PASADENA, Calif., May 15 /PRNewswire-FirstCall/ -- VIASPACE Inc. (OTC
Bulletin Board: VSPC), a company that transforms proven space and defense
technologies from NASA and the Department of Defense into hardware and
software solutions, announced today financial results for the quarter
ending March 31, 2008.
Revenues for the first quarter of 2008 were $123,000, as compared with
$239,000 in the same quarter of 2007. Gross profit for the first quarter of
2008 was $63,000 compared with $36,000 for the comparable quarter of 2007.
Operating expenses for the first quarter of 2008 were $2,403,000
compared to $2,057,000 in the same quarter of 2007. Included in operating
expenses for the first quarter of 2008 was $793,000 of stock option,
warrant and restricted stock compensation expense compared with $673,000
for the same period in 2007. First quarter of 2008 operating expenses
included $575,000 in research and development expense and $1,828,000 in
selling, general and administrative expense. In the first quarter of 2007,
there was $391,000 in research and development expense and $1,666,000 in
selling, general and administrative expense. Loss from operations for the
first quarter of 2008 was $2,340,000 compared to $2,021,000 in the same
quarter of 2007.
Other income/expense including minority interest in consolidated
subsidiaries was income of $14,000 for the first quarter of 2008 compared
to a loss of $1,898,000 for the same period in 2007. The first quarter of
2007 included other expenses, net, of $2,070,000 representing adjustments
related to the derivative nature and restructuring of convertible
debentures during the quarter. The first quarter of 2007 also included a
gain on the sale of marketable securities of $219,000 and other expenses,
net of $47,000.
Net loss was $2,326,000 for the first quarter of 2008, compared to net
loss of $3,919,000 for the same quarter of 2007. The Company's loss per
basic and fully diluted share was $0.01 in the first quarter of 2008 and in
the first quarter of 2007.
Commenting on first quarter results, Dr. Carl Kukkonen, CEO of
VIASPACE, said, "Our revenue for the first quarter represents a number of
accomplished milestones, including the first revenue generated for our
SHINE inference engine in a commercial, non-security application with a
major Japanese corporation, and also represents our first overseas sale of
this technology. Sales of our new HS-1000 Humidity Sensor have grown and
some of those sales represent the first uses of that device incorporated
into a Fuel Cell Test Station designed to test Hydrogen Fuel Cells in the
$55 Billion dollar clean energy sector. There are a number of major
automotive and fuel cell corporations that have the expected need for
hundreds of these test stations in the future. As they evaluate the unit's
performance, we are optimistic that we will see increased orders from these
major companies over the next several quarters. The quarter's revenue also
includes an initial sale of our new Lithium Battery Tester. We have also
seen a substantial increase in the number of contacts from several major
fuel cell manufacturers, and the U.S. Government, concerning design of
cartridges for their liquid fuel cell efforts. The recently announced final
rule from the Department of Transportation allowing passengers and crew to
bring fuel cell cartridges on board the passenger compartment of commercial
aircraft has been a watershed event in regulatory approval. During the
remainder of 2008, we expect to see revenue from our instrumentation
business, from our new lines of safe Lithium batteries, our new agreement
on AIMS perimeter defense radar systems, as well as other new alternative
energy technologies."
About VIASPACE: Originally founded in 1998 with the objective of
transforming proven space and defense technologies from NASA and the
Department of Defense into hardware and software solutions that solve
today's complex problems, VIASPACE benefits from important patent and
software licenses from Caltech, which manages NASA's Jet Propulsion
Laboratory. For more information, please visit our website at
http://www.VIASPACE.com, or contact for Investor Relations, Dr. Jan
Vandersande, Director of Communications at 800-517-8050, or
IR@VIASPACE.com.
This news release includes forward-looking statements. These
forward-looking statements relate to future events or our future
performance and involve known and unknown risks, uncertainties and other
factors that may cause our actual results, levels of activity, performance
or achievements to be materially different from any future results, levels
of activity, performance or achievements expressed or implied by these
forward-looking statements. Such factors include the risks outlined in our
periodic filings with the U.S. Securities and Exchange Commission,
including our Annual Report on Form 10-KSB for the fiscal year ended
December 31, 2007, as well as general economic and business conditions, the
ability to acquire and develop specific projects and technologies, the
ability to fund operations, changes in consumer and business consumption
habits, and other factors over which VIASPACE has little or no control.
SOURCE VIASPACE Inc.
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Related links:
http://www.viaspace.com
CONTACT:
press, Carl Kukkonen, +1-626-768-3360, or
investor relations, Dr. Jan Vandersande, Director of
Communications, 1-800-517-8050, IR@VIASPACE.com, both of VIASPACE
Inc.
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