H Power Reports Fiscal 2003 Q1 Results

October 14, 2002 by Jeff Shepard

H Power Corp. (Belleville, NJ) reported its fiscal 2003 first-quarter results for the period ended August 31, 2002. For the first quarter ended August 31, 2002, total revenue was $0.9 million, versus $0.4 million in the first quarter of fiscal 2002. The net loss for the quarter was $7.0 million, or $0.13 per share, versus a net loss of $7.4 million, or $0.14 per share, in the year-ago period. Weighted average basic and diluted shares outstanding for the fiscal 2002 fourth quarter were 53.9 million, relatively unchanged compared with 53.8 million in the same period last year.

H. Frank Gibbard, H Power CEO commented, "As we look forward to the rest of fiscal 2003, our focus remains on entering the markets for our direct hydrogen products. We will maintain a strong focus on reducing the costs of our fuel cell systems to increase their competitiveness in the marketplace."