Quantum Reports First-Quarter, Fiscal 2003 Results

September 25, 2002 by Jeff Shepard

Quantum Fuel Systems Technologies Worldwide Inc. (Irvine, CA) reported results for its fiscal first quarter ended July 31, 2002. For the first quarter of fiscal 2003, Quantum reported a net loss of $5.1 million, or $0.29 per share, on revenues of $4.6 million. This compares to a net loss of $11.2 million, or $0.64 per share, for the first quarter of fiscal year 2002 on revenues of $6.9 million. The fiscal-year 2003 first quarter included charges for the spin-off of Quantum totaling approximately $0.6 million.

Quantum reported contract revenues within its fuel cell systems division of $1.1 million during the quarter, representing a 121-percent increase over the first quarter in fiscal 2002. This increase is a result of additional contracts received from OEM customers for hydrogen-based, fuel storage and metering systems.

Alan Niedzwiecki, president and CEO, said, "We are continuing to realize progress in the hydrogen-based, fuel-storage area of our business, evidenced by a growing OEM customer base and broadening interest in our fuel-storage and fuel-control technology. The added revenue from these new contracts and an anticipated increase in contracts in fiscal-year 2003 will support Quantum's plans to continue the reduction in cash used in operations."