Oak Park-based Azure Dynamics Corp. (TSX: AZD) this week reported a loss of $7.9 million or 4 cents a share in the quarter ended March 31, compared to a loss of $6.5 million or 3 cents a share in the first quarter of 2007.
The development-stage developer of hybrid and electric powertrains for commercial vehicles reported revenue for the quarter of $400,000, up from $200,000 in the first quarter of 2007.
The company reported several operating milestones for the quarter, including a finalized supply agreement with Utilimaster for commercial hybrid vehicles; a production build of 25 hybrid chassis on the production line at Utilimaster, including 20 hybrid chassis to be delivered to FedEx by June 30; the signing of a memorandum of understanding with the leading manufacturer of aerial boom trucks for its low-emission electric power product, and five orders from major shuttle bus manufacturers for its Balance hybrid electric Ford E450 cab and chassis.
As of March 31, the company’s net cash and cash equivalents totaled $13.7 million, and working capital totaled $25.1 million, compared to cash and cash equivalents of $20.6 million, and working capital of $26.1 million, as at March 31, 2007, and cash and cash equivalents of $24.1 million, and working capital of $32.3 million, as at Dec. 31, 2007. The reduction in net cash and cash equivalents from December 31, 2007 is mainly due to cash used in support of product development and the company’s ongoing efforts to commercialize its products.
“The first quarter set the foundation for us to capitalize on a number of market opportunities,” Azure Dynamics CEO Scott T. Harrison said. “We added to those production opportunities early this quarter by completing critical pilot testing for two key customers and also increasing our exposure to many new investors by becoming listed on the International OTCQX, our first ever listing on a U.S. based trading platform. There’s a huge potential U.S. market for Azure and the OTCQX puts us in position to take advantage of it.”
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