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Quantum Technologies Reports Fiscal 2005 Q2 Results

December 12, 2004 by Jeff Shepard

Quantum Fuel Systems Technologies Worldwide Inc. (Irvine, CA), a designer, manufacturer and integrator of packaged fuel systems for hydrogen fuel cell and alternative fuel applications, reported results for its fiscal 2005 second quarter ended October 31, 2004.

For the second quarter of fiscal 2005, Quantum reported revenue of $5.0 million and a net loss of $3.3 million, or $0.10 per share. This compared to revenue of $6.7 million and a net loss of $2.0 million, or $0.09 per share, for the same period of fiscal 2004. For the six-month period ended October 31, 2004, revenue decreased $3.3 million, or 23%, from $14.6 million in the first half of fiscal year 2004 to $11.3 million in the first half of fiscal year 2005.

For the six-month period ended October 31, 2004, Quantum’s operating loss increased $2.4 million, or 63%, from $3.8 million in fiscal 2004 to $6.2 million in fiscal 2005. The Fuel Cell Systems segment reported a $0.2 million operating loss compared to a $1.9 million operating income in the same period of the previous year.

During the six-month period ended October 31, 2004, Quantum reported an overall net loss of $5.7 million, or $0.18 per share. This compared to a net loss of $3.8 million, or $0.16 per share, for the same period of fiscal year 2004.