Stuart Energy Systems Corp. (Toronto, Canada) announced its consolidated financial results for the fiscal year ended March 31, 2002. Revenue in the fourth quarter of fiscal year ending March 31, 2002, was $3.9 million, compared to $4.8 million in the fourth quarter of the fiscal year ending March 31, 2001.
Revenue for the fiscal year ended March 31, 2002, was $15.2 million, compared to $14.3 million in fiscal 2001. Revenue from product sales and service in the fourth quarter was $2.3 million, compared to $1.7 million in the fourth quarter of fiscal 2001. For fiscal-year 2002, revenue from product sales and service was $5.9 million, compared to $6.3 million in fiscal 2001.
The net loss for the fourth quarter was $13.7 million, compared to $4.6 million in the fourth quarter of fiscal 2001. The majority of the increase is attributable to the retrofit costs incurred in the current year, which were not incurred in the previous year; and increased general and administrative costs, increased cost of product sales and service, and additional investments in research and development. For fiscal 2002, the net loss was $29.0 million, compared to $12.5 million in fiscal 2001. The loss per share in the fourth quarter was $0.66 per share, compared to $0.23 per share in the fourth quarter of fiscal 2001. For fiscal 2002, the loss per share was $1.41 per share, compared to $0.73 per share in fiscal 2001.
