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AFS (2004) announces first quarter sales increase of 42% versus same period in 2007
Company announces first quarter financial and operating results CALGARY, May 28 /CNW/ - Alternati...
About this update from Arctic Fox Lithium Corp
[{"type":"text","content":"\n\n\n\nCompany announces first quarter financial and operating results\n\n\nCALGARY, May 28 /CNW/ - Alternative Fuel Systems (2004) Inc. ("AFS or the\nCompany") (TSX Venture: AFX) announced today financial and operating results\nfor the first quarter ended March 31, 2008. President and CEO Jim Perry stated\n"Sales for the quarter were up by about 42% compared to the same period last\nyear. Production at our largest natural gas pressure regulator customer in\nEurope has resumed, so that revenue from that product line has picked up\nsubstantially".\n\n\nMr. Perry added that "We also reached an important milestone in the first\nquarter, as we began shipments of engine controllers to TATA Motors of India\nfor their ACE natural gas powered mini-truck program. These shipments mark the\nfirst time that we have participated in providing such products to a major\nvehicle manufacturer for volume production. It has taken a lot of time, effort\nand resources over the last two years to accomplish this objective. We are\nexcited about the future prospects for work in India, and we look forward to\nramping up production to address the needs of our various customers in that\nregion".\n\n\nFor the three-month period ended March 31, 2008, the Company recognized\ntotal revenue of $584,780 including engineering income and interest on cash\nbalances. In the same period of the prior year, total revenue of $425,498 was\nrecorded. In the first quarter of 2008, a net loss of ($19,881) was incurred,\ncompared to a loss of ($125,561) in the three months ended March 31, 2007.\nMr. Perry said that "The significant reduction in loss this quarter versus the\nsame period last year is a very positive sign. Many of our costs, such as\nlabour, are fairly constant. With the increase in sales that we saw during the\nquarter, we came much closer to achieving break-even."\n\n\nAFS (2004) is a Canadian company providing innovative and cost-effective\nsolutions to the growing global problem of harmful exhaust emissions from\ninternal combustion engines. AFS (2004) has commercialized electronic engine\nmanagement systems enabling diesel and gasoline engines to operate on cleaner\nburning natural gas and other alternative fuels. The Company is headquartered\nin Calgary, Canada and trades on the TSX Venture Exchange under the tradi...