March 27, 2009 / 2:39 PM / 8 years ago

UPDATE 1-Dynetek restructuring helps lift sales, cut loss

*Q4 loss per share C$0.02 versus C$0.10

*Revenue rises 24 percent to C$8 mln

OTTAWA, March 27 (Reuters) - Dynetek Industries Ltd DNK.TO said on Friday that a restructuring sparked by slumping hydrogen markets helped lift fourth-quarter results for its high-tech fuel tanks.

Dynetek, which makes lightweight alternative fuel storage tanks that power vehicles, decided in August to cut costs, streamline management, and focus on new markets.

“The changes...not only allowed us to halt the downward trend of 2008, but has positioned Dynetek to capitalize on the strong world market for alternative fuels,” Chief Executive Christian Rasche said in a statement.

Calgary, Alberta-based Dynatek said it lost C$366,000 ($295,161), or 2 Canadian cents a share, in the quarter ended Dec. 31, compared with a loss of C$2.15 million, or 10 Canadian cents a share, in the same period last year.

Quarterly earnings before interest, taxes, stock-based compensation, foreign exchange impact, depreciation and amortization were C$285,000, versus a year-earlier loss of C$652,000.

Revenue jumped 24 percent to C$8 million.

The company said it bolstered its working capital to C$15.7 million from C$11.8 million.

Dynatek’s thinly traded shares were unchanged at 27 Canadian cents on the Toronto Stock Exchange.

$1=$1.24 Canadian Reporting by Susan Taylor; editing by Rob Wilson

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