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AFS (2004) announces year 2007 financial and operating results
CALGARY, April 25 /CNW/ - Alternative Fuel Systems (2004) Inc. ("AFS" or "the Company") (TSX Vent...
About this update from Arctic Fox Lithium Corp
[{"type":"text","content":"\n\n\n\nCALGARY, April 25 /CNW/ - Alternative Fuel Systems (2004) Inc. ("AFS" or\n"the Company") (TSX Venture: AFX) announced today financial and operating\nresults for the year ended December 31, 2007. President and CEO Jim Perry\nstated that "The previously announced shut-downs in production by our largest\nEuropean pressure regulator customer during 2007 resulted in total revenue\ndropping from $2.51 million in 2006 down to $1.84 million in 2007. This\ndecrease in revenue combined with the investment in engineering and\npreparation for production that was made for South Asia projects during the\nyear resulted in our taking a loss in 2007 of about $582,000 versus a loss of\napproximately $100,000 for the 2006 fiscal year.\n\n\n"From a resources perspective, at the end of 2007 we had about $965,000\nin cash and short term investments. As a result, we still have a good base\nfrom which to build our business, especially in South Asia," said Mr. Perry.\n\n\nMr. Perry added, "We are now in production of engine controllers for the\npreviously announced TATA ACE program. In addition, production for other India\nprograms should commence over the next two calendar quarters. In 2007 we\ninvested a significant amount of time and resources in these programs in order\nto meet the stringent requirements of one of the world's largest vehicle\nmanufacturers. Now we are starting to see the return from this work. The\nmarket for natural gas fuelled vehicles in India is rapidly expanding due to\nregulatory actions to address pollution and greenhouse gases. If the new\nvehicles we are working on are a success in the marketplace, they could\nrepresent a significant revenue stream for AFS in the coming year."\n\n\nManagement's Discussion and Analysis ("MD&A")\n\n\nOperating results\n\n\nBelow is Management's discussion and analysis of financial results for\nthe years ended December 31, 2007 and December 31, 2006.\n\n\nSales revenue - Q4 2007 and Q4 2006\nSummary of quarterly results (amounts in thousands of Canadian dollars):\n\n\n 2007 Q1 Q2 Q3 Q4 Total\n-------------------------------------------------------------------------\nPressure regulators $254 $402 $216 $174 $1,046\nEngine management systems 82 25 42 91 240\nIgnition systems & other parts 69 54 120 153 396\n-------------------...