10.3.2006: Meldung: Quantum Fuel Systems Technologies Worldwide, Inc.: Fiscal 2006 Third Quarter Financial Results
Thursday March 9, 4:00 pm ET
IRVINE, Calif., March 9 -- Quantum Fuel Systems Technologies Worldwide, Inc. a leading designer, manufacturer and integrator of alternative fuel systems and accessories for specialty vehicles and applications, including hydrogen fuel cell, hybrid, and alternative fuel vehicles, today reported results for its fiscal 2006 third quarter ended January 31, 2006. Conference call information is provided below.
Total revenue was $36.0 million in the third quarter of fiscal 2006 compared to $5.4 million in the third quarter of fiscal 2005. This increase in overall revenue is a result of the inclusion of Tecstar Automotive Group"s operations, which contributed $32.3 million to consolidated revenues in the third quarter.
The Company"s operating loss increased from $3.2 million in the third quarter of fiscal 2005 to $10.1 million in the third quarter of fiscal 2006. The Tecstar Automotive Group operating segment loss was $3.8 million, the Quantum Fuel Systems operating segment loss was $3.7 million and Corporate segment loss was $2.6 million. The Company"s net loss increased from $2.9 million, or $0.09 a share, in the third quarter of fiscal 2005 to $10.8 million, or $0.20 a share, in the third quarter of fiscal 2006. Cash used in operations during the quarter was $5.4 million, mainly driven by the operating loss and partially offset by cash generated from working capital.
Tecstar Automotive Group operating segment revenues during the quarter were $32.3 million. Product sales for the Tecstar Automotive Group totaled $30.2 million, consisting of $16.5 million in second-stage automotive manufacturing revenues, $12.6 million in automotive OEM accessory parts revenues, and other product sales of $1.1 million. Cost of product sales for the Tecstar Automotive Group was $29.2 million in the third quarter of fiscal 2006. Contract revenue for the Tecstar Automotive Group was $2.1 million for the third quarter of fiscal 2006.
Quantum Fuel Systems operating segment revenues during the quarter were $3.7 million compared to $5.4 million in the third quarter of fiscal 2005. This segment had an operating loss of $3.7 million compared to an operating loss of $1.9 million in the third quarter of fiscal 2005. This increase was primarily a result of lower product sales and contract revenues.
For the nine-month period, the Company reported consolidated revenues of $146.5 million compared to $16.7 million for the nine-month period in fiscal 2005. The increase in revenue is a result of the inclusion of Tecstar Automotive Group"s operations, which contributed $133.7 million to consolidated revenues and $2.1 million in operating loss in the first nine-months of fiscal 2006. The Quantum Fuel Systems segment had revenues of $12.8 million and an operating loss of $11.1 million for the first nine months of fiscal 2006 compared to revenues of $16.7 million and an operating loss of $5.5 million for the first nine months of fiscal 2005. The Company"s net loss increased from $8.7 million, or $0.27 a share, for the nine month period of fiscal 2005 to $22.0 million, or $0.42 a share, for the nine month period of fiscal 2006.
Alan P. Niedzwiecki, President and CEO, stated, "The operating performance during the third quarter represents an expected temporary downturn in our second-stage assembly programs as we complete certain assembly programs and begin transitioning into OEM-level dual-invoice programs and other new model platforms with our OEM customers. We did recognize strong revenue growth in the accessory and aftermarket parts programs as we continue to focus our efforts on diversified distribution channels including direct dealer network programs, fleet sales and aftermarket programs. Quantum"s hydrogen-related developments programs are moving forward with expected limited-volume production beginning in calendar 2006 on many of these programs."
Mr. Niedzwiecki added, "We are especially pleased with the recent developments related to military funding, our letter of intent with Nissan on a new second-stage assembly program, and the acquisition of Regency Conversions. These developments allow us to expand our distribution network, diversify our customer base and evolve our one-stop solution for vehicle system design, powertrain engineering, systems integration, validation, and limited-volume manufacturing and assembly. We continue to strengthen our position in early stage development, production and second-stage assembly of fuel systems and performance packages for fuel cell, hybrid and alternative fuel vehicles."
Business Highlights during the Quarter
* Quantum Programs to Receive $6.95 Million Department of Defense Funding
- In line with Quantum"s new initiatives in hybrid electric drive
technology, the Advanced Mobility Vehicle (AMV) program will develop an
advanced second generation (Aggressor II) high performance light-duty
off-road hybrid electric vehicle platform. The propulsion system for
this next phase of AMV development will be an advanced hybrid electric
drive system, which would provide a cost-effective, near-term solution
and provide common shared vehicle architecture with future fuel cell
applications of the vehicle. The Army has termed this as a
* Quantum Forms New Company with Unique Performance to Produce Specialty
Vehicles - Quantum has formed a new company with Unique Performance
(Unique) of Fort Worth, Texas to produce high-performance specialty
vehicles. Under the terms of the agreement, Tecstar will own 50.1% of
the new company, to be named "Unique Performance Concepts," and will
design and manufacture "fast to market" specialty vehicles. Unique
will, in turn, market the vehicles through its extensive distribution
channels to new car dealerships throughout the United States. The
first specialty vehicle to be manufactured by this new company will be
a Special Edition 2006 Ford Mustang designed by famous automotive
designer and TV personality, Chip Foose. The new Ford Foose Stallion
Mustang will be sold through 85 Ford dealerships.
* Quantum Delivers First Vehicles of Hydrogen Hybrid Fleet to Santa Ana
- Quantum delivered five hydrogen-fueled Toyota Prius hybrid vehicles
to the City of Santa Ana, California. This is part of a larger South
Coast Air Quality Management District (AQMD) program to develop and
demonstrate 30 hydrogen hybrid vehicles to fleets in Southern
* Quantum Acquires Regency Conversions, Inc. - Quantum acquired Texas
based Regency Conversions, Inc., a special vehicle manufacturer, for
1.8 million shares of Quantum common stock and $3.3 million in cash.
Regency is one of the largest vehicle converters in North America,
producing approximately 5000 vehicles annually which are sold through
250 automobile dealerships throughout the continental U.S.
* Quantum Awarded Contract to Develop Hydrogen Hybrid SUV for the US Army
- Quantum was awarded a contract to develop a hydrogen-fueled Ford
Escape Hybrid vehicle for the U.S. Army National Automotive Center
* Nissan and Quantum Partner on Second Stage Manufacturing Program
- Quantum, through its subsidiary Tecstar Automotive Group, received a
letter of intent from Nissan North America, Inc. for the production of
the special edition Nissan Titan Onyx. The special edition vehicle
will be based on the concept version of Nissan"s popular full-size
Titan pickup unveiled at the Chicago Auto Show on February 8, 2006.
Working together with Nissan, Tecstar designed the Titan Onyx to add a
new level of visual appeal for customers who seek higher levels of
Quantum is a leader in powertrain engineering, system integration, and manufacturing of packaged fuel systems and accessories for specialty vehicles and applications, including fuel cells, hybrids, alternative fuels, hydrogen refueling, new body styles, mid-cycle vehicle product enhancements, and high performance engines and drive trains for OEMs and consumers of specialty equipment parts and accessories. Quantum also designs and manufactures hybrid and fuel cell vehicles.
Quantum has product commercialization alliances with General Motors, AM General, and Sumitomo. Quantum"s customer base includes General Motors, Toyota, Opel, Hyundai, Suzuki, Ford, DaimlerChrysler, Sunline, Yamaha, AeroVironment, and the U.S. Army.
More information can be found about Quantum"s products and services at www.qtww.com.
Quantum is a member of the Russell 2000® and Russell 3000® indexes.
For more information regarding Quantum, please contact:
©2006 Quantum Fuel Systems Technologies Worldwide, Inc.
Advanced Technology Center
17872 Cartwright Road, Irvine, CA 92614
Phone 949-399-4500 Fax 949-399-4600
Source: Quantum Fuel Systems Technologies Worldwide, Inc.