Global Thermoelectric Announces First Quarter Results
CALGARY July 27 /CNW/ - Global Thermoelectric Inc. (TSE: GLE) today
announced financial results for its first fiscal quarter, the three month
period ending June 30, 1999. Revenue for the quarter was $4,076,007 versus
$3,446,698 for the same period a year ago. Despite the increase in revenue,
weakness in the Company's generators business related to oil and gas
operations, especially in international markets, combined with production
delays in the heaters division early in the quarter that have since been
rectified contributed to a loss for the period of $0.01 per common share
versus a profit of $0.02 in the same period last year.
Global's order backlog now stands at the highest level in the Company's
history. Deliveries to India under a $19 million contract for generators and
related equipment and services should commence late in calendar 1999. Heaters
production is now on track, with deliveries exceeding contracted levels in
both June and July. On July 15, Global shipped its 1,000th heater to the U.S.
Army.
The fuel cell division continues to make headway towards finalizing a
prototype solid oxide fuel cell system. Subsequent to the end of the quarter,
the successful testing of a system running directly on natural gas was
announced.
Global Thermoelectric Inc. is the world's largest supplier of
thermoelectric power generation equipment for use in remote locations, and
produces crew compartment heaters for use in tracked military vehicles. The
Calgary-based company is also quickly becoming a world leader in the fuel cell
development industry.
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For further information: Jim Perry, President and C.E.O. or Larry Kyle, Chief Financial Officer at (403) 236-5556
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