Quantum Technologies reports quarterly results

Quantum Fuel Systems Technologies has reported results for the three and nine month periods ended January 31, 2009.

Third Quarter Operating Results

Total revenue in the third quarter of fiscal 2009 was $5.9 million compared to $7.1 million in the third quarter of fiscal 2008, a net decrease of 17%. The decrease in consolidated net revenue is primarily related to a decline in product shipments and engineering services provided to General Motors in fiscal 2009 compared to fiscal 2008. The Company's consolidated operating loss increased from $3.8 million in the third quarter of fiscal 2008 to $11.9 million in the third quarter of fiscal 2009. The increase was primarily due to the lower revenue base and a non-cash charge of $5.8 million recorded in the third quarter of fiscal 2009 for the impairment of the unamortized balance of the intangible asset associated with our Strategic Alliance Agreement with General Motors.

The Quantum Fuel Systems operating segment loss increased $7.7 million from $1.4 million in the third quarter of fiscal 2008 to $9.1 million in the third quarter of fiscal 2009. The increase is primarily due to the impairment of the intangible asset in the third quarter of fiscal 2009 and a lower level of revenues. Corporate segment expenses increased $0.3 million, from $2.5 million in the third quarter of fiscal 2008 to $2.8 million in the third quarter of fiscal 2009. The shared-based compensation expense related to FAS 123R was $0.4 million and depreciation and amortization expense was $0.9 million during the third quarter of fiscal 2009.

Contract revenue for the Quantum Fuel Systems segment increased $1.1 million, or 24%, from $4.6 million in the third quarter of fiscal 2008 to $5.7 million in the third quarter of fiscal 2009. The increase was primarily due to higher development program revenues related to development of the "Q Drive" propulsion system for the Company's affiliate - Fisker Automotive. This increase was partially offset by a decline in hydrogen and fuel cell system programs with General Motors. Other hybrid and plug-in hybrid development programs, military programs and other advanced hybrid propulsion system development programs were comparable for the third quarter of fiscal 2008 and 2009.

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 nine month periods ending January 31, 2008.

The Company's net loss from continuing operations increased from $3.8 million, or $0.05 a share, in the third quarter of fiscal 2008 to $13.6 million, or $0.14 a share, in the third quarter of fiscal 2009. The Company's net loss increased from $1.4 million, or $0.02 a share, in the third quarter of fiscal 2008 to $13.6 million, or $0.14 a share, in the third quarter of fiscal 2009.

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Source: Fuel Cell Today