PRTODAY / NewswireToday Free press release distribution service network

More news: Energy
Written by / Agency / Source: ECOtality, Inc.

Check Ads Availability|e-mail Article


Are you the owner of this article?, Turn it PREMIUM with your LOGO instead - and make it 3rd party Ads-Free! within the next hour!

ECOtality Reports Record First Quarter 2012 Results - Revenue up 215% to Record $13.7 Million, Driving Record Net Income of $1.2 Million - ECOtality.com
ECOtality Reports Record First Quarter 2012 Results

 

NewswireToday - /newswire/ - San Francisco, CA, United States, 2012/05/21 - Revenue up 215% to Record $13.7 Million, Driving Record Net Income of $1.2 Million - ECOtality.com. NASDAQ: ECTY

   
 
Your Banner Ad Here instead - Showing along with ALL Articles covering Energy Announcements

Replace these Affiliate Programs at ANYTIME! Your banner here within the next hour. Learn How!


 

ECOtality, Inc., a leader in clean electric transportation and storage technologies, reported financial results for the first quarter ended March 31, 2012.

Q1 2012 Summary of Financial Results
Revenue in the first quarter of 2012 increased 215% to a record $13.7 million, as compared to $4.3 million in the same year-ago quarter. The increase in revenue was largely attributed to the continued roll out of network infrastructure for the EV Project and by a Blink® network licensing agreement. The EV Project is a public-private partnership with the Department of Energy that seeks to develop, implement and study techniques for optimizing the deployment of a commercially viable EV charging infrastructure.

The first quarter of 2012 represented the company’s first profitable quarter, which was driven primarily by EV Project revenue and a Blink® network licensing agreement. Net income in the first quarter of 2012 was $1.2 million or $0.04 per basic and diluted share, as compared to a net loss of $6.8 million or $(0.51) per basic and diluted share in the same year-ago quarter.

Combined cash, restricted cash and cash equivalents at March 31, 2012 totaled $4.5 million, as compared to $10.2 million at December 31, 2011. The decrease in cash was primarily attributed to the rapid increase in both the production and installation of Blink® DC Fast Chargers required for the EV Project.

Q1 2012 Operational Highlights
Approximately 1,100 Blink® chargers were installed during the quarter, bringing the total number of charging stations to approximately 6,700, and maintaining the Blink network as the largest connected electric vehicle (EV) charging network in the world.

The Blink® network has delivered in total more than 5,000 megawatt-hours to EV drivers, who generated nearly 23 million miles of data for the EV Project.
Signed a $5 million licensing agreement with ABB Technology Ventures Ltd to utilize the Blink® electric vehicle charging network.
ABB made a $5 million follow-on investment in the form of a convertible note due in 2015.

Received the Bloomberg New Energy Pioneer Award, which was presented to the top 10 companies around the world that are “forever changing the energy landscape.” In addition, the company’s Blink® Level 2 charger won an Edison Award,“honoring the best in innovation and excellence in the development of new products and services.”

Partnered with Regency Centers to install approximately 40 Blink® electric vehicle charging stations at 19 Regency locations nationwide.

Partnered with South Lake Union Discovery Center, operated by Vulcan Real Estate, to install the first Blink® DC Fast Charger in the Seattle area, while also installing the company’s first DC Fast Charger in Northern California at Volkswagen Group of America Electronics Research Laboratory.

Strengthened management team with the appointments of Murray Jones as chief operating officer, Paul Gordon as chief technology officer and Martin Felli as vice president and general counsel.

Management Commentary
“We are pleased by our record first quarter results, in terms of both profitability and operational performance,” said Jonathan Read, president and CEO of ECOtality. “These achievements were driven in part by our new licensing agreement with ABB. Its follow-on investment, along with our recent management hires, ideally positions ECOtality for the successful execution of the EV Project and the national rollout of the Blink® network.

“As the project manager of the EV Project, the largest EV research project ever undertaken, ECOtality continues to collect valuable insight into how to more efficiently and effectively build-out a national EV infrastructure. As we move forward in 2012, we look forward to accelerating the roll-out of our national Blink® charging network, while further developing and testing numerous opportunities to monetize this network, as well as deriving continued benefits from the EV Project.”

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.

Forward-Looking Statements
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.

 
 
Your Banner Ad Here instead - Showing along with ALL Articles covering Energy Announcements

Replace these Affiliate Programs at ANYTIME! Your banner here within the next hour. Learn How!


 

Written by / Agency / Source: ECOtality, Inc.

 
 

Availability: All Regions (Including Int'l)

 

Traffic Booster: [/] Quick Newswire Today Visibility Checker

 

Distribution / Indexing: [+] / [Company listed above is a registered member of our network. Content made possible by PRZOOM / PRTODAY indexing services]

 
 
# # #
 
 
  Your Banner Ad showing on ALL
Energy articles,
CATCH Visitors via Your Competitors Announcements!


ECOtality Reports Record First Quarter 2012 Results

Company website links NOT available to basic submissions
It is OK to republish and/or LINK any newswire for any legitimate media purpose as long as you name Newswire Today and LINK as the source.
 
  Is this your article?
Activate ALL web links and social stream by Upgrading to Press Release PREMIUM Plan Now!

|
Publisher Contact: Caitlin Cieslik-Miskimen - AntennaGroup.com 
201-294-0199 caitlin[.]antennagroup.com
 
Newswire Today - PRZOOM / PRTODAY disclaims any content contained in this article. If you need/wish to contact the company who published the current release, you will need to contact them - NOT us. Issuers of articles are solely responsible for the accuracy of their content. Our complete disclaimer appears here.
IMPORTANT INFORMATION: Issuance, publication or distribution of this press release in certain jurisdictions could be subject to restrictions. The recipient of this press release is responsible for using this press release and the information herein in accordance with the applicable rules and regulations in the particular jurisdiction. This press release does not constitute an offer or an offering to acquire or subscribe for any ECOtality, Inc. securities in any jurisdiction including any other companies listed or named in this release.

Energy via RSSAdd NewswireToday - PRZOOM Headline News to FeedBurner
Find who RetweetFollow @NewswireTODAY



Are you the owner of this article?, Turn it PREMIUM with your LOGO instead - and make it 3rd party Ads-Free! within the next hour!


Read Latest Articles From ECOtality, Inc. / Company Profile


Read Energy Most Recent Related Newswires:

PPG to Distribute Wastewater Substrate-repair Products from Sauereisen
Enel Begins Operations At World’s First Commercial Geothermal-hydro Hybrid Power Plant
Vestas Secures 112 MW for Three Projects in France
ENGIE and Statoil Agree on the Renegotiation of Their Long-term Gas Supply Contracts
ENGIE and AES Andres Leverage Core Strengths to Provide Reliable and Competitive LNG Supply in the Caribbean
Power Costs, Inc. (PCI) and GE Power Collaborate to Link Energy Operations with Energy Trading for End-to-End Machine to Market Software Solutions
GE Oil & Gas Signs Agreement with TAG GmbH to Install New Tuning Maintenance (TUMAS) Software on Entire Fleet of Gas Turbines
ENGIE Announces Two New Major Collaborations to Foster New Innovative Green Gas Production Methods Across Europe
Enel Inaugurates Apiacás Hydropower Complex in Brazil
Steam and Gas Turbine Manufacturers Realign Strategies to Harness Growth Opportunities within Clean Power Generation
Enel Starts Construction of Peru’s Largest Solar PV Plant
GE and Maersk Drilling to Pilot Marine Digital Transformation
SolarWinds to Join the Discussion on Interoperable IT Management for Defense Forces at AFCEA’s TechNet Asia-Pacific 2016
BP and GE Launch New Offshore Digital Technology with Plans to Deploy Globally
GE Digital Acquires ServiceMax to Extend Predix and Analytics Across Field Service Processes

Boost Your Social Network
& Crowdfunding Campaigns


LIFETIME SOCIAL MEDIA WALL
NewswireToday Celebrates 10 Years in Business


PREMIUM Members


Visit  BizJobs.com

Visit  Triggr & Bloom





 
  ©2016 Newswire Today — Limelon Advertising, Co.
Home | About | Advertise/Pricing | Contact | Investors | Privacy/TOS | Sitemap | FRANCAIS
newswire, PR free press releases distribution service magazines engine news alert newsroom press room breaking news public relations articles company news alerts newswiredistribution ezine bizentrepreneur biznewstoday digital business report market search pr firms agencies reports distri-bution today investor relation successful internet entrepreneurs newswire distribution prtoday.com freenewswiredistribution asianewstoday bizwiretoday USA pr UK today - NOT affiliated with PRNewswire as we declined their partnership offer in 2013
 
PRTODAY & NewswireTODAY are NOT affiliated with USA TODAY (usatoday.com)