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National Press Release
 | Quantum Technologies Reports Fiscal 2008 Fourth Quarter and Fiscal Year Financial ResultsPublished 2008-06-30 16:00By Quantum Fuel Systems Technologies Worldwide, Inc. |
Fiscal 2008 Fourth Quarter Results
Total revenue in the fourth quarter of fiscal 2008 was
The Quantum Fuel Systems operating segment loss decreased
Product sales for the Quantum Fuel Systems segment increased
The Tecstar Automotive Group business segment ceased operations on
The Company's net loss from continuing operations decreased from
Fiscal Year 2008 Results
For fiscal 2008, the Company had consolidated revenues of
Quantum Fuel System segment contract revenue increased
Corporate segment expenses increased by
The discontinued operations of the Tecstar Automotive Group business
segment generated losses, net of tax effects, of
The Company's net loss from continuing operations decreased from
Recent Financing and Capital Resources
On
Niedzwiecki continued, "Our strategy going forward is three-pronged:
First, we plan to continue to develop and refine our packaged fuel and
propulsion systems to capture new customers in a growing hydrogen and
alternative fuel vehicle market. Second, we plan to leverage our technologies
and systems integration capabilities in the hybrid and plug-in hybrid OEM
vehicle markets to support the launch of the Fisker Karma and to expand our
customer base. Finally, we plan to expand our involvement in solar businesses
and alliances by assembling solar modules in
Niedzwiecki continued on the Company's solar initiatives, "In terms of
solar expansion, we are excited about Asola's expansion to 45 MWs in
Niedzwiecki concluded, "The Fisker Karma vehicle program remains on target with production expected to begin in the 4th quarter of calendar 2009. Fisker Automotive expects to produce 7,500 Karmas in calendar 2010, for which Quantum will be providing the complete plug-in hybrid propulsion system based on lithium ion battery and control system technology."
Quantum Fuel Systems Technologies Worldwide, Inc.
Condensed Consolidated Statements of Operations
Three Months Ended Year Ended
April 30, April 30,
2007 2008 2007 2008
Revenue:
Net product
sales $1,572,231 $4,619,951 $10,662,721 $11,856,277
Contract revenue 1,527,623 5,045,687 7,015,939 14,640,885
Total revenue 3,099,854 9,665,638 17,678,660 26,497,162
Costs and expenses:
Cost of product
sales 1,205,541 3,871,317 9,483,918 10,015,622
Research and
development 2,845,301 5,792,330 14,146,098 17,499,221
Selling, general
and
administrative 3,939,109 4,214,765 15,810,938 16,077,527
Amortization of
intangibles 418,481 419,022 1,674,190 1,675,835
Total costs
and expenses 8,408,432 14,297,434 41,115,144 45,268,205
Operating loss (5,308,578) (4,631,796) (23,436,484) (18,771,043)
Interest
expense, net (461,052) (678,942) (15,781) (2,218,035)
Minority interest
in losses of
subsidiaries 249,709 401,118 811,262 1,718,813
Equity in earnings
of affiliate - 238,000 - 335,500
Other income
(expense), net (1,258) (13,280) 5,902 (27,443)
Loss from continuing
operations before
income taxes (5,521,179) (4,684,900) (22,635,101) (18,962,208)
Income tax expense (400) (400) (1,600) (1,600)
Net loss from
continuing
operations (5,521,579) (4,685,300) (22,636,701) (18,963,808)
Loss from
discontinued
operations, net
of tax effects (10,662,450) - (117,892,596) (66,062,163)
Net loss $(16,184,029) $(4,685,300) $(140,529,297) $(85,025,971)
Per share data -
basic and diluted:
Loss from
continuing
operations $(0.09) $(0.06) $(0.37) $(0.25)
Loss from
discontinued
operations (0.16) - (1.91) (0.86)
Net loss $(0.25) $(0.06) $(2.28) $(1.11)
Number of shares
used in per share
calculation -
basic and
diluted 66,049,803 78,771,701 61,760,458 76,840,861
Cash Flow Information
for Continuing
Operations:
Depreciation and
amortization $956,220 $971,004 $3,922,452 $3,798,138
Cash used in
operating
activities (7,416,304) (766,218) (14,462,442) (13,896,257)
Capital
expenditures - (838,444) (208,334) (1,630,914)
April 30, April 30,
2007 2008
Balance Sheet Information:
Continuing Operations:
Cash and cash
equivalents $2,526,312 $6,023,715
Current assets 14,607,977 22,741,528
Property & equipment,
net 4,530,241 3,852,566
Goodwill &
intangibles,
net 39,299,465 37,420,606
Total assets 59,055,839 68,785,620
Current liabilities 9,527,133 21,812,829
Long-term debt and
other liabilities 27,260,649 33,623,598
Discontinued
Operations:
Total assets 108,487,531 -
Total liabilities 53,226,014 -
Stockholders' equity 77,529,574 13,349,193
Fiscal 2008 Highlights
Drive the Future with Fisker Automotive, a New Green American Premium Car Company - Quantum and Fisker Coachbuild, LLC launched a joint venture in Fisker Automotive, Inc. -- a green American premium car company. Fisker Automotive will offer a range of environmentally friendly premium cars. Design and technology development are already underway for the first production car. All models will feature cutting-edge plug-in hybrid technology penned as Q-Drive, developed by Quantum Technologies exclusively for Fisker Automotive. This all-new plug-in Q-Drive chassis layout will allow Fisker to design innovative luxury cars with uncompromised proportions as well as the sought after performance so often missing in other eco-friendly automobiles.
Quantum's Fisker Automotive Joint Venture Released First Images of Plug-In Hybrid Four-Door Premium Sports Sedan - Quantum released a preview of the first production vehicle to be launched from Fisker Automotive, Inc. Fisker Automotive, Inc. is a joint venture between Quantum and Fisker, and will offer a range of environmentally friendly premium cars. Initial deliveries are anticipated to commence in the 4th quarter of 2009, with annual production projected to reach 15,000 units.
Quantum's Fisker Automotive Joint Venture Launched the New Fisker Premium
Hybrid at the North American International Auto Show - Quantum's Fisker
Automotive, Inc. joint venture launched the Fisker Hybrid at the North
American International Auto Show (NAIAS) in
Quantum Awarded
Quantum to Supply Modular Hydrogen Refueling Station to Shell Hydrogen -
Quantum was awarded a contract from Shell Hydrogen, LLC for a modular hydrogen
refueling station. The unit will be sited by Shell Hydrogen at a yet to be
determined location within
Quantum Teams with Boeing to Advance Hydrogen Storage Technologies;
Selected for
Quantum Awarded Contract to Develop Diesel Hybrid Electric Vehicles for
United States Army - Quantum was awarded a contract to develop a diesel hybrid
electric version of its Alternative Mobility Vehicle (AMV) "Aggressor." This
program is a follow on to Quantum's successful "Aggressor" vehicle, a high
performance light-duty off-road fuel cell hybrid vehicle developed for the
United States Army's Tank Automotive Research, Development and Engineering
Center (TARDEC), National Automotive Center (NAC). The contract has a total
value of
Quantum's Hydrogen Vehicles Featured at Norsk Hydro's First Hydrogen
Refueling Station - Quantum announced the delivery of Quantum's hydrogen
hybrid Priuses to the grand opening of Norsk Hydro's first hydrogen refueling
station. Norsk Hydro's first hydrogen refueling station is located outside
the company's research center at Heroya, Porsgrunn,
Quantum Supplies Hydrogen Vehicles to
Quantum Supplies Transportable Hydrogen Refueling Stations to General Motors - Quantum supplied three transportable hydrogen refueling stations to General Motors. These units will be used to refuel GM's fuel cell vehicles, which are equipped with Quantum hydrogen fuel systems, at various locations, from vehicle proving grounds and public ride-and-drive events to fleet demonstrations.
Quantum Received Order for Hydrogen Hybrid Vehicles for United States Army
- Quantum received an order for six hydrogen hybrid vehicles for the United
States Army's Tank Automotive Research, Development and Engineering Center
(TARDEC). The contract will be administered by Aerospace Engineering Spectrum
(AES), based in
Quantum Acquires 25% Stake in German Solar Company - Quantum completed the
acquisition of a 25% equity stake in Asola Advanced and Automotive Solar
Systems GmbH ("Asola"), a leading German solar energy technology company that
develops and manufactures high quality and high-efficiency photovoltaic
modules for a number of innovative applications, including commercial,
residential and automotive. Based on existing orders and capacity, Asola
anticipates 2008 revenues in excess of
Quantum and German Solar Partner Asola Entered into 155 MW Solar Cell
Supply Agreement with Ersol Group AG - Quantum's German solar strategic
partner, Asola, signed a ten-year supply contract with Ersol Solar Energy AG
for the procurement of 155 MWs of high-efficiency silicon photovoltaic solar
cells, starting in 2008. The potential revenue associated with the purchased
Ersol cells is estimated to exceed US
Quantum and German Solar Partner Asola Awarded
Quantum and German Solar Partner Asola Awarded
Quantum and Asola to Triple Plant Capacity for Solar Modules in
Quantum's Advanced Hydrogen Storage Technology Supports Challenge X
Vehicles Exhibited at EVS 23 - Quantum supplied its advanced hydrogen storage
systems to three of the participating teams, as well as providing technical
support, safety training, and system commissioning. Quantum's Advanced
Vehicle Concept Center in
Quantum Received an Order to Expand Hydrogen Hybrid Vehicle Fleet for
United States Army - Quantum received an order for four additional Ford Escape
Hydrogen Hybrid vehicles for the United States Army's Tank Automotive
Research, Development and Engineering Center (TARDEC). The contract will be
administered by Aerospace Engineering Spectrum (AES), based in
Quantum Signs Strategic Agreement for Distribution of Alternative Fuel
Systems in
Financial Results Call Scheduled:
Monday, June 30, 2008 1:30 p.m. Pacific time (4:30 p.m. Eastern time)
Conference Call Number: (706) 643-3625, ID #53823470
Participants should call this number 10 minutes prior to the starting time. An operator will check your name and organization. You will be asked to wait until the call begins.
For those of you unable to join us for this earnings and year end call, a
playback of this call will be available via telephone approximately two hours
after the call until
For assistance, please call
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.
Quantum has also formed a new company with Fisker Coachbuild, LLC, which is called Fisker Automotive, Inc. Fisker Automotive will offer a range of environmentally friendly premium cars, incorporating Quantum's proprietary high-performance plug-in-hybrid electric vehicle architecture, known as "Q-Drive", into a unique chassis that will enable optimizing the performance and vehicle dynamics.
More information can be found about Quantum's products and services at http://www.qtww.com.
Quantum is a member of the Russell 3000(R) and Russell 2000(R) 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, solar opportunities,
new or expanded customer contracts, the production schedule and program timing
of OEMs and other entities, 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
disposal of Tecstar; the ability to retain key personnel; the Company's
ability to successfully execute its business strategies; growth of the
alternative fuel, fuel cell and hybrid vehicle markets; the levels of
commitment by OEMs, governments and other entities to the commercialization of
hybrid, fuel cell and alternative fuel technologies; the timing of new vehicle
introductions by our OEM customers; 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
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:
Dale Rasmussen
Investor Relations
+1-206-315-8242
Email: drasmussen@qtww.com
Investor and Public Relations:
Sanford Diday
RedChip Companies, Inc.
+1-407-644-4256 X115
(C)2008 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.
