ECOtality, Inc., a leader in clean electric transportation and storage technologies, today announced financial results for the quarter ended September 30, 2011.
Revenue for the third quarter 2011 grew to $9.5 million, an increase of 58 percent, compared with $6.0 million reported in the second quarter of 2011.
Third Quarter Financial Highlights:
• EV Project revenue grew by $3.7 million to $6.8 million, compared with $3.1 million in the prior quarter
• Installed approximately 4,400 Blink® residential and commercial chargers through October 2011
“We are pleased with our results and the meaningful progress we have made toward achieving our objectives,” stated Jonathan Read, President and CEO of ECOtality. “We achieved major industry milestones including obtaining UL certification of the Blink® DC Fast Charge system and subsequently installed the first DC Fast Charge stations with our national retail partners in Portland and Tennessee. In parallel with the roll-out of plug-in electric vehicles, we are actively installing Blink® chargers. ECOtality has currently installed approximately 4,400 Blink® charging stations to date and has collected over seven million miles of testing data for the EV Project.”
Read continued,“Looking forward, we will continue to execute and solidify our standing as the leader in the electric transportation infrastructure market. Our primary focus continues to be on rapidly expanding the national roll-out of our Blink® charging network in an effort to increase revenue, gross margin and overall profitability by leveraging our growing network.”
Recent Operational Highlights:
• Received Underwriters Laboratories (UL) certification for the Blink® DC Fast Charge system;
• Installed the first Blink® DC Fast Charge system at the Hollywood Fred Meyer store in Portland, Oregon;
• Unveiled the first Blink® DC Fast Charger in Tennessee at the Lebanon Cracker Barrel Store;
• Awarded five-year $26.4 million contract for Advanced Vehicle Testing and Evaluation by the U.S. Department of Energy;
• Actively installed Blink® residential and commercial charging stations in all major EV Project markets.
Three Month Financial Results for the Period Ended September 30, 2011:
The Company reported revenue of $9.5 million for the three months ended September 30, 2011 compared with $6.0 million for the three months ended June 30, 2011. The increase in revenue of $3.5 million, or 58 percent, is primarily related to work performed under the EV Project, which accounted for $6.8 million of revenue of the total $9.5 million in revenue in the three months ended September 30, 2011 compared with $3.1 million in the second quarter of 2011.
Net loss for the three month period ended September 30, 2011 was $3.4 million, a 39 percent improvement when compared with a net loss of $5.6 million in the second quarter of 2011.
ECOtality ended the third quarter 2011 with approximately $13.5 million in cash and equivalents and restricted cash compared with $20.8 million in the prior quarter. However, receivables (primarily from the DOE) were $7.6 million, an increase of $3.1 million from the prior quarter, and inventory consisting primarily of current generation EV chargers for EVP project was $8.5 million, an increase of $3.7 million from the prior quarter.
Conference Call Details:
Date: November 2, 2011
Time: 4:30 PM EDT
Dial-In Number: 1-877-941-2069
International Dial-In Number: 1-480-629-9713
Interested parties may participate in the conference call by dialing 1-877-941-2069 or 1-480-629-9713 for international callers. Please call five to ten minutes prior to 4:30 pm. Eastern time. When prompted, ask for the ECOtality Shareholder Update Call. A telephonic replay may be accessed approximately two hours after the call, through November 9, by dialing 1--877-870-5176 or 1-858-384-5517 for international callers and entering the replay access code 4483696. The teleconference will be webcast simultaneously on the ECOtality website at ecotality.com/investors.
About ECOtality, Inc.
ECOtality, Inc. (ecotality.com), headquartered in San Francisco, California, 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.
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.
Maria Riley, The Blueshirt Group for ECOtality
E: maria[.]blueshirtgroup.com / P: 415-217-7722