CORRECTING and REPLACING Enova Announces Q2 2011 Financial Results
August 24 2011 - 5:38PM
Business Wire
Please replace the release dated August 15, 2011, with the
following corrected version due to multiple revisions.
ENOVA ANNOUNCES Q2 2011 FINANCIAL
RESULTS
8th Consecutive Quarter with
Positive Gross Margins
Drive System Powers All Electric Retrofits
for Fleet Operators
Enova Systems, Inc. (NYSE AMEX: ENA) (AIM: ENV) (AIM: ENVS), a
leading developer of proprietary hybrid electric and all-electric
drive systems and drive system components for the emerging green
commercial vehicle market, releases its financial results for Q2
2011. The company continues to improve its margins, with a 23%
positive margin complementing its 8th consecutive quarter of
positive results.
GROWTH HIGHLIGHTS:
- $2.5M in revenue for Q2 2011, an
increase of 23% over the same period in 2010
- 9% points increase in gross margin to
23% in Q2 2011 from 14% in the same period in 2010
- 8th consecutive quarter with positive
gross margins
Enova President and CEO Mike Staran stated “We are pleased to
have achieved consecutive quarters of positive gross margins owing
to maturation of our manufacturing processes. Enova continues to
execute on its strategic plan which includes our efforts to move
towards profitability via margin growth from current products and
the planned launch of our next generation Omni product line. We are
poised to further execute on our plan through game changing
initiatives currently being matured with our customer and investor
base.”
Liquidity and Capital Requirements:
The Company expects that it will need to raise additional
capital to pursue its business plan and is currently pursuing
a variety of funding options. A more thorough discussion of our
short-term liquidity and capital needs is set forth in our Form
10-Q for the quarter ending June 30, 2011.
CUSTOMER HIGHLIGHTS:
FIRST AUTO WORKS (FAW) has expanded their market opportunity by
joint development, with Enova, of a post transmission system
option. Additionally, FAW recently won China’s prestigious BAAV
Best HEV Bus award for 2010.
FREIGHTLINER CUSTOM CHASSIS (FCCC) and Enova supplied the
industry’s first all electric vehicle retrofits deployed by any
major fleet operator. Enova and FCCC have developed an integration
method for both new and retrofit applications. Enova expects
various fleet operators to retrofit existing vehicles to make them
all-electrics, saving resources through using existing vehicle
bodies.
CHINA SOUTHERN RAIL CORPORATION LIMITED(CSR) has integrated two
(2) all-electric drive systems for integration into commercial bus
applications. CSR is approved by the State-owned Assets Supervision
and Administration Commission of the State Council co-founded by
China South Locomotive and Rolling Stock Industry Group Corporation
and Beijing Railway Industry Economic and Trade Company with a
total equity capital of $7 billion USD. CSR was established in
December 2007 with sixteen (16) fully funded holding companies and
over 80,000 employees distributed in 10 provinces and cities around
the country.
OPTARE has recently awarded Enova a contract as the production
drive system supplier for their all electric buses. Optare designs,
manufactures and sells single deck and double deck buses and mini
coaches. Its buses operate in the UK, Continental Europe, and North
America.
US AIR FORCE and the Warner Robins Air Logistics Center Vehicle
Directorate are evaluating Enova as a supplier of hybrid and
electric drive systems. Currently the benefits of a non-invasive,
retrofit solution to the USAF’s existing Flightline van fleet as
well as all electric service vehicles are targeted.
US GOVERNMENT and Enova continue comprehensive discussions
regarding government interest in deployment of alternate fuel
vehicles. Enova has met with executive levels at the Pentagon to
further penetrate the available volume of government sourced
vehicles.
TECHNOLOGY HIGHLIGHTS:
OMNI INVERTER. Power-source and motor design agnostic, Enova’s
Omni-series inverter/vehicle controller offers increased
flexibility and ease-of-integration. With plug-and-play
connectivity, it is compatible with a wide range of vehicle drive
systems and motors, and can be configured for HEV, PHEV and EV
applications. The inverter is fully production validated and Enova
is currently coordinating introduction of the Omni inverter with
various customers.
OMNI CHARGER. Enova is finalizing design and validation test
plans for the new Omni-series 10kW on-board battery charger for
plug-in hybrid-electric and all-electric vehicles. CAN control
based, the new Omni charger offers increased flexibility,
ease-of-integration and compatibility with a wide range of vehicle
platforms. Enova is coordinating the introduction of the new
charger with various customers. Production availability is planned
for the fourth quarter in 2011.
OMNI DC/DC CONVERTER. Design has begun on a stand-alone
Omni-series DC/DC converter operating at the higher power levels
required for large electric vehicles. The new converter will be
available in 12V or 24V output configurations. Validation testing
is planned to begin summer 2011 with introduction discussions
already underway with various customers.
OTHER ENOVA ACTIVITIES:
Enova recently spoke (or will speak) at:
- Lazard Capital Market’s 3rd Annual
Alternative Energy Investor Summit in New York on June 1-2. The
Summit provided extensive opportunity for analysts and investors to
meet with Enova on a “one on one” basis.
- Ardour Capital Energy Technology
Conference in New York September 15 & 16, 2011. Enova will be
presenting.
- Merriman Capital Investor Summit in New
York on November 17, 2011. Enova will be presenting.
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
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, 2010 and Form 10-Q for the quarterly
period ending June 30, 2011.
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