Quantum Technologies Reports 2011 Q1 Financial Results

Quantum Fuel Systems Technologies Worldwide, Inc. QTWW today reported results for the first quarter of fiscal 2011. Revenues increased $0.5 million, from $3.1 million in the first quarter of fiscal 2010 to $3.6 million in the first quarter of fiscal 2011. Overall revenue for the Electric Drive & Fuel Systems segment increased $0.2 million in the first quarter of fiscal 2011 compared to the prior year first quarter. Product sales for this segment increased $0.4 million, from $0.2 million in the first quarter of fiscal 2010 to $0.6 million in the first quarter of 2011. The Company recognized $0.1 million in equity in earnings for the first quarter of fiscal 2011, primarily representing the Company's equity share in earnings of its affiliate, Asola. For the three-month period ending July 31, 2010, Asola had revenues of approximately $26.6 million. The Company reported a net loss of $1.6 million, or $0.01 a share, in the first quarter of fiscal 2011, compared to a net loss of $12.3 million, or $0.12 a share, in the first quarter of fiscal 2010.