Enova Reports Annual Results for 2009 Fiscal Year
March 26 2010 - 4:15PM
Business Wire
Enova Systems, Inc. (NYSE AMEX: ENA) (AIM: ENV) (AIM: ENVS), a
production company in an emerging industry and a leading developer
of proprietary electric, hybrid and fuel cell digital power
management systems, has filed its 2009 Annual Report on Form
10-K.
Enova President and CEO Mike Staran commented, “In 2009, Enova
continued to expand its OEM portfolio and build on its existing
partner relationships. We also saw indications that businesses were
again ready to engage green procurement efforts akin to the period
before the economic landscape soured in 2007.”
Staran continued, “Our proactive government strategy has ensured
that our products qualify for international, federal, and state
subsidies. These subsidies reduce the price point of Enova’s
emissions reducing and fuel efficient technology as well as improve
the payback period for early adopters positioning Enova for growth
in 2010.”
Highlights of 2009 Results:
- Total 2009 net loss was
$7,045,000 on $5,622,000 in revenue for the year. Total fourth
quarter 2009 net loss was $2,071,000 on $1,468,000 in revenue.
- Gross margin for the year ended
2009 was 11% on sales of $5,622,000, Gross margin for the quarter
ended December 31, 2009 was 12% on $1,468,000 in sales.
- Enova delivered 280
pre-transmission hybrid drive systems to First Auto Works (“FAW”)
of China for its Jiefang 12-meter hybrid electric buses. In excess
of 200 systems were shipped in the 3rd Quarter, confirming Enova’s
ability to provide high volume to major OEMs.
- Freightliner Custom Chassis
Corporation, a division of Daimler Trucks North America, recently
unveiled its Enova powered all-electric commercial chassis for its
highest volume MT-45 chassis, and has placed production vehicles in
national fleets. Freightliner expects significant production
penetration by early 2011.
- Enova was awarded an exclusive
supplier contract with the U.S. General Services Administration
(“GSA”), which procures in excess of $1 billion vehicles annually
for government agencies and armed forces. Under this contract,
Enova will supply Enova Ze all-electric walk-in step vans to GSA
under the Cargo Vans category.
- Enova saw further federal fleet
penetration potential via GSA with the Smith Electric Vehicles’
(“Smith”) Newton product offering in the Medium and Heavy Duty
vehicle category. The Smith Newton is another exclusive,
all-electric medium and heavy duty truck offering on the GSA
product menu. Also, Navistar continued to demonstrate its
leadership in the American school bus market with its exclusive GSA
contract to supply hybrid school buses.
- Navistar, with Enova as a
co-applicant, was selected to receive a cost-shared award of up to
$10 million under the Department of Energy Plug-in Hybrid Electric
Vehicle (“PHEV”) Technology Acceleration and Deployment Activity
program to develop and deploy 60 plug-in electric hybrid school
buses, including engine-off all-electric drive capability.
About Enova:
Enova Systems (http://www.enovasystems.com) is a leading
supplier of efficient, environmentally friendly digital power
components and systems products. The Company’s core competencies
are focused on the development and commercialization of power
management and conversion systems for mobile applications. Enova
applies unique ‘enabling technologies’ in the areas of alternative
energy propulsion systems for light and heavy-duty vehicles as well
as power conditioning and management systems for distributed
generation systems. The Company develops, designs and produces
non-invasive drive systems and related components for electric,
hybrid-electric, and fuel cell powered vehicles in both the “new”
and “retrofit” vehicle sales market. For further information,
contact Enova Systems directly, or visit its Web site at
http://www.enovasystems.com.
ENOVA SYSTEMS, Inc. 1560 West 190th Street Torrance, CA
90501 Tel: 310-527-2800
Contact: Jarett Fenton,
CFO/Investor Relations
Additional Information:
This news release contains forward-looking statements relating
to Enova Systems and its products that are intended to be covered
by the safe harbor for forward-looking statements provided by the
Private Securities Litigation Reform Act of 1995. Forward-looking
statements are statements that are not historical facts. These
statements can be identified by the use of forward-looking
terminology such as “believe,” “expect,” “may,” “will,” “should,”
“could,” “project,” “plan,” “seek,” “intend,” or “anticipate” or
the negative thereof or comparable terminology and statements about
industry trends and Enova’s future performance, operations and
products. These forward-looking statements are subject to and
qualified by certain risks and uncertainties. These and other risks
and uncertainties are detailed from time to time in Enova Systems’
periodic filings with the Securities and Exchange Commission,
including but not limited to Enova’s annual report on Form 10-K for
the year ended December 31, 2009.
Enova Systems Inc. (AMEX:ENA)
Historical Stock Chart
From Jun 2024 to Jul 2024
Enova Systems Inc. (AMEX:ENA)
Historical Stock Chart
From Jul 2023 to Jul 2024