Protonex-Interim Results for the Six Months Ended 31 March 2009
SOUTHBOROUGH, MA; Protonex Technology Corporation (LSE: AIM: PTX and PTXU), a leading provider of advanced fuel cell power systems for portable, remote and mobile applications, today announced its interim results for the six months ended 31 March 2009.
H1 2009 HIGHLIGHTS
Protonex Technology Corporation (the “Company” or “Protonex”) achieved significant milestones in the development of several key product areas in the first half of fiscal year 2009, including its M250 professional and military product series, unmanned aerial vehicle (UAV) power systems and solid oxide fuel cell platforms. Progress towards bringing these portable fuel cell products to the market beginning in 2009 has continued to attract industry-leading development partners and positions the Company to be an early leader in this sector.
- Continued progress in moving PEM and SOFC fuel cell platforms towards initial commercial and military products
- Introduced and demonstrated M250-B product at several recreational vehicle (RV) trade shows in United States to generate and gauge interest. OEM and beta trials scheduled for H2 2009; general availability revised to 2010
- Demonstrated fully functional SOFC prototype systems running on propane fuel. Awarded $1.5 million contract in January 2009 from US Army for liquid-fuelled SOFC system development
- Strong progress on several UAV development contracts with the US Military. $3.3 million ($2.2m base award with $1.1m option) contract awarded in March 2009 by US Department of Defense to develop a high-performance UAV propulsion system for emerging AECV platform
- BPM power managers being evaluated in field by US Military. First units of SPM power managers shipped to several US Military agencies in the first half of calendar year 2009
- H1 2009 fiscal year revenues of $2.6 million, a 17% decrease compared to $3.2m in H1 2008, primarily as a result of contracting delays on new military programmes caused by change in US Administration and a general delay in the release of military contracts
- Increasing opportunity for US Government and Military funds to support product development and product purchases in 2010 and beyond. Driven primarily by general military needs and stimulus programmes
- Transitioned to Piper Jaffray for NOMAD/Broker services
Post period end highlights
- Hired Dave Ierardi as Vice President of Operations in May of 2009. Dave brings a very strong background in all facets of manufacturing and operations
- In May 2009, received a $0.5 million contract extension from US Naval Research Lab for testing and refinement of UAV system
Commenting on the results, Scott Pearson, CEO of Protonex, said:
“Throughout the first half of our 2009 fiscal year, Protonex has made significant progress in virtually all areas of its business. The Company has continued its transition from being primarily a technology development company to being a product company. Today, that transition is substantially complete and we expect the resulting products to deliver strong value to a broad set of military and commercial markets.”
A copy of the complete report can be obtained by clicking the following link: Protonex 2009 Interim Report
