Fuel cell developer Hoku Scientific Inc. (Honolulu, HI) reported its financial results for its first quarter ended June 30, 2005. Total revenue for the first quarter ended June 30, 2005, was $1.1 million, compared to $100,000 in the same quarter of 2004. The increase is due to the recognition of engineering service and license deferred revenue from the company's contracts with Nissan Motor Co. Ltd.
As of June 30, 2005, the company had $3.1 million in deferred revenue, compared to $4.2 million as of March 31, 2005. The company's deferred revenue is attributable to contracts with Nissan and the United States Navy, and the decrease from March 31, 2005, to June 30, 2005, is a result of the recognition of $1.1 million of deferred revenue under contracts with Nissan. The company expects to recognize the majority of this deferred revenue during the remainder of fiscal year 2006.
Net income for the first quarter ended June 30, 2005, was $341,000, or $0.03 per diluted share, compared to a net loss of $679,000, or $0.14 per diluted share, for the quarter ended June 30, 2004. The company's profitability is attributable to the $1.0 million increase in revenue from the contracts with Nissan.
"We are pleased to announce our second consecutive profitable quarter," said Hoku Scientific Chairman of the Board of Directors, President and Chief Executive Officer Dustin Shindo. "As we continue to manage the growth of our business, our entire team is focused on building a sustainable pure play supplier to the emerging PEM fuel cell industry. We remain very positive about our long-term business prospects and the general direction of the fuel cell industry."
