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."
