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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 (193)	11/14/1998 9:23:00 AM
From: Ciao	Respond to of 6016

Here they are: CALGARY, Nov. 13 /CNW/ - Global Thermoelectric Inc. (TSE: GLE) today announced unaudited results for the first half of its 1999 fiscal year, the six month period ending September 30, 1998. Revenue for the period was $6,085,100 with net profit after taxes of $446,219, or $0.02 per share. Revenue from shipments of thermoelectric generators to customers in Canada and the United States has increased in fiscal 1999 . However, shipments to international customers were less than recorded last year, primarily as a result of large contracts from India and China that were shipped in fiscal 1998. In addition, engineering program revenue from the Company's vehicle heaters contract with the United States Army was booked in the prior year, while in fiscal 1999, testing of prototypes and ramp up for production were being undertaken prior to commencement of full scale manufacturing and sales. Global's new auditors, Ernst & Young, have recommended that a non-cash increase of about $100,000 be made to the tax provision for the first six months of fiscal 1998. This change is reflected in the period's financial results. Finally, Global is now fully providing for future tax liability this fiscal year, while much of last year's income was sheltered by tax loss carry forwards from prior periods. These factors combined to reduce the first half's financial results compared to revenue of $9,732,868 and net profit of $1,459,707 or $0.11 per share in the same period of fiscal 1998. Production of Heaters Ramping Up, Fuel Cells Progressing Production and shipment of vehicle heaters to the U.S. Army is now underway. Global has hired more than 15 additional staff for the project, and expects to reach its production goal of 200 heaters per month early in the next calendar year. Shipments of these high technology heaters are already providing a significant new revenue stream. Good progress has been made in the Company's development of solid oxide fuel cell power generators, including a breakthrough in the design and testing of a novel method of sealing the high temperature cells from gas leaks, a problem that has been a major stumbling block for the industry. Established in 1975, Global Thermoelectric Inc. is quickly becoming a world leader in the fuel cell development industry. The Company is the world's largest supplier of thermoelectric power generation equipment for use in remote locations, and is also now manufacturing personnel heaters for use in military vehicles.