HEC 3rd Quarter numbers out.

The Algona based Hydrogen Engine Center has released its quarterly report ending September 30th. The report indicates sales in the third quarter were down over 40 thousand dollars from the same time last year, operating losses were at one-point-two million compared to one-point six million in the 3rd quarter last year. The nine month sales figures were up sharply from last year with operating expenses for the nine months were at at four-point one million dollars compared to four-point-five-million dollars for the same nine month period last year. According to a form called a 10-Q-S-B and a plan of Operation, the company has initiated action to streamline their operations, because they have not to date received the level of financing they anticipated. According to a cash management plan on the same form the company has actions in place to reduce the amount of cash it is using on overhead spending, and a reduction in salaries for officers by 15 percent. As of this morning HEC shares ranged between 80 and 90 cents a share. HEC Chief Operating Officer Don Vanderbrook says while the company has made strides in controlling costs, they are still at the development stage and have several projects that hold promise of future sales. Overbrook notes that through the cost-saving measures, with existing capital and projected sales revenue, the company anticipates that they can fund their operations through February 2008 without additional capital. He says the time frames will vary if events occur which negatively or positively affect operations, including delays in anticipated sales.