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 November, 2002
ENERGY POWER SYSTEMS LIMITED
(FORMERLY: ENGINEERING POWER SYSTEMS LIMITED)
---------------------------------------------
(Address of Principal executive offices)
Suite 301, 2 Adelaide Street West, Toronto, Ontario, M5H 1L6
------------------------------------------------------------
(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
-----
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
-----
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: November 25, 2002 By:____"Sandra J. Hall"____ ______
--------------------- ----------------------------------
Sandra J. Hall, President, Secretary & Director
Energy Power
Systems Limited
ENERGY POWER REPORTS 1ST QUARTER EARNINGS
Friday November 22, 5:26 pm ET
TORONTO--(BUSINESS WIRE)--Nov. 22, 2002--Energy Power Systems Limited (AMEX: - ;
Frankfurt:EPW) (; "Energy Power" or the "Company") announces that it has issued
unaudited consolidated financial statements for the three-month period ending
September 30, 2002 expressed in Canadian dollars. These statements reflect the
activities of Energy Power and its subsidiaries operating as an Industrial &
Offshore Division and an Oil & Gas Division:
- consolidated revenues of $10.5 million for the three month period ended
September 30, 2002 ($5.5 million -2001);
- consolidated gross profits of $1.3 million for the three month period
ended September 30, 2002 ($1.0 million - 2001);
- consolidated net earnings of $0.3 million for the three month period ended
September 30, 2002 ($0.4 million - 2001);
- consolidated basic net earnings per share of $0.04 ($0.07 per share -
2001).
- consolidated fully diluted net earnings per share of $0.03 ($0.05 per
share - 2001).
Energy Power's consolidated revenues increased 91% to $10.5 million for the
three-month period ending September 30, 2002 from $5.5 million reported during
the same period the previous year. Revenue increases were primarily derived from
the Company's Industrial & Offshore Division as well as some increases from the
Company's Oil & Gas Division. "We are most pleased with the positive trending
improvements as consolidated revenue almost doubled for the three month period
ending September 30, 2002," stated Scott Hargreaves CFO, "we hope to continue
growing our revenues by taking on larger projects for the Industrial & Offshore
Division and increasing reserves and production volumes for the Oil & Gas
Division. "
Energy Power's consolidated gross profit for the three-month period ending
September 30, 2002 increased 30% to $1.3 million from $1.0 million in 2001. The
increase in consolidated gross profits was primarily derived from increased
revenues from the Company's Industrial & Offshore Division.
Energy Power's administrative expenses of $0.9 million for the three-month
period ending September 30, 2002, was 29% higher than administrative expenses of
$0.7 million the previous year. During the three-month period ended September
30, 2002 professional fees were higher by $0.2 million versus the previous year.
As a result of the foregoing, net earnings decreased 25% to $0.3 million as
compared to net earnings of $0.4 million during the previous period. Net
earnings per share decreased 42% to $0.04 per share for the three-month period
ending September 30, 2002 from $0.07 per share for the previous three-month
period. Fully diluted net earnings per share decreased 40% to $0.03 per share
for the three-month period ending September 30, 2002 from $0.05 per share for
the previous three-month period.
About Energy Power Systems Limited
Energy Power is an energy source and service company operating as an Industrial
& Offshore Division and an Oil & Gas Division.
There are approximately 10.6 million shares issued and outstanding in the
capital of the Company.
Certain statements contained herein constitute "forward-looking statements"
within the meaning of the Private Securities Litigation Reform Act of 1995 (the
"Reform Act"), which reflect the Company's current expectations regarding the
future results of operations, performance and achievements of the Company. The
Company has tried, wherever possible, to identify these forward-looking
statements by, among other things, using words such as "anticipate," "believe,"
"estimate," "expect" and similar expressions. These statements reflect the
current beliefs of management of the Company, and are based on current available
information. Accordingly, these statements are subject to known and unknown
risks, uncertainties and other factors which could cause the actual results,
performance or achievements of the Company to differ materially from those
expressed in, or implied by, these statements. (See the Company's Annual
Information Form and Annual Form 20 F for Risk Factors.) The Company is not
obligated to update or revise these "forward-looking" statements to reflect new
events or circumstances.
[GRAPHIC OMITED]
Contact:
Energy Power Systems Limited
Scott T. Hargreaves, 416/861-1484