H Power Reports Fiscal 2002 First-Quarter Results

October 23, 2001 by Jeff Shepard

H Power Corp. (Clifton, NJ) reported its fiscal 2002 first-quarter results for the period ended August 31, 2001. For the first quarter ended August 31, 2001, total revenue was $0.4 million, compared with $1.2 million for the same period last year. The increase in product revenues and the decrease in contract revenues continues to reflect the company's emphasis on commercialization of fuel cell products.

Net loss for the quarter was $7.4 million, or $0.14 per share, compared with a net loss of $4.0 million, or $0.10 per share, in the first quarter last year. Weighted average basic and diluted shares outstanding for the quarter were 53,848,992, compared with 41,701,898 in the same period last year. The increase in common shares outstanding is primarily attributable to the company's IPO of seven million common shares conducted in August of 2000.

The company anticipates revenue for the second quarter of fiscal 2002 to be approximately $0.5 million, with a net loss of approximately $7.0 to $9.0 million. For full-year fiscal 2002, the company continues to anticipate revenue between $5.0 to $10.0 million, despite lower than anticipated revenue for the quarter. 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 to $9.0 million.