Quantum Technologies Q4 revenues down 62% to $2.37m

The CEO of the clean technology company posted said they had been affected by "strong economic headw

Quantum Technologies has reported total revenues of $2.37m for the fourth quarter of 2010, a decrease of 62% compared to $6.24m for the same quarter in 2009.

The company posted operating loss of $5.23m for the fourth quarter of 2010, compared to $4.3m for the same period last year.

For the quarter ended April 30, 2010, the company posted net loss of $5.49m, or $0.04 per diluted share, compared to $3.19m, or $0.03 per diluted share, for the same quarter in 2009.

The company posted total revenues of $9.6m for the fiscal year 2010, compared to $23.2m last year, while the net loss for the year ended April 30, 2010, were $46.2m, compared to $27.9m for the same period last year.

Alan Niedzwiecki, president and CEO of Quantum Technologies, said: "Our revenue base and operating performance during the fiscal year was obviously impacted by strong economic headwinds and impacted by the turmoil in the global automotive OEM industry.

"We completed the acquisition of Schneider Power during the fourth quarter and the addition of Schneider's renewable energy portfolio and capabilities enhances Quantum's profile as a diverse alternative energy company."