Quantum misses numbers, pins hopes on solar

Quantum Fuel Systems (NASDAQ: QTWW), makers of systems for fuel cell and hybrid vehicles, posted a wider than expected fourth quarter loss late in the day yesterday.

CEO Alan Niedzwiecki blamed a downturn in vehicle sales and the change over in model year for several vehicle platforms offered by its largest customer, General Motors.

Quantum Fuel posted a loss for the fourth quarter ended April 30 of $16.2 million, or 25 cents per share, compared with a loss of $14.5 million, or 27 cents per share, in the same period last year.

The per-share loss was smaller in the latest quarter because the number of outstanding shares increased by 11.5 million to about 66 million.

Wall Street analysts had been expecting a loss of 21 cents per share.

Revenue fell to $36.8 million from $45.8 million in the same quarter a year ago.

As a result, the company lowered staffing levels, cut costs and took a $2.3 million restructuring charge.

Niedzwiecki said the company would continue to evaluate its facilities and cost structure. It recently announced it was reviewing strategic options for its Tecstar operating segment, including strategic alliances or a possible sale of all or part of the subsidiary.

Quantum appeared to be putting a lot of emphasis on a recently announced plan to acquire an equity stake in an unnamed solar operaton (see Quantum buying stake in German solar co.)

"We expect this to be the first step in a pathway to re-establish our dedication to alternative energy and progressively become a fully integrated alternative energy company," said Niedzwiecki.

Shares feel 3 percent, or five cents, in overnight pre-market trading, to $1.56. They have traded as high as $3.05 over the past year.

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