Hoku Scientific net income slips on higher expenses
Hoku Scientific Inc., the Kapolei-based developer of fuel cell technology, said profit was lower in the three months ended June 30 compared with a year earlier as expenses rose. The company forecast a slight profit or loss this quarter after 1 1/2 years of profits.
Revenue: $1.153 million versus $1.148 million a year ago.
Net income: $313,000 vs. $341,000 a year ago.
Earnings per share: 2 cents vs. 3 cents a year ago.
Operating Expenses: $999,000 vs. $758,000 a year ago.
Interest and other income: $271,000 vs. $37,000 a year ago.
Operating loss: $125,000 vs. gain of $246,000 a year ago.
WHAT THEY ARE SAYING
"We are on track to achieve the technical milestones in our Nissan fuel cell contract, and continue to work with Sanyo on joint testing of our fuel cell products."Dustin Shindo
Hoku forecast revenue this quarter will be $1.8 million to $2 million.
Costs are expected to rise significantly. The company projects its bottom line will range from a loss to a small profit.
The company has signed a test agreement with a manufacturer to develop fuel cells for consumer electronics and military applications.