FORM 6-K
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13A-16 OR 15D-16
OF THE
SECURITIES EXCHANGE ACT OF 1934
For the month of May, 2002
ENERGY POWER SYSTEMS LIMITED
(FORMERLY: ENGINEERING POWER SYSTEMS LIMITED)
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(Address of Principal executive offices)
Suite 301, 2 Adelaide Street West, Toronto, Ontario, M5H 1L6
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(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual reports
under cover form 20-F or Form 40-F:
Form 20-F X Form 40-F
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Indicate by check mark whether the registrant by furnishing the information
contained in this Form is also thereby furnishing the information to the
Commission pursuant to Rule 12g3-2b under the Securities Exchange Act of 1934:
Yes No X
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If "Yes" is marked, indicate below the file number assigned to the registrant
in connection with Rule 12g3- 2(b): 82
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
ENERGY POWER SYSTEMS LIMITED
(formerly: Engineering Power Systems Limited)
Date: May 30, 2002 By:____"Sandra J. Hall"____ ______
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SANDRA J. HALL, SECRETARY & DIRECTOR
ENERGY POWER REPORTS THIRD QUARTER RESULTS
Toronto, Ontario
Energy Power Reports Third Quarter Results
Energy Power Systems Limited (AMEX: EGY & Frankfurt EPW) (www.epsx.com)
("Energy
Power" or the "Company") announces that it has released unaudited consolidated
financial statements for the nine-month period ended March 31, 2002 stated in
Canadian dollars. These statements reflect the following activities of Energy
Power operating as an Oil & Gas Division and it's wholly-owed subsidiary
operating as an Engineering & Offshore Division:
- consolidated revenues of $16.7 million for the nine-month period
ended March 31, 2002 versus $15.2 million for the nine month
period ending March 31 2001;
- consolidated gross profits of $2.2 million for the nine-month
period ended March 31, 2002 versus $1.5 million for the nine
month period ending March 31, 2001;
- consolidated EBITDA of $0.7 million for the nine-month period
ended March 31, 2002 versus ($0.1) million for the nine month
period ending March 31, 2001;
- consolidated loss from continuing operations of $0.1 million for
the nine-month period ended March 31, 2002 versus a consolidated
net loss of $0.7 million for the nine month period ending March
31, 2001; and
- consolidated basic loss per share from continuing operations of
1 cent per share for the nine-month period ending March 31, 2002
versus 17 cents loss per share for the nine month period ending
March 31, 2001.
Third quarter results for the nine-month period ending March 31, 2002 showed
revenues increasing 10% to $16.7 million versus $15.2 million for the same
period in the previous year. Growth was derived by revenue gains in the
Company's Engineering & Offshore Division further bolstered by increased revenue
from the Company's Oil & Gas Division.
Consolidated gross profit for the nine-month period ending March 31, 2002
increased 47% to $2.2 million from $1.5 million in 2001. Approximately $0.7
million of the increase was due to an improvement in profit margins during the
period from the Company's Engineering & Offshore Division as well as increased
revenue of $1.2 million. During the nine-month period ending March 31, 2002
gross profit margins from the Engineering & Offshore Division were 13% compared
to 10% for the nine-month period ending the previous year. The remainder of the
increase is related to incremental gross profit derived from the Company's Oil &
Gas Division.
Consolidated EBITDA of $0.7 million for the nine-month period ending March 31,
2002 was $0.8 million higher than a consolidated EBITDA of ($0.1) million
reported for the previous nine-month period. The $0.8 million increase in EBITDA
during the period was due in part to improved margins by the Company's
Engineering & Offshore division and the increased cash flow from the Company's
Oil & Gas division.
Consolidated loss from continuing operations of $0.1 million for the nine-month
period ending March 31, 2002 improved by $0.6 million or 86% over the
consolidated loss from continuing operations of $0.7 million reported for the
previous nine-month period. The loss was due to a $0.2 million write down of
assets held for sale. Before the non-cash write down income from continuing
operations was $0.1 million. The above reported earnings from continuing
operations for the nine-month period ending March 31, 2002 resulted in a loss
per share from continuing operations of 1 cent per share. Losses from continuing
operations of 17 cents per share were reported for the previous nine-month
period.
Losses incurred from discontinued operations derive from the Company's
discontinued Power Division. Losses from discontinued operations were $0.1
million for the nine-month period ending March 31, 2002 versus ($0.2) million
for the nine-month period ending March 31, 2001.
As a result of the foregoing, net losses improved by $0.4 million or 60% to $0.2
million for the nine-month period ending March 31, 2002 compared to net losses
of $0.5 million during the previous fiscal period. The loss was due to a $0.2
million write down of assets held for sale. Before the non-cash write down
income from continuing operations was $0.1 million. Net losses per share were 2
cents per share for the nine-month period ending March 31, 2002 and net losses
of 13 cents per share were reported for the previous nine-month period.
About Energy Power Systems Limited
Energy Power is an integrated energy source and service company operating as an
Engineering and Offshore Division and an Oil & Gas Division.
There are approximately 10.6 million shares issued and outstanding in the
capital of the Company.
For further information contact: Scott T. Hargreaves, CA, CFA
Chief Financial Officer
Telephone: (416) 861-1484
Certain of the statements contained in this news release are forward-looking
statements. While these statements reflect the Corporation's current beliefs,
they are subject to uncertainties and risks that could cause actual results to
differ materially. These factors include, but are not limited to, the demand for
the Corporation's products and services, economic and competitive conditions,
access to debt or equity capital on favorable terms, and other risks detailed in
the Corporation's Form 20-F and Annual Report.