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Quantum Fuel Systems Technologies Worldwide's CEO Discusses Q2 2012 Results - Earnings Call Transcript

Forward-looking statements are based on management’s reasonable expectations and assumptions as of the date of this call. The company disclaims any obligation or undertaking to disseminate any updates or revisions to any forward-looking statements made during this conference call to reflect any changes in management assumptions, belief or expectations or any change in event, conditions or circumstances upon which any forward-looking statements are based.

Alan Niedzwiecki

Thank you, Bonnie.

I’ll turn it over now to Brian Olson for the financial results of the quarter.

Brian Olson

Thank you, Alan.

Revenues increase is 9.1 million or 233% from 3.9 million in the second quarter of fiscal 2012 to 13 million in the second quarter of fiscal 2012 and increased 12.4 million or 168% from 7.4 million in the first six months of fiscal 2011 to $19.8 million in the first six months of fiscal 2012.

Product sales for our Electric Drive and Fuel System segment increased $8.4 million during the second quarter as we shipped our Q-Drive hybrid system of Fisker Automotive for production released vehicles and increased shipments of high-pressure fuel storage systems for natural gas applications.

Contract revenues for the electric drive and fuel system segment increased $0.8 million or 27% from $3 million in the second quarter of fiscal 2011 to $3.8 million in the second quarter of fiscal 2012.

Contract revenues derived primarily from system development application engineering and qualification test for products and systems under funded contracts with Fisker Automotive, General Motors, Daimler and other funded contract work with other OEM customers and government agencies.

This segment had operating income of 1.7 million in the second quarter of fiscal 2012 representing $3.9 million improvement over the second quarter last year. For the first six months of fiscal 2012, this segment had an operating income of 1.9 million or 6.1 million improvement over the same period in fiscal 2011.

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