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

Stocks in this article: QTWW

Our financial results include the activities of our wholly-owned subsidiary Schneider Power, which is reported as the company’s renewable energy segment.

Schneider Power recognized approximately $0.1 million of revenue during the second quarter of fiscal 2012 from energy sales. Operating loss for this segment was $8.1 million in the second quarter of fiscal 2012, which included estimated impairment charges of $7.5 million of which $5 million was to reduce the carrying value of intangible asset associated with the renewable energy product portfolio. And $2.5 million was the fully right-off goodwill allocated to the renewable energy segment.

The impairment charges are the result of industry wide factors and access to sufficient funding required to advance development to search Schneider Power renewable energy projects.

Corporate segment expenses increased $0.2 million from $2.2 million in the second quarter of fiscal 2011 to $2.4 million in the second quarter of fiscal 2012. Corporate expenses increased 2.7 million from $4.6 million in the first six months of fiscal 2011, the $7.3 million in the first six months of fiscal 2012.

The increased turn in the first six months of fiscal 2012 is primarily due to a one-time $128 million facility exit obligation related to some of these agreements that company entered into to reduce overhead and a $0.9 million impairment of solar equipment deposits.

Shared-based compensation expense is $0.2 million and depreciation and amortization expense is $.04 million in the second quarter of fiscal 2012. The company’s overall operating loss increased $3.9 million from $4.9 million in the second quarter of fiscal 2011 to $8.8 million in the second quarter of fiscal 2012.

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