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Quantum Fuel Systems Technologies Worldw (QTWW) filed Quarterly Report for the period ended 2011-10-31.
Quantum Fuel Systems Technologies Worldwide Inc. has a market cap of $24.1 million; its shares were traded at around $1.5 with and P/S ratio of 1.2.
This is the annual revenues and earnings per share of QTWW over the last 10 years. For detailed 10-year financial data and charts, go to 10-Year Financials of QTWW.
Highlight of Business Operations:
Overall segment revenues increased $9.3 million, from $3.7 million in the second quarter of fiscal 2011 to $13.0 million in the second quarter of fiscal 2012, and increased $12.7 million, from $7.0 million in the first six months of fiscal 2011 to $19.7 million in the first six months of fiscal 2012. The increase in revenue in fiscal 2012 is primarily related to product shipments to Fisker Automotive for the Fisker Karma program and increased shipments of CNG products.Product revenue for the Electric Drive & Fuel Systems segment increased $8.4 million, from $0.8 million in the second quarter of fiscal 2011 to $9.2 million in the second quarter of fiscal 2012, and increased $11.0 million, from $1.4 million in the first six months of fiscal 2011 to $12.4 million in the first six months of fiscal 2012. The increase in the current periods is mainly due to an increase in production shipments to Fisker Automotive related to the Fisker Karma vehicle program and increased shipments of high pressure fuel storage tanks for CNG applications. We expect product revenue over the next six months to exceed the product revenue realized in the first half of fiscal 2012 due to an anticipated increase in product shipments to Fisker Automotive, primarily in the fourth quarter of fiscal 2012.
Contract revenue for the Electric Drive & Fuel Systems segment increased $0.8 million, or 27%, from $3.0 million in the second quarter of fiscal 2011, to $3.8 million in the second quarter of fiscal 2012, and increased $1.6 million, or 28%, from $5.7 million in the first six months of fiscal 2011 to $7.3 million in the first six months of fiscal 2012. Contract revenue is derived primarily from system development and application engineering of our products under customer funded contracts. Contract revenue recognized from engineering and support services provided to Fisker Automotive and General Motors was $4.0 million and $2.2 million, respectively, for the first six months of fiscal 2012.
Gross profits on product sales for the second quarter of fiscal 2012 improved $2.6 million, from a negative $0.1 million in the second quarter of fiscal 2011, to a positive $2.5 million in the second quarter of fiscal 2012, and improved $3.7 million, from $0.0 million in the first six months of fiscal 2011 to a positive $3.7 million in the first six months of fiscal 2012. The improved gross margins are primarily due to increased shipments of our products in fiscal 2012. We expect to continue to realize improvement in our year over year gross margins for the remainder of fiscal 2012 based on anticipated product shipments to Fisker Automotive.
Operating income for the Electric Drive & Fuel Systems segment improved $3.9 million, from an operating loss of $2.2 million in the second quarter of fiscal 2011, to an operating income of $1.7 million in the second quarter of fiscal 2012, and improved $6.1 million, from an operating loss of $4.2 million in the first six months of fiscal 2011 to an operating income of $1.9 million in the first six months of fiscal 2012, mainly as a result of higher revenues generated in the current three and six month periods.
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