Hoku reports $202,000 profit for fourth quarter
Shares of Hoku Scientific Inc., a Honolulu-based maker of parts used in hydrogen fuel cells, jumped 13 percent in extended trading yesterday after the company reported its fourth consecutive profitable quarter.
Based on generally accepted accounting principles, Hoku's net income was $202,000, or 1 cent per share, on revenue of $1.7 million in the quarter ended Dec. 31. That compared with a loss of $650,000, or 11 cents per share, on revenue of $75,000 in the same quarter in 2004.
Shares rose $1.19 and were trading at $10.34 late yesterday. The company also reported earnings that included noncash, stock-based compensation of $245,000, which Hoku acknowledged it could not report as income under generally accepted accounting principles.
Including the compensation, the company posted earnings of 3 cents per share, or $447,000 for the quarter ended Dec. 31, beating the 1 cent per share that analysts had expected, according to Bloomberg News. This compared to a loss of $336,000, or 6 cents per share, during the same quarter in 2004.
Hoku reported earnings after the close of the market yesterday.
The company said it achieved technical milestones in a collaboration agreement with Nissan Motor Co. and a contract with the U.S. Navy.
Hoku also said it completed installation and testing of its new manufacturing equipment, which the company said will enable it to fill high-volume orders of its fuel-cell components. The company is continuing to test and install new equipment to further increase production capacity.
"We are pleased with the progress of our technology development and the status of our various customer relationships, and remain optimistic about the growth of the fuel cell industry and our competitive position within this growing industry," said Dustin Shindo, Hoku's chairman, president and chief executive.