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31.7.2006: Meldung: Quantum Technologies: Fiscal 2006 Financial Results
IRVINE, Calif., July 28 / 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 fourth quarter and year ended April 30, 2006. Conference call information is provided below.
Total revenue increased 23% in the fourth quarter of fiscal 2006, reaching $46.2 million compared to $37.6 million in the fourth quarter of fiscal 2005. This increase in overall revenue is a result of the inclusion of Tecstar Automotive Group"s operations for the entire quarter, which contributed $39.2 million to consolidated revenues in the fiscal 2006 fourth quarter compared to $31.3 million in the fourth quarter of fiscal 2005. The fiscal 2005 fourth quarter revenues for Tecstar represent the period from March 4, 2005 through April 30, 2005.
The Company"s operating loss increased from $4.5 million in the fourth quarter of fiscal 2005 to $14.5 million in the fourth quarter of fiscal 2006. The Tecstar Automotive Group operating segment loss was $9.7 million, the Quantum Fuel Systems operating segment loss was $2.3 million and the Corporate segment loss was $2.5 million. The Tecstar Automotive Group operating segment loss included $3.4 million in operating losses from its paint operation in Canada, Concord Coatings, based on operational charges and impairment of assets identified during the fourth quarter. The Company"s net loss increased from $4.4 million, or $0.10 a share, in the fourth quarter of fiscal 2005 to $14.5 million, or $0.27 a share, in the fourth quarter of fiscal 2006.
Quantum Fuel Systems operating segment revenues during the quarter were $7.0 million compared to $6.3 million in the fourth quarter of fiscal 2005, representing an 11% increase. This segment had an operating loss of $2.3 million compared to an operating loss of $2.6 million in the fourth quarter of fiscal 2005. This decrease was primarily a result of higher product sales.
Tecstar Automotive Group operating segment revenues during the quarter were $39.2 million. Product sales for the Tecstar Automotive Group totaled $37.4 million, consisting of $19.9 million in second-stage automotive assembly and conversion revenues, $13.2 million in automotive OEM accessory parts revenues, and other product sales of $4.3 million. Cost of product sales for the Tecstar Automotive Group was $37.6 million in the fourth quarter of fiscal 2006. Contract revenue for the Tecstar Automotive Group was $1.8 million for the fourth quarter of fiscal 2006.
Fiscal 2006 Results
For the fiscal year ended April 30, 2006, the Company reported consolidated revenues of $192.7 million, or a 255% increase compared to fiscal 2005 revenues of $54.3 million. The increase is primarily driven by the addition of the Tecstar Automotive Group segment revenues. Tecstar Automotive Group"s operations contributed $172.9 million to consolidated revenues and $11.4 million in operating loss for fiscal 2006, which includes a $4.4 million loss related to the paint operations in Canada. Tecstar contributed revenues of $31.3 million during the March 4, 2005 to April 30, 2005 period. The Quantum Fuel Systems segment had revenues of $19.8 million and an operating loss of $13.4 million for fiscal 2006 compared to revenues of $23.0 million and an operating loss of $8.1 million for fiscal 2005. The Corporate segment loss increased from $6.0 million in fiscal 2005 to $9.9 million in fiscal 2006.
During fiscal 2006, the Quantum Fuel System segment product sales decreased $1.9 million, or 18%, from $10.7 million in fiscal 2005 to $8.8 million in fiscal 2006. Product sales consist of the Company"s hydrogen fuel metering and fuel storage systems for Toyota Motor Corporation"s fuel cell SUV platform and bus platform, and sales associated with General Motors" mid-size automobiles and pick-up trucks equipped with the Company"s bi-fuel and compressed natural gas fuel systems. This decrease is primarily a result of lower fuel cell SUV platform orders and the completion of units shipped in fiscal 2005 for the previous generation of our fuel system for Toyota"s fuel cell SUV platform. During the fourth quarter of fiscal 2006, Quantum began shipping the current generation of hydrogen fuel storage systems for Toyota"s bus platform. Sales related to compressed natural gas fuel systems increased $2.1 million, or 35.0%, from $6.0 million in fiscal 2005 to $8.1 million in fiscal 2006. The Quantum Fuel Systems segment increase in operating loss is primarily a result of decreased sales volume related to our hydrogen fuel systems and higher research and development expenses associated with production-intent development contracts, which requires additional system engineering, testing and validation.
During fiscal 2006, depreciation and amortization expense was $10.5 million compared to $5.6 million during fiscal 2005. The Company"s net loss increased from $13.1 million, or $0.37 a share, for fiscal 2005 to $35.5 million, or $0.67 a share, for fiscal 2006.
Alan P. Niedzwiecki, President and CEO, stated, "Our overall operating performance during the fourth quarter and the full fiscal year was affected by the downturn in vehicle sales and the end of a model year for several vehicle platforms offered by our largest customer, General Motors. Fiscal 2006 was also a transitional year, marked by strategic activities to establish the go forward foundation of the business. These activities include the acquisitions of Regency Conversions, Empire Coach, the acquisition of a controlling interest in Advanced Lithium Power, and the strategic formation and evolvement of Amstar and Unique Performance. Our product and technology portfolio has been enhanced by the advancement of our fuel systems and hybrid systems under funded program development work with the US military, automobile companies and other government agency funding. The lithium ion battery technology combined with our electronic and software capabilities positions us to leverage our capabilities within hybrid systems, hydrogen engine and hydrogen fuel cell vehicles, refueling technology and other applications including the renewable energy markets."
Mr. Niedzwiecki added, "We are pleased with the sequential revenue growth during the quarter for the Quantum Fuel Systems segment as it represents our recent progress in early stage development, production and second-stage assembly of advanced fuel systems for fuel cell, hybrid and other hydrogen based vehicles. We are especially excited about the development and delivery of hydrogen hybrids vehicles during the year to cities across Southern California in support of the California Hydrogen Highway Initiative. The objective of this effort, funded by the South Coast Air Quality Management District, is to stimulate the early demand for hydrogen, expedite the development of infrastructure, and provide a bridge to fuel cell vehicles. We believe this program will help expedite the expansion of a hydrogen infrastructure and bridge the technology gap between conventional gasoline vehicles and fuel cell vehicles, as this technology of the future is being commercialized."
Mr. Niedzwiecki continued "Quantum now offers more models of hydrogen vehicles than any Company in the world. We were recently awarded contracts from Norway and other government agencies to deliver additional hydrogen vehicles. The overall objectives of the these programs are to demonstrate the commercial viability of hydrogen energy production, hydrogen"s use in the transportation sector, and the development of a hydrogen infrastructure."
For more information regarding Quantum, please contact:
Dale Rasmussen
Investor Relations
+1-206-315-8242
Email: [email protected]
© 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.
Total revenue increased 23% in the fourth quarter of fiscal 2006, reaching $46.2 million compared to $37.6 million in the fourth quarter of fiscal 2005. This increase in overall revenue is a result of the inclusion of Tecstar Automotive Group"s operations for the entire quarter, which contributed $39.2 million to consolidated revenues in the fiscal 2006 fourth quarter compared to $31.3 million in the fourth quarter of fiscal 2005. The fiscal 2005 fourth quarter revenues for Tecstar represent the period from March 4, 2005 through April 30, 2005.
The Company"s operating loss increased from $4.5 million in the fourth quarter of fiscal 2005 to $14.5 million in the fourth quarter of fiscal 2006. The Tecstar Automotive Group operating segment loss was $9.7 million, the Quantum Fuel Systems operating segment loss was $2.3 million and the Corporate segment loss was $2.5 million. The Tecstar Automotive Group operating segment loss included $3.4 million in operating losses from its paint operation in Canada, Concord Coatings, based on operational charges and impairment of assets identified during the fourth quarter. The Company"s net loss increased from $4.4 million, or $0.10 a share, in the fourth quarter of fiscal 2005 to $14.5 million, or $0.27 a share, in the fourth quarter of fiscal 2006.
Quantum Fuel Systems operating segment revenues during the quarter were $7.0 million compared to $6.3 million in the fourth quarter of fiscal 2005, representing an 11% increase. This segment had an operating loss of $2.3 million compared to an operating loss of $2.6 million in the fourth quarter of fiscal 2005. This decrease was primarily a result of higher product sales.
Tecstar Automotive Group operating segment revenues during the quarter were $39.2 million. Product sales for the Tecstar Automotive Group totaled $37.4 million, consisting of $19.9 million in second-stage automotive assembly and conversion revenues, $13.2 million in automotive OEM accessory parts revenues, and other product sales of $4.3 million. Cost of product sales for the Tecstar Automotive Group was $37.6 million in the fourth quarter of fiscal 2006. Contract revenue for the Tecstar Automotive Group was $1.8 million for the fourth quarter of fiscal 2006.
Fiscal 2006 Results
For the fiscal year ended April 30, 2006, the Company reported consolidated revenues of $192.7 million, or a 255% increase compared to fiscal 2005 revenues of $54.3 million. The increase is primarily driven by the addition of the Tecstar Automotive Group segment revenues. Tecstar Automotive Group"s operations contributed $172.9 million to consolidated revenues and $11.4 million in operating loss for fiscal 2006, which includes a $4.4 million loss related to the paint operations in Canada. Tecstar contributed revenues of $31.3 million during the March 4, 2005 to April 30, 2005 period. The Quantum Fuel Systems segment had revenues of $19.8 million and an operating loss of $13.4 million for fiscal 2006 compared to revenues of $23.0 million and an operating loss of $8.1 million for fiscal 2005. The Corporate segment loss increased from $6.0 million in fiscal 2005 to $9.9 million in fiscal 2006.
During fiscal 2006, the Quantum Fuel System segment product sales decreased $1.9 million, or 18%, from $10.7 million in fiscal 2005 to $8.8 million in fiscal 2006. Product sales consist of the Company"s hydrogen fuel metering and fuel storage systems for Toyota Motor Corporation"s fuel cell SUV platform and bus platform, and sales associated with General Motors" mid-size automobiles and pick-up trucks equipped with the Company"s bi-fuel and compressed natural gas fuel systems. This decrease is primarily a result of lower fuel cell SUV platform orders and the completion of units shipped in fiscal 2005 for the previous generation of our fuel system for Toyota"s fuel cell SUV platform. During the fourth quarter of fiscal 2006, Quantum began shipping the current generation of hydrogen fuel storage systems for Toyota"s bus platform. Sales related to compressed natural gas fuel systems increased $2.1 million, or 35.0%, from $6.0 million in fiscal 2005 to $8.1 million in fiscal 2006. The Quantum Fuel Systems segment increase in operating loss is primarily a result of decreased sales volume related to our hydrogen fuel systems and higher research and development expenses associated with production-intent development contracts, which requires additional system engineering, testing and validation.
During fiscal 2006, depreciation and amortization expense was $10.5 million compared to $5.6 million during fiscal 2005. The Company"s net loss increased from $13.1 million, or $0.37 a share, for fiscal 2005 to $35.5 million, or $0.67 a share, for fiscal 2006.
Alan P. Niedzwiecki, President and CEO, stated, "Our overall operating performance during the fourth quarter and the full fiscal year was affected by the downturn in vehicle sales and the end of a model year for several vehicle platforms offered by our largest customer, General Motors. Fiscal 2006 was also a transitional year, marked by strategic activities to establish the go forward foundation of the business. These activities include the acquisitions of Regency Conversions, Empire Coach, the acquisition of a controlling interest in Advanced Lithium Power, and the strategic formation and evolvement of Amstar and Unique Performance. Our product and technology portfolio has been enhanced by the advancement of our fuel systems and hybrid systems under funded program development work with the US military, automobile companies and other government agency funding. The lithium ion battery technology combined with our electronic and software capabilities positions us to leverage our capabilities within hybrid systems, hydrogen engine and hydrogen fuel cell vehicles, refueling technology and other applications including the renewable energy markets."
Mr. Niedzwiecki added, "We are pleased with the sequential revenue growth during the quarter for the Quantum Fuel Systems segment as it represents our recent progress in early stage development, production and second-stage assembly of advanced fuel systems for fuel cell, hybrid and other hydrogen based vehicles. We are especially excited about the development and delivery of hydrogen hybrids vehicles during the year to cities across Southern California in support of the California Hydrogen Highway Initiative. The objective of this effort, funded by the South Coast Air Quality Management District, is to stimulate the early demand for hydrogen, expedite the development of infrastructure, and provide a bridge to fuel cell vehicles. We believe this program will help expedite the expansion of a hydrogen infrastructure and bridge the technology gap between conventional gasoline vehicles and fuel cell vehicles, as this technology of the future is being commercialized."
Mr. Niedzwiecki continued "Quantum now offers more models of hydrogen vehicles than any Company in the world. We were recently awarded contracts from Norway and other government agencies to deliver additional hydrogen vehicles. The overall objectives of the these programs are to demonstrate the commercial viability of hydrogen energy production, hydrogen"s use in the transportation sector, and the development of a hydrogen infrastructure."
For more information regarding Quantum, please contact:
Dale Rasmussen
Investor Relations
+1-206-315-8242
Email: [email protected]
© 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.