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.
