Quantum Fuel Systems Technologies Worldw (QTWW, Financial) filed Quarterly Report for the period ended 2010-10-31.
Quantum Fuel Systems Technologies Worldw has a market cap of $91.5 million; its shares were traded at around $0.488 with and P/S ratio of 9.5.
Contract revenue for the Electric Drive & Fuel Systems segment increased $0.8 million, or 36%, from $2.2 million in the second quarter of fiscal 2010 to $3.0 million in the second quarter of fiscal 2011, and increased $0.6 million, or 12%, from $5.1 million in the first six months of fiscal 2010 to $5.7 million in the first six months of fiscal 2011. Contract revenue is derived primarily from system development and application engineering of our products under funded Fisker Automotive contracts, OEM contracts, aerospace programs, and other funded contract work with the United States (US) military and other government agencies. Fisker Automotive represented $1.0 million and $1.6 million of contract revenue earned during the second quarters of fiscal 2010 and 2011, respectively.
Cost of product sales for the Electric Drive & Fuel Systems segment increased $0.3 million, or 50%, from $0.6 million in the second quarter of fiscal 2010 to $0.9 million in second quarter of fiscal 2011, and increased $0.5 million, or 56%, from $0.9 million in the first six months of fiscal 2010 to $1.4 million in first six months of fiscal 2011, primarily as a result of increased product revenues.
Gross profits on product sales for the Electric Drive & Fuel Systems segment improved $0.1 million from a negative $0.2 million in the second quarter of fiscal 2010 to a negative $0.1 million in the second quarter of fiscal 2011. Gross profits on product sales for the first half of fiscal 2011 improved $0.3 million from a negative $0.3 million in the first six months of fiscal 2010 to $0.0 million in the first six months of fiscal 2011. The improved gross margins are primarily due to higher revenues realized in the first six months of fiscal 2011 that absorbed a fixed level of manufacturing overhead costs. We expect to realize improvement in our gross margins for the remainder of fiscal 2011 as we anticipate increased shipments of components to Fisker Automotive related to our Q-Drive hybrid drive system.
Research and development expense associated with development contracts increased $0.6 million, or 32%, from $1.9 million in the second quarter of fiscal 2010 to $2.5 million in the second quarter of fiscal 2011, and increased $0.4 million, or 9%, from $4.3 million in the first six months of fiscal 2010 to $4.7 million in the first six months of fiscal 2011, which was mainly due to higher development program revenues in the current period as compared to the same period in the prior year.
Selling, general and administrative expenses for the Electric Drive & Fuel Systems segment decreased $0.2 million, from $1.3 million in the second quarter of fiscal 2010 to $1.1 million in the second quarter of fiscal 2011, and decreased $0.1 million, from $2.3 million in the first six months of fiscal 2010 to $2.2 million in the first six months of fiscal 2011.
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Quantum Fuel Systems Technologies Worldw has a market cap of $91.5 million; its shares were traded at around $0.488 with and P/S ratio of 9.5.
Highlight of Business Operations:
Product revenue for the Electric Drive & Fuel Systems segment increased $0.3 million, or 75% from $0.4 million in the second quarter of fiscal 2010 to $0.7 million in the second quarter of fiscal 2011, and increased $0.8 million, or 133%, from $0.6 million in the first six months of fiscal 2010 to $1.4 million in the first six months of fiscal 2011 due in part to the initial product shipments to Fisker Automotive related to our Q-Drive hybrid drive systems and increased shipments of high pressure fuel storage tanks for CNG applications. We expect product revenue to increase significantly in the latter part of fiscal 2011 as a result of anticipated sales to Fisker Automotive associated with the planned launch of the Fisker Karma in February 2011.Contract revenue for the Electric Drive & Fuel Systems segment increased $0.8 million, or 36%, from $2.2 million in the second quarter of fiscal 2010 to $3.0 million in the second quarter of fiscal 2011, and increased $0.6 million, or 12%, from $5.1 million in the first six months of fiscal 2010 to $5.7 million in the first six months of fiscal 2011. Contract revenue is derived primarily from system development and application engineering of our products under funded Fisker Automotive contracts, OEM contracts, aerospace programs, and other funded contract work with the United States (US) military and other government agencies. Fisker Automotive represented $1.0 million and $1.6 million of contract revenue earned during the second quarters of fiscal 2010 and 2011, respectively.
Cost of product sales for the Electric Drive & Fuel Systems segment increased $0.3 million, or 50%, from $0.6 million in the second quarter of fiscal 2010 to $0.9 million in second quarter of fiscal 2011, and increased $0.5 million, or 56%, from $0.9 million in the first six months of fiscal 2010 to $1.4 million in first six months of fiscal 2011, primarily as a result of increased product revenues.
Gross profits on product sales for the Electric Drive & Fuel Systems segment improved $0.1 million from a negative $0.2 million in the second quarter of fiscal 2010 to a negative $0.1 million in the second quarter of fiscal 2011. Gross profits on product sales for the first half of fiscal 2011 improved $0.3 million from a negative $0.3 million in the first six months of fiscal 2010 to $0.0 million in the first six months of fiscal 2011. The improved gross margins are primarily due to higher revenues realized in the first six months of fiscal 2011 that absorbed a fixed level of manufacturing overhead costs. We expect to realize improvement in our gross margins for the remainder of fiscal 2011 as we anticipate increased shipments of components to Fisker Automotive related to our Q-Drive hybrid drive system.
Research and development expense associated with development contracts increased $0.6 million, or 32%, from $1.9 million in the second quarter of fiscal 2010 to $2.5 million in the second quarter of fiscal 2011, and increased $0.4 million, or 9%, from $4.3 million in the first six months of fiscal 2010 to $4.7 million in the first six months of fiscal 2011, which was mainly due to higher development program revenues in the current period as compared to the same period in the prior year.
Selling, general and administrative expenses for the Electric Drive & Fuel Systems segment decreased $0.2 million, from $1.3 million in the second quarter of fiscal 2010 to $1.1 million in the second quarter of fiscal 2011, and decreased $0.1 million, from $2.3 million in the first six months of fiscal 2010 to $2.2 million in the first six months of fiscal 2011.
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