12.08.03

12.8.2003: Meldung: Stuart Energy: Results For Quarter Ended June 30, 2003

Stuart Energy Announces Results For Quarter Ended June 30, 2003

TORONTO-- Aug. 8, 2003--Stuart Energy Systems Corporation (TSX: HHO - News) announced today its consolidated financial results for the first quarter ended June 30, 2003.

Total sales revenue for the quarter increased to $3.0 million, up 338% compared to the first quarter of fiscal 2003. Sales of Hydrogen Energy Station (HES) products, including vehicle fueling systems, remained strong, generating $1.3 million, while the Company"s traditional industrial business continued to rebound with strong performance, due in part to expanded marketing relationships with the world"s largest industrial gas companies.

The net loss for the first quarter was $7.3 million or $0.26 per share compared to $6.5 million or $0.31 per share for the same quarter of fiscal 2003. Cost of product sales and service exceeded sales revenue by $223,000 in this quarter, an improvement compared to $1.1 million in the same quarter of last year due to increased revenues and improved margins on commercial projects. Net cash outflows were $10 million during the first quarter compared to $11.4 million in the same period a year ago. At June 30, 2003 the Company had cash, cash equivalents and marketable securities on hand of $56.3 million. Cash outflows included $7.0 million to fund operations and capital expenditures, and $3.0 million to fund working capital mainly related to reducing accounts payable.

"I am pleased to report that Stuart Energy achieved sales revenue growth for the third consecutive quarter," said Jon Slangerup, President and CEO of Stuart Energy. "Based on a robust and expanding order book for our hydrogen products extending well into fiscal 2004, we believe we are on track to deliver on our corporate milestone of triple-digit revenue growth for this fiscal year. I am satisfied with our improved cash management during the quarter and I remain committed to achieving our challenging milestone of cutting cash burn in half this year compared to fiscal 2003, excluding the cost of acquiring Vandenborre Technologies last year."

During the first quarter of fiscal 2004, Stuart Energy delivered HES systems to the cities of Amsterdam and Barcelona for the Clean Urban Transport Europe (CUTE) hydrogen bus program, bringing its involvement to a total of three of the four electrolytic fueling stations in the CUTE program. This brings to 15 the number of HES fueling and power systems installed or on order in North America, Europe and Asia Pacific to date.

After only four months since the integration of Stuart Energy and Vandenborre Technologies began, the first HES system incorporating technologies and expertise from both companies was shipped to a customer. This project successfully passed its factory acceptance test with the customer in attendance, and demonstrates the speed in which the integrated companies have aligned as one team to realize substantial technical and operational synergies.
In June 2003, Vandenborre Technologies signed a development, marketing and sales agency agreement with Shell Hydrogen for a home fueler, which is being developed as part of Stuart Energy"s Personal Energy Station (PES) product line. The PES is a small version of the commercial HES that is expected to redefine how energy is sourced, produced and distributed on a personal basis. A fully-configured PES system consists of a small-scale hydrogen generator, based on the Company"s proprietary electrolysis technology, which is integrated with hydrogen storage, dispensing and power generation modules to enable home hydrogen fuel production and/or power generation. Like the HES, the PES generates zero on-site emissions, and when connected to renewable sources of electricity, represents the ultimate emission-free pathway to hydrogen production and energy applications.

Source: Stuart Energy
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