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Benjamin · 11-09-2005, 02:53

Quantum Technologies Reports Fiscal 2006 First Quarter Financial Results

IRVINE, Calif., Sept. 8

Quantum Fuel Systems Technologies Worldwide, Inc. , a leading designer, manufacturer and integrator of packaged 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 first quarter ended July 31, 2005. Conference call information is provided below.

Net revenue reached $47.4 million in the first quarter of fiscal 2006 compared to $6.4 million in the first quarter of fiscal 2005. This increase in overall revenue is a result of the inclusion of Tecstar Automotive Group's operations, which contributed $43.0 million to consolidated revenues in the first quarter.

The Company's net loss increased $5.7 million from $2.4 million in the first quarter of fiscal 2005 to $8.1 million in the first quarter of fiscal 2006 mainly due to increased operating losses incurred in the Quantum Fuel Systems segment as a result of lower product sales and contract revenues, the addition of Tecstar Automotive Group operations which had an operating loss of $1.3 million, and a $1.2 million increase in corporate expenses.

Quantum Fuel Systems operating segment revenues during the quarter were $4.4 million, representing a 31% decrease over the prior year's first quarter, which was $6.4 million. This decrease is primarily due to lower sales of hydrogen fuel metering and fuel storage systems for fuel cell vehicle applications. The decrease is also attributable to lower contract revenue, which was a result of increased cost-to-complete estimates of certain customer funded programs, which impacted the contract revenue recognized during the period based on a percentage completion revenue recognition policy.

Tecstar Automotive Group operating segment revenues during the quarter were $43.0 million, representing an approximate 5% increase on a pro forma basis compared to the first quarter of fiscal 2005. Product sales for the Tecstar Automotive Group totaled $41.2 million during the first quarter of fiscal 2006, consisting of $23.5 million in second-stage automotive manufacturing revenues, $15.5 million in automotive OEM accessory parts revenues, and other product sales of $2.2 million. Cost of product sales for the Tecstar Automotive Group was $37.9 million in the first quarter of fiscal 2006. Contract revenue for the Tecstar Automotive Group was $1.8 million for the first quarter of fiscal 2006.

Alan P. Niedzwiecki, President and CEO, stated, "Although we reported significant revenue growth during the first quarter due to the Tecstar acquisition, we did experience a shortfall in development program revenue. The costs of revenues, particularly on the development programs, were higher than expected and this impacted our overall operating results. The activity on hydrogen-related development programs remains strong and we are optimistic that these programs will result in increased hydrogen fuel system product sales during the second half of fiscal 2006, compared to the first half of fiscal 2006."

Mr. Niedzwiecki added, "We continue our efforts to integrate the two businesses and have made meaningful strides, but also recognize that we need to continue to focus on reducing our operating expenses and cost structure. In terms of business development activities, we believe that we are developing valuable relationships with new OEMs in both our hydrogen and mainstream automotive segments that will lead to new business opportunities. Furthermore, we see the rising price of oil as a major driving factor in our alternative fuels and fuel cell vehicle business, and we believe the demand for our products will increase both domestically and internationally."

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Quantum Fuel Systems Technologies Worldwide downgraded to "buy"

Friday, September 09, 2005

NEW YORK, September 9 (newratings.com) - Analysts at First Albany downgrade Quantum Fuel Systems Technologies Worldwide Inc (QTWW.NAS) from "strong buy" to "buy." The target price has been reduced from $8.00 to $6.50 .

11-09-2005, 02:53	#8
Benjamin TBB Family Registriert seit: Mar 2004 Beiträge: 10.373	Quantum Technologies Reports Fiscal 2006 First Quarter Financial Results IRVINE, Calif., Sept. 8 Quantum Fuel Systems Technologies Worldwide, Inc. , a leading designer, manufacturer and integrator of packaged 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 first quarter ended July 31, 2005. Conference call information is provided below. Net revenue reached $47.4 million in the first quarter of fiscal 2006 compared to $6.4 million in the first quarter of fiscal 2005. This increase in overall revenue is a result of the inclusion of Tecstar Automotive Group's operations, which contributed $43.0 million to consolidated revenues in the first quarter. The Company's net loss increased $5.7 million from $2.4 million in the first quarter of fiscal 2005 to $8.1 million in the first quarter of fiscal 2006 mainly due to increased operating losses incurred in the Quantum Fuel Systems segment as a result of lower product sales and contract revenues, the addition of Tecstar Automotive Group operations which had an operating loss of $1.3 million, and a $1.2 million increase in corporate expenses. Quantum Fuel Systems operating segment revenues during the quarter were $4.4 million, representing a 31% decrease over the prior year's first quarter, which was $6.4 million. This decrease is primarily due to lower sales of hydrogen fuel metering and fuel storage systems for fuel cell vehicle applications. The decrease is also attributable to lower contract revenue, which was a result of increased cost-to-complete estimates of certain customer funded programs, which impacted the contract revenue recognized during the period based on a percentage completion revenue recognition policy. Tecstar Automotive Group operating segment revenues during the quarter were $43.0 million, representing an approximate 5% increase on a pro forma basis compared to the first quarter of fiscal 2005. Product sales for the Tecstar Automotive Group totaled $41.2 million during the first quarter of fiscal 2006, consisting of $23.5 million in second-stage automotive manufacturing revenues, $15.5 million in automotive OEM accessory parts revenues, and other product sales of $2.2 million. Cost of product sales for the Tecstar Automotive Group was $37.9 million in the first quarter of fiscal 2006. Contract revenue for the Tecstar Automotive Group was $1.8 million for the first quarter of fiscal 2006. Alan P. Niedzwiecki, President and CEO, stated, "Although we reported significant revenue growth during the first quarter due to the Tecstar acquisition, we did experience a shortfall in development program revenue. The costs of revenues, particularly on the development programs, were higher than expected and this impacted our overall operating results. The activity on hydrogen-related development programs remains strong and we are optimistic that these programs will result in increased hydrogen fuel system product sales during the second half of fiscal 2006, compared to the first half of fiscal 2006." Mr. Niedzwiecki added, "We continue our efforts to integrate the two businesses and have made meaningful strides, but also recognize that we need to continue to focus on reducing our operating expenses and cost structure. In terms of business development activities, we believe that we are developing valuable relationships with new OEMs in both our hydrogen and mainstream automotive segments that will lead to new business opportunities. Furthermore, we see the rising price of oil as a major driving factor in our alternative fuels and fuel cell vehicle business, and we believe the demand for our products will increase both domestically and internationally." ------------------------------------------------------------- Quantum Fuel Systems Technologies Worldwide downgraded to "buy" Friday, September 09, 2005 NEW YORK, September 9 (newratings.com) - Analysts at First Albany downgrade Quantum Fuel Systems Technologies Worldwide Inc (QTWW.NAS) from "strong buy" to "buy." The target price has been reduced from $8.00 to $6.50 . Geändert von Benjamin (11-09-2005 um 03:03 Uhr)