Enova Reports Results for First Quarter 2010; Revenue Increase of 35% Compared to First Quarter 2009; Cites Encouraging Devel...
May 17 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 results of its first quarter of fiscal
year 2010 on Form 10-Q.
Enova President and CEO Mike Staran commented, “We are
encouraged by continued customer traction and support through
government funding opportunities, both in the form of funded
development and government subsidies. These programs improve the
value proposition for early adopters and help drive demand in this
nascent market.” Staran continued, “We are also encouraged by the
markets positive reception to Enova’s re-designed and expanded
product offering which will further broaden our sales opportunities
in 2010.”
Highlights of the March 31, 2010 10-Q:
- Revenue for the first quarter of
fiscal 2010 was $929,000, up 35% from the fiscal 2009 first quarter
of $688,000 due to deliveries of orders to Freightliner Custom
Chassis Corporation (“Freightliner”), Smith Electric Vehicles
(“Smith”), and Hawaii Center for Advanced Transportation
Technologies.
- Gross margin was 9% in the first
quarter of fiscal 2010, down from 16% in the comparable first
quarter of 2009. We recorded a higher non-cash inventory charge in
Q1 2010 versus the comparable period that resulted in a majority of
the decrease in gross margin.
- Net loss for the first quarter
ended March 31, 2010 was $1,719,000 or a basic and diluted loss of
$0.05 per share compared to a net loss of $1,656,000 or a basic and
diluted loss of $0.08 per share for the first quarter ended March
31, 2009.
- Enova received its first order
for its Zero Emissions (“Ze”) step van from a military installation
in April 2010. The order reflects increased awareness by federal
agencies for the Department of Energy’s (“DOE”) Federal Management
Program recent publication titled “Guidance for Federal Agencies on
Executive Order 13514 Section 12 – Federal Fleet Management.”
Federal agencies are required to reduce their petroleum consumption
by 2% annually for a total 30% reduction by 2020. The Ze step van
can completely displace the petroleum use of its gasoline or diesel
counterpart.
- Smith Electric Vehicles,was
selected to receive an additional $22 million in grant funding from
the Department of Energy (“DOE”), bringing the total DOE grant
funding available to Smith to $32 million toward the production of
all–electric, zero emissions commercial trucks powered by Enova’s
drive system. The DOE grant will be used to subsidize the
incremental vehicle cost and to incentivize its customers to
participate in a commercial electric vehicle demonstration
program.
- Enova expanded its all-electric
Ze drive system offerings to include a Ford F-150 utility truck and
Chevrolet Express cargo van. The Ford F-150 is the highest sales
volume pick-up truck in the United States and has been integrated
with a 90kW all-electric Ze drive system. The Chevy Express cargo
van is one of the top selling domestic fleet vans in its vehicle
classification and has been integrated with a 120kW all-electric Ze
drive system.
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
StreetTorrance, CA 90501
Tel: 310-527-2800Contact: 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.
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