Stuart Energy Reports First-Quarter 2002 Results
Stuart Energy Systems Corp. (Mississauga, ON) announced its consolidated financial results for the first quarter ended June 30, 2002. The net loss for the quarter was $6.5 million, or $0.31 per share, compared to $3.7 million, or $0.18 per share, during the first quarter of fiscal 2002, and $13.7 million, or $0.66 per share, during the fourth quarter of fiscal 2002.
Total revenue in the first quarter of fiscal 2003 decreased by $2.3 million, or 68 percent, to $1.0 million, compared to $3.3 million in the first quarter of fiscal 2002. Stuart Energy continued to support its technology roadmap with investments of $3.4 million in research and product development, compared to $3.8 million in the same quarter last year.