Quantum Fuel System develops and produces hybrid propulsion systems, energy storage technologies, alternative fuel vehicles and applications including hybrid, plug-in hybrid, and hydrogen and owner of an emerging portfolio of renewable energy farms.
The commpany reported finacial results earlier this month :
First Quarter Fiscal 2012 Operating Results
Revenues increased $3.2 million, or 90%, from $3.6 million in the first quarter of fiscal 2011 to $6.8 million in the first quarter of fiscal 2012. The increase in revenue is primarily due to increased product shipments to Fisker Automotive of components related to our Q-Drive™ hybrid drive systems. Our overall operating loss for the first quarter increased $0.7 million, from $4.6 million in the first quarter of fiscal 2011 to $5.3 million in the first quarter of fiscal 2012. The increase in operating loss for the first quarter of fiscal 2012 was primarily due to a one-time charge of $1.8 million for a facility exit obligation related to a sublease agreement entered into during the first quarter of fiscal 2012 and a $0.9 million impairment of long-lived assets related to solar equipment. This was partially offset by a $2.1 million improvement in operating income within the Electric Drive & Fuel Systems operating segment.
Revenues for our Electric Drive & Fuel Systems segment increased $3.4 million, from $3.3 million in the first quarter of fiscal 2011 to $6.7 million in the first quarter of fiscal 2012. Revenue from product sales for this segment increased $2.6 million, or 433%, from $0.6 million in the first quarter of fiscal 2011 to $3.2 million in the first quarter of 2012, due to product shipments to Fisker Automotive and increased shipments of high pressure fuel storage systems for natural gas applications. Contract revenue for this segment increased $0.8 million, or 30%, from $2.7 million in the first quarter of fiscal 2011 to $3.5 million in the first quarter of fiscal 2012. Contract revenue is derived primarily from system development, application engineering and qualification testing of our products and systems under funded contracts with OEMs and government agencies. This segment had $0.2 million in operating income during the first quarter of fiscal 2012 compared to a $1.9 million operating loss during the same period in the prior fiscal year. The significant improvement in operating performance was primarily due to the higher revenues and improved product margins during the current quarter.
Revenues for our Renewable Energy segment include energy sales related to Schneider Power's Providence Bay wind farm and revenue from construction management services on other projects. Revenues for this segment were $0.1 million for the first quarter of fiscal 2012 compared to $0.2 million in the first quarter of fiscal 2011. The operating loss for this segment was $0.6 million in the first quarter of fiscal 2012 compared to a loss of $0.4 million in the first quarter of fiscal 2011.
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1 comment:
Quantum fuel systems sounds great.
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