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Quantum Fuel Systems: Fiscal 2009 Second Quarter Financial Results
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Quantum Fuel Systems Technologies Worldwide, Inc., a leader in the development and production of advanced propulsion systems, energy storage technologies, and alternative fuel vehicles and applications including hybrid, plug-in hybrid, hydrogen, and alternative fuel vehicles, reported results for the three and six month periods ended October 31, 2008. Conference call information is provided below.
Second Quarter Operating Results
Total revenue in the second quarter of fiscal 2009 was $7.4 million compared to $6.2 million in the second quarter of fiscal 2008, a net increase of 19%. The increase in consolidated net revenue was due to higher development program revenues, partially offset by lower product sales. The Company's consolidated operating loss decreased from $4.6 million in the second quarter of fiscal 2008 to $2.7 million in the second quarter of fiscal 2009. The decrease was primarily due to the higher revenue base and in part to a gain recognized during the second quarter of fiscal 2009 in the Quantum Fuel Systems segment related to an insurance settlement associated with facility damages and costs stemming from a flooding incident occurring in September 2007.
The Quantum Fuel Systems operating segment loss decreased $1.9 million, or 95%, from $2.0 million in the second quarter of fiscal 2008 to $0.1 million in the second quarter of fiscal 2009. Corporate segment expenses increased $0.1 million, from $2.5 million in the second quarter of fiscal 2008 to $2.6 million in the second quarter of fiscal 2009. The shared-based compensation expense related to FAS 123R was $0.5 million and depreciation and amortization expense was $0.9 million during the second quarter of fiscal 2009.
Contract revenue for the Quantum Fuel Systems segment increased $4.1 million, or 141%, from $2.9 million in the second quarter of fiscal 2008 to $7.0 million in the second quarter of fiscal 2009. The increase was primarily due to higher development program revenues related to development of the "Q Drive" powertrain system for the Company's affiliate - Fisker Automotive. Other hybrid and plug-in hybrid development programs, military programs and other advanced propulsion system development programs were comparable for the second quarter of fiscal 2008 and 2009. Product sales for the Quantum Fuel Systems segment decreased $2.9 million, or 88%, from $3.3 million in the second quarter of fiscal 2008 to $0.4 million in the second quarter of fiscal 2009. The decrease was primarily the result of the completion of the GM Equinox program which occurred in the fourth quarter of fiscal 2008.
Asola, Quantum's German solar affiliate, recorded in equity in earnings of affiliates, had revenues of approximately $15.5 million and net income of $0.7 million during the second quarter of fiscal 2009.
Other income during the quarter ended October 31, 2008 related to the recognition of a life insurance claim resulting from the death of Quantum's Chief Operating Officer who had been on medical leave since December 2007.
The Tecstar Automotive Group business segment ceased operations on January 16, 2008 upon transfer of substantially all of its assets to an affiliate of our lender. Accordingly, the activities of the Tecstar Automotive Group reporting segment are reported as discontinued operations for the three and six month periods ending October 31, 2007.
The Company's net loss from continuing operations decreased from $4.6 million, or $0.06 a share, in the second quarter of fiscal 2008 to $1.3 million, or $0.01 a share, in the second quarter of fiscal 2009. The Company's net loss decreased from $12.1 million, or $0.15 a share, in the second quarter of fiscal 2008 to $1.3 million, or $0.01 a share, in the second quarter of fiscal 2009.
Six Month Results
For the six month period ended October 31, 2008, the Company reported revenues of $11.1 million compared to revenues of $9.7 million for the six month period ended October 31, 2007. Contract revenues increased $5.5 million, or 110%, from $5.0 million in the first half of fiscal 2008 to $10.5 million in the first half of fiscal 2009. The increase was due primarily to an increased level of system development and application engineering of our hybrid propulsion systems under funded automotive OEM contracts, and other funded contract work with the United States military and other government agencies. The operating loss for the Quantum Fuel Systems segment decreased $1.5 million, or 31%, from $4.9 million in the first half of fiscal 2008 to $3.4 million in the first half of fiscal 2009.
Corporate segment expenses increased $0.1 million from $5.4 million in the first half of fiscal 2008 to $5.5 million in the first half of fiscal 2009. Corporate segment expenses reflect the general and administrative expenses that indirectly support our ongoing Quantum Fuel Systems operating segment and our anticipated future operating segments. Corporate segment expenses consist primarily of personnel costs, share-based compensation costs, and related general and administrative costs for executive, finance, legal, human resources, investor relations and our board of directors. Included in operating expenses are $1.5 million and $1.1 million of share-based compensation for the first half of fiscal 2008 and 2009, respectively.
The Company's consolidated operating loss decreased from $10.3 million in the first half of fiscal 2008 to $8.9 million in the first half of fiscal 2009. During the first half of fiscal 2009, depreciation and amortization expense was $1.8 million. Cash used from operations during the first half of fiscal 2009 was $7.6 million which included $3.8 million in prepayments on a solar cell contract.
The May 2008 replacement of the Company's debt instruments resulted in a total non-cash charge - loss on modification of debt - of $39.8 million which was recorded during the first quarter of fiscal 2009 and is included in loss from continuing operations for the six month period in fiscal 2009. The charge represents the difference between the carrying balance of the notes and the estimated fair values of the notes, as amended, as of the date of such amendment. Since the implied premium totaling $39.8 million is presumed to represent equity in accordance with Accounting Principals Board (APB) 14, "Accounting for Convertible Debt," the implied premium is recorded as additional paid-in-capital under stockholders' equity.
The Company's net loss from continuing operations increased from $10.4 million, or $0.14 a share, in the first half of fiscal 2008 to $48.5 million, or $0.56 a share, in the first half of fiscal 2009. The Company's net loss decreased from $79.0 million, or $1.05 a share, in the first half of fiscal 2008 to $48.5 million, or $0.56 a share, in the first half of fiscal 2009.
Alan P. Niedzwiecki, President and CEO, stated, "The operating results during the second quarter were positively impacted by strong development program activity, primarily related to the Fisker Karma luxury premium hybrid vehicle program and other customer funded hybrid vehicle development programs. While we remain highly focused on the Fisker Karma program, many opportunities are developing that will allow us to leverage our clean-energy technology portfolio, including electric and hybrid propulsion system technology, natural gas systems, and hydrogen hybrid systems. We continue to make strides through integrating our technologies into vehicle refueling, vehicle recharging and renewable energy applications. We were excited to see the recent legislation allowing for up to a $7,500 credit to purchasers of plug-in hybrid vehicles and are expecting additional legislation in 2009 that will support 'green vehicle' and renewable energy technologies."
Quantum Fuel Systems Technologies Worldwide, Inc.
Condensed Statement of Operations
Three Months Ended Six Months Ended
October 31, October 31,
----------- -----------
2007 2008 2007 2008
---- ---- ---- ----
Revenue:
Net product
sales $3,259,890 $384,548 $4,715,273 $598,261
Contract
revenue from
affiliate - 4,213,148 - 4,997,441
Contract
revenue from
non-affiliates 2,916,517 2,806,477 4,970,421 5,539,161
--------- --------- --------- ---------
Total revenue 6,176,407 7,404,173 9,685,694 11,134,863
Costs and expenses:
Cost of
product sales 2,544,064 422,544 4,135,117 1,076,252
Research and
development 3,820,007 6,774,090 7,015,518 11,393,532
Selling, general
and
administrative 3,944,482 2,451,686 7,992,101 6,699,126
Amortization of
intangibles 418,962 414,944 837,732 829,888
------- ------- ------- -------
Total
costs and
expenses 10,727,515 10,063,264 19,980,468 19,998,798
---------- ---------- ---------- ----------
Operating loss (4,551,108) (2,659,091) (10,294,774) (8,863,935)
Interest
expense, net (503,676) (869,696) (949,963) (1,993,968)
Loss on early
extinguishment
of debt - - - (39,763,016)
Minority
interest in
losses of
subsidiary 447,826 - 821,448 -
Equity in
earnings of
affiliates,
net - 182,000 - 121,250
Other income
(expense), net (4,114) 2,000,000 (11,720) 1,999,751
------ --------- ------- ---------
Loss from
continuing
operations
before income
taxes (4,611,072) (1,346,787) (10,435,009) (48,499,918)
Income tax
expense (400) (400) (800) (800)
---- ---- ---- ----
Net loss from
continuing
operations (4,611,472) (1,347,187) (10,435,809) (48,500,718)
Loss from
discontinued
operations,
net of tax
effects (7,525,498) - (68,546,731) -
---------- --- ----------- ---
Net loss $(12,136,970) $(1,347,187) $(78,982,540) $(48,500,718)
============ =========== ============ ============
Per share data
- basic and
diluted:
Loss from
continuing
operations $(0.06) $(0.01) $(0.14) $(0.56)
Loss from
discontinued
operations (0.09) - (0.91) -
----- --- ----- ---
Net loss $(0.15) $(0.01) $(1.05) $(0.56)
====== ====== ====== ======
Number of shares
used in per
share calculation
- basic and
diluted 78,552,368 92,070,234 74,951,825 86,005,940
========== ========== ========== ==========
Cash Flow
Information for
Continuing
Operations:
----------------
Depreciation and
amortization $938,664 $886,978 $1,822,306 $1,823,055
Net cash used in
operating
activities (5,020,851) (6,158,448) (11,436,891) (7,591,367)
Net cash used in
investing
activities (3,721,203) (4,502,204) (12,883,394) (8,167,257)
Net cash
provided by
financing
activities 9,086,979 17,224,447 23,196,258 25,310,027
April 30, October 31,
2008 2008
---- ----
Balance Sheet Information:
--------------------------
Cash and cash equivalents $6,023,715 $15,575,118
Current assets 22,741,528 30,778,726
Property & equipment, net 3,852,566 6,588,656
Goodwill & intangibles, net 37,420,606 36,590,718
Total assets 68,785,620 84,850,231
Current liabilities 21,812,829 36,307,928
Long-term debt 33,623,598 11,041,427
Stockholders' equity 13,349,193 37,500,876
About Quantum
Quantum Fuel Systems Technologies Worldwide, Inc., a fully integrated alternative energy company, is a leader in the development and production of advanced propulsion systems, energy storage technologies, and alternative fuel vehicles. Quantum's portfolio of technologies includes advanced lithium-ion battery systems, electronic controls, hybrid electric drive systems, hydrogen storage and metering systems, and alternative fuel technologies that enable fuel efficient, low emission hybrid, plug-in hybrid electric, fuel cell, and alternative fuel vehicles. Quantum's powertrain engineering, system integration, vehicle manufacturing, and assembly capabilities provide fast-to-market solutions to support the production of hybrid and plug-in hybrid, hydrogen-powered hybrid, fuel cell, alternative fuel, and specialty vehicles, as well as modular, transportable hydrogen refueling stations. Quantum's customer base includes automotive OEMs, dealer networks, fleets, aerospace industry, military and other government entities, and other strategic alliance partners.
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.
Forward-Looking Statements
Statements in this document regarding future financial and operating results, future growth in customers and development programs, the development and commercialization of fuel cell vehicles and hybrids, anticipated legislation, solar and other clean technology opportunities, new or expanded customer contracts, the commitment of OEMs and other entities to the hydrogen economy, future opportunities for Quantum, the disposal of Tecstar and any other statements about the future expectations, beliefs, goals, plans, or prospects expressed by management constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Any statements that are not statements of historical fact (including but not limited to statements containing the words "will," "believes," "plans," "anticipates," "expects," "estimates," and similar expressions) should also be considered to be forward-looking statements. There are a number of important factors that could cause actual results or events to differ materially from those indicated by such forward-looking statements, including: variations in pricing, engineering and material costs, development costs, other general costs and expenses; our ability to successfully transition into new OEM-level programs and other new model platforms with our OEM customers; costs and potential litigation associated with our acquisitions or the sale or restructure of Tecstar; the ability to retain key personnel; the Company's ability to successfully execute its business strategies; growth of the alternative fuel and hybrid vehicle markets; the levels of commitment by OEMs, governments and other entities to the commercialization of hybrid vehicles and technologies; our dependence on a concentrated number of customers for a substantial majority of our revenues; the timing of product cycles for our OEM customers; delays in the development of a commercial market for our products; our reliance on a limited number of suppliers for raw materials used in our products; shortages of raw materials; competitive conditions in the industry; business cycles affecting the markets in which the Company conducts business; government support and funding of hydrogen initiatives; and economic conditions generally. Additional factors may be found in Quantum's Form 10-K for the year ended April 30, 2008 and in the other documents filed by Quantum with the Securities and Exchange Commission.
Forward-looking statements are based on the beliefs, opinions, and expectations of the Company's management as of the date of this press release, and the Company does not assume any obligation to update its forward-looking statements if those beliefs, opinions, expectations, or other circumstances should change.
For more information regarding Quantum, please contact:
Investor Relations
Dale Rasmussen
+1-206-315-8242
Email: [email protected]
Source: Quantum Fuel Systems Technologies Worldwide, Inc.
Quantum Fuel Systems Technologies Worldwide, Inc., a leader in the development and production of advanced propulsion systems, energy storage technologies, and alternative fuel vehicles and applications including hybrid, plug-in hybrid, hydrogen, and alternative fuel vehicles, reported results for the three and six month periods ended October 31, 2008. Conference call information is provided below.
Second Quarter Operating Results
Total revenue in the second quarter of fiscal 2009 was $7.4 million compared to $6.2 million in the second quarter of fiscal 2008, a net increase of 19%. The increase in consolidated net revenue was due to higher development program revenues, partially offset by lower product sales. The Company's consolidated operating loss decreased from $4.6 million in the second quarter of fiscal 2008 to $2.7 million in the second quarter of fiscal 2009. The decrease was primarily due to the higher revenue base and in part to a gain recognized during the second quarter of fiscal 2009 in the Quantum Fuel Systems segment related to an insurance settlement associated with facility damages and costs stemming from a flooding incident occurring in September 2007.
The Quantum Fuel Systems operating segment loss decreased $1.9 million, or 95%, from $2.0 million in the second quarter of fiscal 2008 to $0.1 million in the second quarter of fiscal 2009. Corporate segment expenses increased $0.1 million, from $2.5 million in the second quarter of fiscal 2008 to $2.6 million in the second quarter of fiscal 2009. The shared-based compensation expense related to FAS 123R was $0.5 million and depreciation and amortization expense was $0.9 million during the second quarter of fiscal 2009.
Contract revenue for the Quantum Fuel Systems segment increased $4.1 million, or 141%, from $2.9 million in the second quarter of fiscal 2008 to $7.0 million in the second quarter of fiscal 2009. The increase was primarily due to higher development program revenues related to development of the "Q Drive" powertrain system for the Company's affiliate - Fisker Automotive. Other hybrid and plug-in hybrid development programs, military programs and other advanced propulsion system development programs were comparable for the second quarter of fiscal 2008 and 2009. Product sales for the Quantum Fuel Systems segment decreased $2.9 million, or 88%, from $3.3 million in the second quarter of fiscal 2008 to $0.4 million in the second quarter of fiscal 2009. The decrease was primarily the result of the completion of the GM Equinox program which occurred in the fourth quarter of fiscal 2008.
Asola, Quantum's German solar affiliate, recorded in equity in earnings of affiliates, had revenues of approximately $15.5 million and net income of $0.7 million during the second quarter of fiscal 2009.
Other income during the quarter ended October 31, 2008 related to the recognition of a life insurance claim resulting from the death of Quantum's Chief Operating Officer who had been on medical leave since December 2007.
The Tecstar Automotive Group business segment ceased operations on January 16, 2008 upon transfer of substantially all of its assets to an affiliate of our lender. Accordingly, the activities of the Tecstar Automotive Group reporting segment are reported as discontinued operations for the three and six month periods ending October 31, 2007.
The Company's net loss from continuing operations decreased from $4.6 million, or $0.06 a share, in the second quarter of fiscal 2008 to $1.3 million, or $0.01 a share, in the second quarter of fiscal 2009. The Company's net loss decreased from $12.1 million, or $0.15 a share, in the second quarter of fiscal 2008 to $1.3 million, or $0.01 a share, in the second quarter of fiscal 2009.
Six Month Results
For the six month period ended October 31, 2008, the Company reported revenues of $11.1 million compared to revenues of $9.7 million for the six month period ended October 31, 2007. Contract revenues increased $5.5 million, or 110%, from $5.0 million in the first half of fiscal 2008 to $10.5 million in the first half of fiscal 2009. The increase was due primarily to an increased level of system development and application engineering of our hybrid propulsion systems under funded automotive OEM contracts, and other funded contract work with the United States military and other government agencies. The operating loss for the Quantum Fuel Systems segment decreased $1.5 million, or 31%, from $4.9 million in the first half of fiscal 2008 to $3.4 million in the first half of fiscal 2009.
Corporate segment expenses increased $0.1 million from $5.4 million in the first half of fiscal 2008 to $5.5 million in the first half of fiscal 2009. Corporate segment expenses reflect the general and administrative expenses that indirectly support our ongoing Quantum Fuel Systems operating segment and our anticipated future operating segments. Corporate segment expenses consist primarily of personnel costs, share-based compensation costs, and related general and administrative costs for executive, finance, legal, human resources, investor relations and our board of directors. Included in operating expenses are $1.5 million and $1.1 million of share-based compensation for the first half of fiscal 2008 and 2009, respectively.
The Company's consolidated operating loss decreased from $10.3 million in the first half of fiscal 2008 to $8.9 million in the first half of fiscal 2009. During the first half of fiscal 2009, depreciation and amortization expense was $1.8 million. Cash used from operations during the first half of fiscal 2009 was $7.6 million which included $3.8 million in prepayments on a solar cell contract.
The May 2008 replacement of the Company's debt instruments resulted in a total non-cash charge - loss on modification of debt - of $39.8 million which was recorded during the first quarter of fiscal 2009 and is included in loss from continuing operations for the six month period in fiscal 2009. The charge represents the difference between the carrying balance of the notes and the estimated fair values of the notes, as amended, as of the date of such amendment. Since the implied premium totaling $39.8 million is presumed to represent equity in accordance with Accounting Principals Board (APB) 14, "Accounting for Convertible Debt," the implied premium is recorded as additional paid-in-capital under stockholders' equity.
The Company's net loss from continuing operations increased from $10.4 million, or $0.14 a share, in the first half of fiscal 2008 to $48.5 million, or $0.56 a share, in the first half of fiscal 2009. The Company's net loss decreased from $79.0 million, or $1.05 a share, in the first half of fiscal 2008 to $48.5 million, or $0.56 a share, in the first half of fiscal 2009.
Alan P. Niedzwiecki, President and CEO, stated, "The operating results during the second quarter were positively impacted by strong development program activity, primarily related to the Fisker Karma luxury premium hybrid vehicle program and other customer funded hybrid vehicle development programs. While we remain highly focused on the Fisker Karma program, many opportunities are developing that will allow us to leverage our clean-energy technology portfolio, including electric and hybrid propulsion system technology, natural gas systems, and hydrogen hybrid systems. We continue to make strides through integrating our technologies into vehicle refueling, vehicle recharging and renewable energy applications. We were excited to see the recent legislation allowing for up to a $7,500 credit to purchasers of plug-in hybrid vehicles and are expecting additional legislation in 2009 that will support 'green vehicle' and renewable energy technologies."
Quantum Fuel Systems Technologies Worldwide, Inc.
Condensed Statement of Operations
Three Months Ended Six Months Ended
October 31, October 31,
----------- -----------
2007 2008 2007 2008
---- ---- ---- ----
Revenue:
Net product
sales $3,259,890 $384,548 $4,715,273 $598,261
Contract
revenue from
affiliate - 4,213,148 - 4,997,441
Contract
revenue from
non-affiliates 2,916,517 2,806,477 4,970,421 5,539,161
--------- --------- --------- ---------
Total revenue 6,176,407 7,404,173 9,685,694 11,134,863
Costs and expenses:
Cost of
product sales 2,544,064 422,544 4,135,117 1,076,252
Research and
development 3,820,007 6,774,090 7,015,518 11,393,532
Selling, general
and
administrative 3,944,482 2,451,686 7,992,101 6,699,126
Amortization of
intangibles 418,962 414,944 837,732 829,888
------- ------- ------- -------
Total
costs and
expenses 10,727,515 10,063,264 19,980,468 19,998,798
---------- ---------- ---------- ----------
Operating loss (4,551,108) (2,659,091) (10,294,774) (8,863,935)
Interest
expense, net (503,676) (869,696) (949,963) (1,993,968)
Loss on early
extinguishment
of debt - - - (39,763,016)
Minority
interest in
losses of
subsidiary 447,826 - 821,448 -
Equity in
earnings of
affiliates,
net - 182,000 - 121,250
Other income
(expense), net (4,114) 2,000,000 (11,720) 1,999,751
------ --------- ------- ---------
Loss from
continuing
operations
before income
taxes (4,611,072) (1,346,787) (10,435,009) (48,499,918)
Income tax
expense (400) (400) (800) (800)
---- ---- ---- ----
Net loss from
continuing
operations (4,611,472) (1,347,187) (10,435,809) (48,500,718)
Loss from
discontinued
operations,
net of tax
effects (7,525,498) - (68,546,731) -
---------- --- ----------- ---
Net loss $(12,136,970) $(1,347,187) $(78,982,540) $(48,500,718)
============ =========== ============ ============
Per share data
- basic and
diluted:
Loss from
continuing
operations $(0.06) $(0.01) $(0.14) $(0.56)
Loss from
discontinued
operations (0.09) - (0.91) -
----- --- ----- ---
Net loss $(0.15) $(0.01) $(1.05) $(0.56)
====== ====== ====== ======
Number of shares
used in per
share calculation
- basic and
diluted 78,552,368 92,070,234 74,951,825 86,005,940
========== ========== ========== ==========
Cash Flow
Information for
Continuing
Operations:
----------------
Depreciation and
amortization $938,664 $886,978 $1,822,306 $1,823,055
Net cash used in
operating
activities (5,020,851) (6,158,448) (11,436,891) (7,591,367)
Net cash used in
investing
activities (3,721,203) (4,502,204) (12,883,394) (8,167,257)
Net cash
provided by
financing
activities 9,086,979 17,224,447 23,196,258 25,310,027
April 30, October 31,
2008 2008
---- ----
Balance Sheet Information:
--------------------------
Cash and cash equivalents $6,023,715 $15,575,118
Current assets 22,741,528 30,778,726
Property & equipment, net 3,852,566 6,588,656
Goodwill & intangibles, net 37,420,606 36,590,718
Total assets 68,785,620 84,850,231
Current liabilities 21,812,829 36,307,928
Long-term debt 33,623,598 11,041,427
Stockholders' equity 13,349,193 37,500,876
About Quantum
Quantum Fuel Systems Technologies Worldwide, Inc., a fully integrated alternative energy company, is a leader in the development and production of advanced propulsion systems, energy storage technologies, and alternative fuel vehicles. Quantum's portfolio of technologies includes advanced lithium-ion battery systems, electronic controls, hybrid electric drive systems, hydrogen storage and metering systems, and alternative fuel technologies that enable fuel efficient, low emission hybrid, plug-in hybrid electric, fuel cell, and alternative fuel vehicles. Quantum's powertrain engineering, system integration, vehicle manufacturing, and assembly capabilities provide fast-to-market solutions to support the production of hybrid and plug-in hybrid, hydrogen-powered hybrid, fuel cell, alternative fuel, and specialty vehicles, as well as modular, transportable hydrogen refueling stations. Quantum's customer base includes automotive OEMs, dealer networks, fleets, aerospace industry, military and other government entities, and other strategic alliance partners.
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.
Forward-Looking Statements
Statements in this document regarding future financial and operating results, future growth in customers and development programs, the development and commercialization of fuel cell vehicles and hybrids, anticipated legislation, solar and other clean technology opportunities, new or expanded customer contracts, the commitment of OEMs and other entities to the hydrogen economy, future opportunities for Quantum, the disposal of Tecstar and any other statements about the future expectations, beliefs, goals, plans, or prospects expressed by management constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Any statements that are not statements of historical fact (including but not limited to statements containing the words "will," "believes," "plans," "anticipates," "expects," "estimates," and similar expressions) should also be considered to be forward-looking statements. There are a number of important factors that could cause actual results or events to differ materially from those indicated by such forward-looking statements, including: variations in pricing, engineering and material costs, development costs, other general costs and expenses; our ability to successfully transition into new OEM-level programs and other new model platforms with our OEM customers; costs and potential litigation associated with our acquisitions or the sale or restructure of Tecstar; the ability to retain key personnel; the Company's ability to successfully execute its business strategies; growth of the alternative fuel and hybrid vehicle markets; the levels of commitment by OEMs, governments and other entities to the commercialization of hybrid vehicles and technologies; our dependence on a concentrated number of customers for a substantial majority of our revenues; the timing of product cycles for our OEM customers; delays in the development of a commercial market for our products; our reliance on a limited number of suppliers for raw materials used in our products; shortages of raw materials; competitive conditions in the industry; business cycles affecting the markets in which the Company conducts business; government support and funding of hydrogen initiatives; and economic conditions generally. Additional factors may be found in Quantum's Form 10-K for the year ended April 30, 2008 and in the other documents filed by Quantum with the Securities and Exchange Commission.
Forward-looking statements are based on the beliefs, opinions, and expectations of the Company's management as of the date of this press release, and the Company does not assume any obligation to update its forward-looking statements if those beliefs, opinions, expectations, or other circumstances should change.
For more information regarding Quantum, please contact:
Investor Relations
Dale Rasmussen
+1-206-315-8242
Email: [email protected]
Source: Quantum Fuel Systems Technologies Worldwide, Inc.