H Power Reports Fiscal 2001 Fourth-Quarter and Year-End Results

H Power Corp. (Clifton, NJ) reported its fiscal 2001 fourth-quarter and year-end results for the period ended May 31, 2001. For the fourth quarter, total revenue was $0.8 million, compared with $1.1 million for the same period last year. Before non-cash stock compensation expense, net loss for the quarter was $7.0 million, or $0.13 per share, as compared with a net loss of $6.1 million, or $0.16 per share in the fourth quarter last year.

For the year ended May 31, 2001, net revenue was $3.6 million, compared with $3.7 million last year. Net loss for the year was $22.2 million, or $0.44 per share, compared with $17.0 million, or $0.49 per share, reported for the same period last year. Weighted average basic and diluted shares outstanding were 50.4 million, compared with 34.9 million in the same period last year.

H. Frank Gibbard, CEO of the company, stated, "Fiscal 2001 was a momentous year for H Power as we became a public company. Our fuel cell systems continue to achieve increased operating efficiencies and performance measures while we simultaneously implement cost-reduction efforts. Looking ahead, we are eager to leverage our position of leadership in the critical technology aspects of fuel cell stacks and fuel processing."

The company issued some financial guidance for fiscal-year 2002. It anticipates revenue for the first quarter of fiscal 2002 to be less than $1.0 million, with a net loss of approximately $7.0 million to $9.0 million. For full-year fiscal 2002, the company anticipates revenue between $5.0 million to $10.0 million. This compares with previous fiscal 2002 revenue guidance of under $20.0 million. The company also anticipates a net loss in fiscal 2002 in the range of $30.0 to $35.0 million, with capital expenditures of approximately $7.0 million to $9.0 million.