreased profitability. The net loss, after discontinued operations, was $5.9 million, or $0.24 per share, compared to net earnings, after discontinued operations, of $0.4 million, or $0.00 per share.
Cash flow from continuing operations, before changes in non-cash working capital balances, decreased to negative $5.9 million, or $0.22 per share, from $0.7 million, or $0.02 per share, for the comparative period of the prior year. Revenue of $7.6 million was generated in discontinued operations for the nine months ended September 30, 2001, compared to $6.1 million in the similar period of the prior year.