H Power Reports Fiscal 2002 Q1 Results

October 08, 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 million in the same period last year. The increase in common shares outstanding is primarily attributable to the company's IPO of 7 million common shares conducted in August 2000.

H. Frank Gibbard, CEO of H Power, commented, "We are pleased that we were able to make significant progress toward achieving our previously outlined milestones for fiscal 2002. In particular, we added three significant relationships in the areas of development, distribution and supply-chain management. We created H Power Japan with Mitsui and Co. Ltd., we signed a joint-development agreement with DuPont, and established a multi-tier distribution and development agreement with Naps Systems Oy."