Hoku Scientific, Inc. (NASDAQ:HOKU) has announced its financial results for its first quarter ended June 30, 2006. Revenue for the quarter ended June 30, 2006 was $1.2 million compared to $1.1 million for the quarter ended June 30, 2005. Total deferred revenue was $3.1 million at June 30, 2006 compared to $4.0 million at March 31, 2006.
As of June 30, 2006, deferred revenue was primarily attributable to contracts with the U.S. Navy of $2.4 million and Nissan of $756,000. As of March 31, 2006, deferred revenue was primarily attributable to contracts with Nissan of $1.7 million, and the U.S. Navy of $2.1 million, a portion of which was recognized in the quarter ended June 30, 2006. The deferred revenue is not due to a back log of orders rather it is a result of customer prepayments and the Company’s revenue recognition policy.
Net income, computed in accordance with U.S. generally accepted accounting principles, or GAAP, for the quarter ended June 30, 2006 was $313,000, or $0.02 per diluted share, compared to GAAP net income of $341,000, or $0.03 per diluted share, for the quarter ended June 30, 2005.
Non-GAAP net income for the quarter ended June 30, 2006 was $481,000, or $0.03 per diluted share, compared to $734,000, or $0.06 per diluted share, for the quarter ended June 30, 2005. Non-GAAP net income for the quarters ended June 30, 2006 and 2005 excludes non-cash stock-based compensation of $168,000 and $393,000, respectively. The accompanying schedules provide a reconciliation of net income and net income per share computed on a GAAP basis to net income and net income per share computed on a non-GAAP basis.
Dustin Shindo, chairman, president and CEO of Hoku Scientific, said, “We are pleased to report our sixth consecutive profitable quarter, and the commencement of the demonstration phase of our U.S. Navy fuel cell contract. 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. In addition, we signed our first test agreement with an OEM developing micro PEM fuel cells for consumer electronics and military applications. This increases the total number of companies actively testing our fuel cell products from 11 to 12, which includes our contracts with Nissan, Sanyo and the U.S. Navy. We are pleased with the progress we have made during the quarter in our core fuel cell business as we continue to work closely with these OEMs towards product integration.”
“We are also pleased with our progress towards executing our recently announced plans to enter the solar module and polysilicon markets. We are actively negotiating with potential customers for polysilicon contracts, and look forward to providing future updates on our progress in these new businesses.”
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