AFS (2004) again reports record quarterly results

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[{"type":"text","content":"\n\n\n\nCALGARY, Nov. 24 /CNW/ - Alternative Fuel Systems (2004) Inc. ("AFS or\nthe Company") (TSX Venture: AFX) today reported record revenue for the\nthree-month period ended September 30, 2008. President and CEO Jim Perry\nstated, "We are very pleased to report that revenue for the third quarter was\n$1,250,994, including engineering and interest income. This amount is the\nhighest quarterly revenue the Company has recorded since the reorganization of\n2004, and is more than three times the revenue generated in Q3 of 2007. The\ncompany also recorded $366,194 in cash flow from operations during the\nquarter, a substantial improvement from the cash flow loss of ($187,021)\nrecorded in the same period of 2007. Finally, we recorded a profit of $277,266\nduring the third quarter of 2008, versus a loss of ($127,896) during Q3 of\n2007. These excellent quarterly results have lifted our profit year-to-date up\nto $294,047 or $.02 per share, which is a dramatic improvement over the loss\nof ($413,376) recorded in the first nine months of 2007. Year to date total\nrevenue was also a record at $2,663,459 compared to total revenue of\n$1,345,053 for the nine month period ended September 30, 2007."\n\n\nSales of the AFS "Falcon" natural gas pressure regulator have increased\nby 240% versus the same quarter of the previous year as a result of the\nCompany's main European customer ramping up production of natural gas fuelled\nvehicles. Sales of engine management systems are up by more than six times\ncompared to Q3 of 2007 as higher volume shipments to customers in India were\nrecorded. In addition, as reported in the Q2 results press release, a major\ncustomer in the USA that sells engine management systems in Southeast Asia has\nplaced large orders, deliveries of which commenced in the third quarter of\n2008.\n\n\nMr. Perry added "we have made good progress on all three of our projects\nwith Tata Motors of India. Based on this success, we are seeing significant\ninterest in our engine management systems from other Indian based vehicle\nmanufacturers. Although the development time for such projects is generally\nlong, we are now in discussions with potential new customers. Most of their\nprojects will involve demonstration work ahead of consideration for production\norders. We have commenced initial work ...

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