Enova Reports Year-to-Date Revenue Growth for Q3 2010; Announces Expanded Growth on Secured Order Book of $6.0M; Discusses Po...
November 15 2010 - 7:00AM
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, today announced financial results for its
third quarter of fiscal year 2010 and noted positive highlights for
the year.
Highlights of the September 30, 2010 Quarter:
- Revenue increased for the nine months
ended September 30, 2010 by $733,000 or 18% to $4,887,000 for the
comparable period in 2009. Navistar, Smith Electric Vehicles
(“Smith”), First Auto Works (“FAW”) and Freightliner Custom Chassis
Corporation (“Freightliner”) contributed to these sales in 2010.
Revenue for Q3 2010 was $1,904,000.
- The Company is currently experiencing
an increase in the momentum of revenue growth, with a firm order
book of approximately $6.0 million for delivery in Q4 2010 and the
first quarter of 2011. The orders include drive system components
and solutions for some of Enova’s key customers: Freightliner, FAW,
Smith UK, Smith US, and the U.S. Air Force.
- Gross margin improved for the nine
months ended September 30, 2010 by 4 percentage points from the
comparable period in 2009. Gross margin also improved by 3
percentage points in the third quarter of fiscal 2010 from the
comparable third quarter of 2009. Improvements in the gross margin
for the comparable quarters resulted from continued focus on key
customer production contracts as well as efficiencies gained via
in-house manufacturing.
Enova President and CEO Mike Staran commented, “The existing
order book, which alone surpasses our 2009 revenues, is validation
that the company continues to strengthen its core capabilities.”
Staran added, “The increased commitment from our customers and
suppliers combined with our steady improvement in margins
displays the necessary upward trend that has been anticipated.”
Other positive highlights:
- Freightliner unveiled the Enova-powered
all-electric walk-in van (MT-EV) at the 2010 Hybrid Truck Users
Forum (“HTUF”) in Dearborn, Michigan. Freightliner has projected
that the vehicle will have an economic payback of 3-4 years. The
MT-EV all-electric chassis utilizes Enova Systems’ 120kW
all-electric drive system technology. Freightliner is the first
company within the industry to utilize Tesla batteries for
commercial applications. Enova and Freightliner are currently
working towards California Air Resources Board (“CARB”)
certification of its MT-EV solution.
- Enova has engaged Mike Mead, former
Chief, Advanced Power Technology Office with the U.S. Air Force to
assist the company in its pursuit of government (GSA and military)
business opportunities. It is anticipated that Mr. Mead’s
experience and knowledge of this segment will greatly enhance
Enova’s ability to optimize opportunities and realize growth.
- Remy and Enova continue to make
significant progress together in the development of a new electric
drive system based on the Enova Omni Controller and Remy’s HVH
motor utilizing the $60.2m grant Remy received from the U.S.
Department of Energy (“DOE”) for accelerating the standardization
and commercialization of their HVH electric motor technology.
- Enova has entered into partnership with
Schwarze Industries Inc., a leading sanitation vehicle supplier, to
develop a clean-operating fuel cell sweeper truck to be used by the
U.S. Air Force in Hawaii. The fully electric green sweeper will be
powered by the Enova 120kW all-electric drive system coupled with a
hydraulic pump, and will use hydrogen produced by a solar electric
array.
- Enova has been actively increasing
exposure for and awareness of its technologies and their
demonstrable benefits in the Hawaiian market, building on the
merits of its local office co-located, and partnered since 1994,
with the Hawaiian Center for Transportation Technologies (HCATT) in
Honolulu. Product demonstrations of its all-electric ZE vehicle
fleet, including the step van and cargo van, were recently
conducted. In addition, Enova has had a presence at key local
industry conferences and events, expanding its local network and
further strengthening its leadership position in Hawaii are growing
green vehicle market.
- Enova continues to grow its battery
purchases from Valence as well as develop relationships and
actively evaluate battery technologies from other suppliers
including a major producer of batteries for charge sustaining
hybrid systems. The company sees tremendous upside to business
potential as battery technology advances and product becomes
available. These advancements will become critical to the value
proposition of Enova’s drive system solutions.
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.
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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