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AFS (2004) announces second quarter 2006 financial and operating results
AFS (2004) announces second quarter 2006 financial and operating results.
About this update from Arctic Fox Lithium Corp
[{"type":"text","content":"\n\n\n\n\nCALGARY, Aug. 16 /CNW/ - Alternative Fuel Systems (2004) Inc.\n(\"AFS(2004)\" or the \"Company\") (TSX Venture: AFX) announced today the\nCompany's financial and operating results for the second quarter ended June\n30, 2006. President and CEO Jim Perry stated that \"we are pleased to report\nthat we have generated a modest positive cash flow from operations during the\nfirst six months of this year, compared to a small loss in the same period\nlast year. Sales of our natural gas pressure regulators were especially strong\nduring the quarter, more than triple the sales of these products in Q2 of\n2005. We have a significant backlog of orders, especially for our pressure\nregulators. Because almost all of the parts used in these units are custom\nmade by outside suppliers, it has been a real challenge to get them to ramp up\nto the level of production that we need. We are making good progress, and the\nnumber of parts that are in short supply is shrinking.\"\nFor the three-month period ended June 30, 2006, the Company recognized\nrevenue of $531,000 from sales to clients primarily in Europe, the U.S. and\nAsia. In the three months ended June 30 of 2005, revenue was $653,000. Mr.\nPerry commented that, \"similar to the parts situation with our pressure\nregulator product line, we have had challenges with long lead times for\nelectronic components. One strategy we have been pursuing is to get customers\nto commit to purchasing long lead-time items at a very early stage, so that\nproduction is not unduly delayed. As a result, in Q3 we will be able to make\nseveral large runs of engine controller boards that otherwise would have\nslipped into the fourth quarter.\" AFS (2004) recorded a net loss of $80,000\nduring the quarter, compared to a net loss of $39,000 in the second quarter of\n2005.\n\nManagement's Discussion and Analysis (\"MD&A\")\n\nBelow is Management's discussion and analysis of financial results for\nthe three and six-month periods ended June 30, 2006 and June 30, 2005.\n\nOperating Results\n\nSales Revenue\nSales for the second quarter were comprised of the following (amounts in\nthousands of Canadian dollars):\n\n>\n\nThe decrease in revenue compared to that achieved in the second quarter\nof 2005 was mostly due to the fact that sales of ignition systems for use in\nAsia were impacted by a large, one-off ...