News

H Power Reports 2002 Third-Quarter Results

April 01, 2002 by Jeff Shepard

H Power Corp. (Clifton, NJ) reported its fiscal 2002 third-quarter results for the period ended February 28, 2002. For the third quarter ended February 28, 2002, total revenue was $0.3 million, versus$0.8 million in the fiscal 2001 third quarter. The net loss for the quarter was $6.5 million, or$0.12 per share, versus a net loss of $3.2 million, or$0.06 per share, in the year-ago period. Weighted average basic and diluted shares outstanding for the fiscal 2002 third quarter were 53.9 million compared with 53.4 million in the same period last year.

For the nine months ended February 28, 2002, total revenue was $1.5 million, versus revenues of$2.8 million for the first nine months of fiscal 2001. The net loss for the fiscal 2002 nine-month period was $20.5 million, or$0.38 per share, compared with a net loss of $10.8 million, or$0.22 per share, in the same period a year ago. Weighted average basic and diluted shares outstanding for the nine-month period were 53.9 million compared with 49.4 million in the same nine-month period a year ago.

For the fiscal 2002 fourth quarter, the company expects revenues of approximately $1.0 to$1.5 million, and a net loss of between $7.0 and$7.5 million. For fiscal 2002, the company expects revenues of between $2.5 and$3.0 million, and a net loss between $27.5 and$28.0 million. The company continues to expect capital expenditures for fiscal 2002 to be between $6.0 and$7.0 million.