ECOtality Announces Revenue of $2.5 Million for First Quarter 2009
19 Mai 2009 - 2:00PM
Business Wire
ECOtality, Inc. (OTCBB: ETLY), a leader in clean electric
transportation and storage technologies, today announced revenue
for the first quarter ended March 31, 2009 of $2.5 million.
ECOtality�s subsidiaries, which include Electric Transportation
Engineering Corporation (eTec), Innergy Power Corporation, and Fuel
Cell Store, have combined positive operating income for the first
quarter of 2009.
�The first quarter results reflect a strong measure of the
financial accomplishments the company has made over the past year,�
said Jonathan Read, president and CEO, ECOtality. �Despite the
current economic climate, ECOtality�s revenues and margins have
remained relatively constant while substantially reducing operating
expenses to achieve significant improvements in operating and net
income. As we forecast our business to grow in parallel with the
commercial introduction of electric vehicles, we have streamlined
operations and established a stable revenue base that positions the
Company well for rapid and sustainable growth to meet the market
demand for electric vehicle infrastructure.�
2009 KEY OPERATIONAL HIGHLIGHTS
- ECOtality launched the EV
Micro-Climate program, an integrated turn-key program that promotes
sensible policies, intelligent deployment of charge infrastructure,
and strong public awareness to foster the successful consumer
adoption of grid-connected electric vehicles. Currently, the
ECOtality EV Micro-Climate program has been initiated in Maricopa
County (AZ), Pima County (AZ) and Vancouver (BC).
- ECOtality announced a
partnership with Nissan North America and Pima Association of
Governments to facilitate the establishment of an EV Micro-Climate
throughout Arizona�s Tucson region to support the anticipated 2010
launch of Nissan�s zero-emission electric vehicle. ECOtality has
since announced a similar agreement with Nissan and the Maricopa
Association of Governments to facilitate the establishment of EV
charge infrastructure in the Phoenix region and has also announced
plans to create a fast-charging corridor along I-10 to connect the
two cities for EV users.
- ECOtality�s eTec launched the
new Minit-Charger FC line of fast-charge systems for material
handling equipment applications. Utilizing Minit-Charger�s patented
advanced algorithm technology, the Minit-Charger FC system is 50 to
65% smaller and 50 to 70% lighter than other fast-charge systems
that provide an output of up to 320 amps.
- ECOtality�s eTec completed the
Minit-Charger installation at Westchester County Airport to power
the Airport�s new fleet of all electric ground support vehicles.
The installation will reduce over 330 tons of criteria air
pollutants each year, and will eliminate the annual use of over
120,000 gallons of petroleum based fuels that results in annual
savings of approximately $190,000 (net the cost of
electricity).
2009 1st QUARTER RESULTS
Revenue for the first quarter ended March 31, 2009 was $2.5
million, compared to $2.8 million for the period ended March 31,
2008. Gross profit for the first quarter 2009 was $1.1 million
compared to $1.2 million in the previous year. Total operating
expenses for the first quarter were $1.5 million, a 43% decrease
compared to total operating expenses of $2.6 million during the
same period in 2008. Operating loss for the quarter ended March 31,
2009 was $0.4 million, an improvement of 70% when compared to the
operating loss of $1.4 million for the same period in 2008. Net
loss for the first quarter ended March 31, 2008 was $1.0 million,
an improvement of 49% compared to a $2.0 million net loss for the
quarter ended March 31, 2008. Loss per share was $.01 per share, an
improvement of 50% when compared to the loss per share of $.02 for
the same period in 2008. ECOtality�s subsidiaries had a combined
positive operating income (before corporate overhead allocation) of
$142,788 in the first quarter of 2009, a 189% increase from the
combined segment operating loss of $160,318 in the same period for
2008.
�ECOtality is actively applying and bidding for approximately
$1.5 billion in a combination of Federal and state funding
opportunities and competitive bid contracts with major automotive
OEMs and utilities,� continued Mr. Read. �While we are pleased by
the financial improvements of our transition from a
development-stage to revenue-generating company, we remain focused
on achieving overall profitability and enhancing our position as a
leading infrastructure provider for on-road vehicles. With our
strong fast-charging technology, extensive knowledge of advanced
vehicles and battery systems, and leading EV infrastructure
experience, we believe ECOtality is well positioned to be awarded
many of these contracts � each of which would change the financial
nature of the company.�
SHAREHOLDER CONFERENCE CALL
Management will host a conference call with the investment
community on Tuesday, May 26, 2009 at 4:30 p.m. Eastern Daylight
Time. Interested parties may participate in the conference call by
dialing 1-800-762-8795 or 1-480-629-9772 for international callers.
Please call 5 to 10 minutes prior to 4:30 p.m. When prompted, ask
for the "ECOtality First Quarter Earnings and Shareholder Update
Call." A telephonic replay may be accessed approximately two hours
after the call through June 2, 2009, by dialing 1-800-406-7325 or
1-303-590-3030 for international callers and entering the replay
access code 4078956. The teleconference will be webcast
simultaneously on the ECOtality website at
www.ecotality.com/investors.
About ECOtality, Inc.
ECOtality, Inc. (OTCBB: ETLY), headquartered in Scottsdale,
Arizona, is a leader in clean electric transportation and storage
technologies. Through innovation, acquisitions, and strategic
partnerships, ECOtality accelerates the market applicability of
advanced electric technologies to replace carbon-based fuels. For
more information about ECOtality, Inc., please visit
www.ecotality.com.
Forward-Looking Statements
This release contains forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933, as amended,
and Section 21E of the Securities Exchange Act of 1934, as amended.
All forward-looking statements are inherently uncertain as they are
based on current expectations and assumptions concerning future
events or future performance of the company. Readers are cautioned
not to place undue reliance on these forward-looking statements,
which are only predictions and speak only as of the date hereof. In
evaluating such statements, prospective investors should review
carefully various risks and uncertainties identified in this
release and matters set in the company's SEC filings. These risks
and uncertainties could cause the Company's actual results to
differ materially from those indicated in the forward-looking
statements.