Quantum Technologies Reports Fiscal 2011 Second Quarter Financial Results
Quantum Fuel Systems Technologies Worldwide, Inc. (Nasdaq: QTWW), a leader in the development and production of advanced propulsion systems, energy storage technologies, alternative fuel vehicles and applications including hybrid, plug-in hybrid, hydrogen, and alternative fuel vehicles and an emerging portfolio in the development and ownership of renewable energy farms, today reported results for the second quarter of fiscal 2011. Conference call information is provided below.
Second Quarter and Six Month Operating Results
Revenues increased $1.2 million, or 44%, from $2.7 million in the second quarter of fiscal 2010 to $3.9 million in the second quarter of fiscal 2011, and increased $1.7 million, or 30%, from $5.7 million in the first six months of fiscal 2010 to $7.4 million in the first six months of fiscal 2011. The increase in revenue for the second quarter and first six months of fiscal 2011 is primarily related to increased product sales, including initial Q-Drive™ hybrid drive product shipments to Fisker Automotive, and development program revenue related to this program. The first half of fiscal 2011 includes the activities of the Company's wholly-owned subsidiary, Schneider Power Inc., which was acquired on April 16, 2010. Schneider Power, reported as the Company's Renewable Energy segment, recognized $0.2 million of revenue during the second quarter of fiscal 2011 from energy sales and from construction management services.
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