Quantum Fuel Systems (QTWW) Reports Mixed Results

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07:27:03 pm on July 12, 2010

Quantum Fuel Systems (QTWW) reported results after the bell today and as expected posted another loss on weak revenues. Revenues aren’t expected to improve until next year since this is a company that is for the most part tied to the success of the Fisker Karma which is expected to begin volume production in 2011.  The company reported a loss of .04/share on revenues of $3.8 million which resulted in a .01/share miss on the EPS side, but about 300K better than estimates on the revenue side.

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CEO Alan Niedzwiecki commented: “Our revenue base and operating performance during the fiscal year was obviously impacted by strong economic headwinds and impacted by the turmoil in the global automotive OEM industry.  We were recently awarded a long-term supply agreement with Fisker Automotive for the Karma series of vehicles  and we expect these vehicles to be in production by the end of this calendar year. Fisker Automotive just recently closed on their DOE loan and has now established a defined production timeline.” 

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