Quantum Reports Second-Quarter 2003 Results
Quantum Fuel Systems Technologies Worldwide Inc. (Irvine, CA) reported results for its fiscal second quarter ended October 31, 2002. For the second quarter of fiscal-year 2003, Quantum reported a net loss of $5.3 million, or $0.30 per share, on revenues of $5.6 million, compared to a net loss of $13.7 million, or $0.78 per share, for the second quarter of fiscal-year 2002 on revenues of $5.8 million.
Quantum reported revenues within its Fuel Cell Systems division of $2.2 million during the quarter, representing a 266.7 percent increase over the second quarter in fiscal-year 2002. The increase is primarily due to the initial shipment of hydrogen storage systems to Toyota Motor Corp. (Japan) as part of Toyota's fuel cell hybrid vehicle lease programs. Additionally, fuel-cell-related engineering development contract revenues increased 133.3 percent to $1.4 million during the second quarter of fiscal-year 2003, compared to $0.6 million during the second quarter of fiscal-year 2002. The increase is due to new fuel cell system development programs with General Motors Corp. (Detroit, MI), Suzuki, Toyota and AeroVironment Inc. (Monrovia, CA) for automotive OEM applications, aerospace applications and hydrogen refueling products.
Alan Niedzwiecki, president and chief executive officer, said, "This quarter marks a major milestone for Quantum with our first sales of hydrogen storage and metering systems to Toyota for their market-ready fuel cell hybrid vehicle programs, which were launched on December 2, 2002, in America and Japan. We are also experiencing an increase in new programs and new OEM customers related to hydrogen storage and refueling initiatives."