H Power Corp. (Clifton, NJ) reported its fiscal 2002 second-quarter results for the period ended November 30, 2001. For the second quarter ended November 30, 2001, total revenue was $0.8 million, level with the same period last year. Product revenue increased, and contract revenue decreased, reflecting the company's emphasis on commercialization of fuel cell products.
Net loss for the quarter was $6.6 million, or $0.12 per share, compared with a net loss of $3.5 million, or $0.07 per share, in the second quarter last year. Weighted average basic and diluted shares outstanding for the quarter were 53,852,828, compared with 53,232,853 million in the same period last year.
For the six months ended November 30, 2001, total revenue was $1.2 million, compared with $2.0 million for the same six-month period last year. Net loss for the period was $14.0 million, or $0.26 per share, compared with a net loss of $7.5 million, or $0.16 per share, in the comparable period. Weighted average basic and diluted shares outstanding for the six months were 53,850,900 compared with 47,435,870 million in the same six-month period last year.
The company anticipates revenue for the third quarter of fiscal 2002 to be approximately $750,000 with a net loss of $7.0 million to $8.0 million. For full-year fiscal 2002, the company anticipates revenue between $4.0 million and $5.0 million. The company also continues to anticipate a net loss in fiscal 2002 in the range of $30.0 million to $32.0 million, with capital expenditures of $7.0 million to $8.0 million.
