Snow Leopard Reports First-Quarter 2002 Results

June 03, 2002 by Jeff Shepard

Snow Leopard Resources Inc. (Calgary, Alberta) announced its 2002 first-quarter financial results. For the quarter ended March 31, 2002, the company reported a net loss of $196,000 and loss from continuing operations of $221,000, compared to a net loss of $73,000 and loss from continuing operations of $133,000 for the same period in 2001.

The net loss in 2002 included earnings from discontinued operations of $25,000, compared to $60,000 in 2001. The basic and diluted net loss per common share was nil in 2002 and 2001. Fuel cell research and development expenses consist primarily of contracted laboratory personnel and

materials used in the further development of the company’s fuel cell technology. Fuel cell research and development costs totaled $93,000 in 2002 compared to nil in 2001.

General and administrative expenses consist primarily of professional and consulting fees, rent, salaries, and

corporate maintenance costs. General and administrative expenses totaled $103,000 in 2002, compared to $131,000 in 2001, a decrease of $28,000, or 21 percent. This decrease is due mainly to reduced consulting fees. Depreciation and amortization for the period ended March 31, 2002, of $14,000 increased by $10,000, or 600 percent, from $2,000 in the corresponding period in 2001. This reflects amortization of the US patent, which was approved and issued June 5, 2001.