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

To: speculatingvalue who wrote (112)	7/27/1998 2:30:00 PM
From: speculatingvalue	Read Replies (1) \| Respond to of 6016

GLOBAL THERMOELECTRIC INC. ANNOUNCES FIRST QUARTER RESULTS CALGARY, July 27 /CNW/ - Global Thermoelectric Inc. (ASE: GLE) announced today results for the first quarter of its 1999 fiscal year, covering the period from April 1 to June 30, 1998. International sales were the driving force behind Global's first quarter results. Sales totalled $3,563,000 for the three months ended June 30, 1998 compared to $6,347,000 for the same period in 1997. Revenue and net income were not as high as recorded in the same quarter of last year since the prior period results included shipment of two unusually large one-time orders. However, in the three months ended June 30, 1998 net income of $428,000 allowed the Corporation to show positive retained earnings for the first time since going public in 1994 (net income for the same period in 1997 was $924,000). Basic earnings per common share for the three months ended June 30, 1998 was $0.022 compared to $0.070 in the prior year. Sales of thermoelectric generators were steady, especially to customers outside of Canada and the United States. Significant orders were shipped to users in Brazil, Indonesia and Thailand. In addition, the Corporation made its first-ever sale to a major customer in Mexico during the first quarter. Prospects for continued business from Mexico are good. On July 14, 1998 Global received early approval from the U.S. Army to begin full production of the new A20 tracked vehicle crew compartment heater. By November, Global will be building and shipping 200 heaters per month. Global now has firm orders for 2,137 units out of a total of 4,000 available to the Army under the contract. During the time that these orders are being filled, the Corporation's heater sales force will be working with a number of other prospective customers who have already expressed interest in purchasing the new heaters once delivery can be scheduled. This new revenue stream will be a significant addition to Global's business. With over 20 years of field experience under the harshest climatic conditions, Global Thermoelectric Inc.'s solid state generators have proven to be the most reliable and economic power source for remote applications. The Company is also involved in the design and manufacture of a new line of crew compartment heaters for use in military vehicles, as well as working to commercialize leading edge solid oxide fuel cell power generating equipment. The Company's common shares are listed on the Alberta Stock Exchange trading under the symbol GLE.