H Power Reports Fiscal 2003 and Q2 Results

January 13, 2003 by Jeff Shepard

H Power Corp. (Belleville, NJ) reported its fiscal-2003, second-quarter results for the period ended November 30, 2002. For the second quarter ended November 30, 2002, total revenue was $0.7 million, versus $0.8 million for the three months ended November 30, 2001. Approximately 96 percent of the revenues in the quarter were derived from product sales. The net loss for the quarter was $9.4 million, or $0.87 per share, versus a net loss of $6.6 million, or $0.61 per share, in the year-ago period.

Weighted average basic and diluted shares outstanding for the second quarters of fiscal 2003 and 2002 were approximately 10.8 million in both periods, and reflect the effect of the company's previously announced one-for-five reverse stock split. During the quarter, the company incurred expenses totaling $966,000 for accounting, legal and investment banking fees related to the merger with Plug Power Inc. (Latham, NY).