ATF.V nice news, plus approved for the TSE a while back.
AFS Announces Financial Results for Six-Month Stub Period Ended December 31, 2000
CALGARY, March 12 /CNW/ - Alternative Fuel Systems Inc. (CDNX:ATF) ("AFS"
or the "Company") is pleased to announce its audited financial and operating
results for the six-month stub period ended December 31, 2000. The Company
has historically used a fiscal year-end of June 30 but recently changed its
year-end to December 31 resulting in this six-month stub period. Future
year-ends will be on a calendar basis. The Company reported revenue of $2.0
million for the six months ended December 31, 2000 which represents a
significant increase over revenue of $1.4 million reported for the audited
twelve month period ended June 30, 2000. Operating cash flow for the six-month
stub period was negative $0.6 million which represented a major improvement
over corporate cash flow of negative $2.9 million for the twelve-month period
ended June 30, 2000. Selected financial data for the current and prior period
are shown below.
Amounts in 000's of Cdn. $ Six months ended Twelve months ended
(except per share data) December 31, 2000 June 30, 2000
(Audited) (Audited)
-------------------------------------------------------------------------
Revenue $2,003 $1,391
Gross Margin 1,096 658
Gross Margin % 55% 47%
R&D Expenses 721 1,232
Operating cash flow (585) (2,876)
Net loss (825) (3,587)
Net loss per share $(0.02) $(0.12)
Revenue for the six months ended December 31, 2000 to AFS' global
customer base was comprised of sales of CNG fuel management systems,
components and services to clients in Australia, Iran, Canada, Mexico, Chile,
Japan, and the U.K. The sale of Sparrow systems and related services during
this period to Daimler Chrysler licensee, IDEM in Iran, amounted to
approximately $0.9 million.
As a result of the special warrant financing completed in October, 2000
the Company exited December, 2000 with a strong balance sheet including a cash
position of $11.8 million. AFS enters 2001 with the capital and employee
resources to accelerate its near-term business plan which includes
construction of expanded engine testing and manufacturing facilities,
increasing research and development efforts and expanding sales and marketing
programs.
The new facility, scheduled to be completed before the end of the second
quarter of 2001, will house all of the operations and employees of the
Company. Five engine test cells will be built enabling the Company to
alleviate the existing engine testing bottleneck. The Company currently has
the capability to test only one engine platform at a time which is severely
restricting application of AFS' patented technology and potential sales.
Before the commercialization stage, AFS' fuel management systems must be
separately configured for each engine platform and then tested extensively to
confirm performance, emissions and durability requirements. The ability to
deal with several engines at any one time will significantly decrease the time
between receipt of an engine and eventual application commercialization.
AFS is continuing to focus on accelerating its sales and marketing
efforts. The Company will be attending numerous exhibitions and trade shows
around the world in 2001 with the objective of heightening product and
corporate awareness. During the week of March 5th AFS presented its products
and services at an international trade show in Detroit sponsored by the
Society of Automotive Engineers and attended by a large number of automotive
and related companies. As part of an objective to expand sales distribution
channels, AFS is looking at establishing sales offices in strategic geographic
locations over the next 12 to 24 months, including the U.S., to gain stronger
footholds in those regions.
The Canadian Venture Exchange Inc. has neither approved nor disapproved
of the contents of this news release.
Visit our website (at) www.afsglobal.com
-0- 03/12/2001
For further information: Chris Martin, Vice President, Finance & CFO, Phone: (403) 262-1833, Fax: (403) 237-7441, Email: cmartin@afsglobal.com; To request a free copy of this organization's annual report, please go to www.newswire.ca and click on reports@cnw. |
