Quantum Fuel Systems Technologies Worldwide Inc. (Nasdaq: QTWW), which makes fuel systems and electronic control systems for alternative fuel vehicles, reported a widened loss for its fiscal second quarter. For the three months ended Oct. 31, Quantum posted a loss of $89.3 million ($1.40 per share) compared to a loss of $3 million (6 cents per share) for the same period last year.
Results included a $72.3 million impairment charge for loss on goodwill related to the acquisition of Tecstar Automotive Group, a transaction that was completed in March 2005.
The wider net loss also reflected downtime at Tecstar’s Texas, Louisiana and Canada facilities as General Motors Corp. delayed the start of some new vehicle production, the company said.
Analysts polled by Thomson Financial forecast a loss of 21 cents per share.
Revenue sank 42 percent to $36.6 million, from $63.2 million in the year-ago quarter. Sales came in behind Wall Street’s expectation for $42.1 million.
Quantum Fuel said the drop in revenue is the result of a $27 million decrease within the Tecstar Automotive Group segment.
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