Stuart Energy Reports First-Quarter 2002 ResultsAugust 15, 2002 by Jeff Shepard
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.