Hoku Scientific's 4Q Loss Narrows On Expenses
HONOLULU (AP) ¿ Fuel cell maker Hoku Scientific Inc. said Thursday its fiscal 2009 fourth quarter loss narrowed as operating expenses were cut in half, but the company said it could have trouble funding operations over the next 12 months.
Shares fell 78 cents, or 17.8 percent, to reach $3.60 in after-hours trading after rising 33 cents, or 8.2 percent, to close at $4.38 during the regular trading session.
The company lost $904 million, or 4 cents per share, for the quarter ended March 31, compared with a loss of $2.1 million, or 12 cents per share, during the same period a year prior. Revenue fell 82 percent to $112,000 from $621,000.
Revenue came from photovoltaic, or PV, system installations and other related services, along with the resale of the company's solar inventory.Operating expenses fell to $1.1 million from $2.4 million. For the full year, the company lost just under $3 million, or 15 cents per share, compared with a loss of $4.3 million, or 26 cents per share, in fiscal 2008. Revenue rose 54 percent to $5 million from $3.2 million. The company said it has had difficulty raising capital and could have trouble operating over the next 12 months if it does receive additional financing.
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