RE: looks good14 May 2009 08:24
Revenue. Net revenues decreased by $1,590,000 or 70% for the three months ended March 31, 2009 to $688,000 as compared to $2,278,000 for the corresponding period in 2008. Revenues in the current year were derived primarily from fulfillment of orders from FAW, Navistar, HCATT and Tanfield. The prior year period benefited from large volume sales of our hybrid systems to Tanfield. We continue to improve the awareness of our product and service offerings with customers in part because of our past research and development results as well as our production efforts. Although we have seen indications for future production growth, there can be no assurance there will be continuing demand for our products and services. Net loss decreased by $1,017,000 or 38% for the three months ended March 31, 2009 to $1,656,000 from $2,673,000 for the same period in 2008. The decrease was due to improved profitability on sales and reduction in both selling, general and dministrative and internal research and development expenses in response to the current severe operating environment.