diluted loss of $0.05 per share from a net loss of $2,034,000 or a basic
- Revenue for the second quarter of fiscal 2010 was $2,054,000, up 257% from the fiscal 2009 second quarter of $576,000 due primarily from sales to Navistar, Smith Electric Vehicles ("Smith") and First Auto Works. Revenue also increased for the six months ended June 30, 2010 by $1,719,000 or 136% to $2,983,000 for the comparable period in 2009 due to sales from the aforementioned customers and Freightliner Custom Chassis Corporation ("Freightliner").
-- Gross margin was 14% in the second quarter of fiscal 2010, up from a negative 6% in the comparable second quarter of 2009. Gross margin also improved for the six months ended June 30, 2010 to 13%, up from 6% for the comparable period in 2009. Improvements in the gross margin for the comparable quarters resulted from continued focus on key customer production contracts as well as efficiencies gained via in-house manufacturing.
-- Net loss narrowed for the second quarter of fiscal 2010 to $1,624,000 or a basic and diluted loss of $0.05 per share from a net loss of $2,034,000 or a basic and diluted loss of $0.10 per share for the comparable period in 2009. Net loss also narrowed for the six months ended June 30, 2010 to $3,343,000 or a basic and diluted loss of $0.11 per share compared to a net loss of $3,690,000 or a basic and diluted loss of $0.18 per share for the comparable period in 2009.
