Quantum Fuel Systems Technologies Worldwide Inc. (Irvine, CA) reported results for its fiscal 2003 third quarter ended January 31, 2003. For the third quarter of fiscal year 2003, Quantum reported a net loss of $4 million, or $0.22 per share, on revenues of $6 million, compared to a net loss of $10.2 million, or $0.72 per share, for the third quarter of fiscal year 2002 on revenues of $3.5 million.
For the nine-month period ended January 31, 2003, Quantum reported a net loss of $14.3 million, or $0.86 per share, on revenues of $16.2 million, compared to a net loss of $35.1 million, or $2.49 per share, for the same period of fiscal year 2002 on revenues of $16.3 million. During the nine-month period ended January 31, 2003, operating costs and expenses decreased $20.5 million, or 40.1 percent, compared to the same period in fiscal year 2002. The decrease was driven by focused development efforts and lower research and development expenditures as a result of cost reductions and under-customer-funded research and development programs.
