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Gold/Mining/Energy : Global Thermoelectric - SOFC Fuel cells (GLE:TSE) -- Ignore unavailable to you. Want to Upgrade?

To: Ciao who wrote (9)	1/28/1998 6:05:00 PM
From: Ciao	Read Replies (1) \| Respond to of 6016

To all: Global Thermoelectric Inc. announced today results for the first three quarters of its 1998 fiscal year, covering the period from April 1 to December 31, 1997. Highlights ($ thousands except per share amounts) ------------------------------------------------------------------------ Nine Months Ended Dec. 31 1997 1996 Change Sales $12,896 $ 5,088 +153% Cost of Sales $ 9,081 $ 3,099 +193% Gross Profit $ 3,815 $ 1,989 + 92% Expenses $ 2,115 $ 1,829 + 16% Pre-tax Profit $ 1,700 $ 160 +964% Tax Provision $ 43 $ - - Net Income $ 1,657 $ 160 +937% Preferred Share Dividends Paid $ 195 $ 196 - Basic Earnings/Common Share $ 0.120 $(0.003) Basic Cash Flow/Share $ 0.272 $(0.118) ------------------------------------------------------------------------ For the first nine months sales of $12,896,225 were 153% higher than the same period last year, while profit of $1,657,221 was a significant improvement over the $159,799 recorded in the first three quarters of fiscal 1997. This strong performance was achieved even though the Corporation became taxable during the third quarter, as prior years' losses have been exhausted. Bank debt at the end of December was $299,951 versus $1,920,328 at the same time last year. A public offering to raise between $3.5 and $5 million has commenced, with receipt for the Final Prospectus received on January 20, 1998. Thermoelectric generator sales continue at a brisk pace. Global's order book stood at slightly more than $3.2 million at the end of December. In Canada the normal seasonal increase in generator sales is being experienced as oil and gas operators are able to access areas in the far north while the ground is frozen. International orders are strong, including sales to new areas such as Brazil and Vietnam. The Company's military vehicle heaters are undergoing continued testing. The program should be completed this coming summer. Initial shipments of the first high rate production order for 1,700 heaters should begin in the fall. International marketing efforts are continuing to show other military groups around the world the advantages of this new design. Facilities adjacent to Global's Calgary headquarters have been leased for the fuel cell development program. Initial research has begun under contract with the Alberta Research Council in Edmonton. The first fuel cells from the Company's German technology supplier should arrive in March.