* Achieves record annual revenue of $11.2 million, an increase of 332% compared
to 2007
* Gross profit increased 243% to $4.1 million
* 2008 total operating expenses reduced by 42% compared to 2007
* Operating loss improved 69% in 2008 compared to 2007
SCOTTSDALE, Ariz.--(Business Wire)--
ECOtality, Inc. (OTCBB: ETLY), a leader in clean electric transportation and
storage technologies, today announced financial results for the quarter and year
ended December 31, 2008.
Revenue for the fourth quarter and year ended December 31, 2008, was $2.5
million and $11.2 million, respectively. The overall increase in revenues is a
result of the full integration of Innergy Power Corporation, Electric
Transportation Engineering Corporation (eTec), and Minit-Charger acquisitions
and reflects the successful execution of ECOtality`s 2008 transition from a
development-stage to a revenue-generating company focused on electric vehicle
infrastructure.
"In 2008, ECOtality worked to integrate our subsidiaries, substantially reduce
our operating costs and achieve stable quarterly revenues," said Jonathan Read,
president and CEO, ECOtality. "We have built a substantial base of revenues from
our existing operations that can provide support for our future growth as a
leading supplier of charge infrastructure for the burgeoning on-road electric
vehicle market. By reducing our operating costs and creating efficiencies
throughout the organization, we believe we are positioned for financial growth
through expanded sales into the EV markets."
KEY OPERATIONAL HIGHLIGHTS FOR 2008
* ECOtality`s eTec launched the Plug-in Hybrid Electric Vehicle (PHEV) Grid
Interaction Project. Working with V2Green/Gridpoint and the U.S. Department of
Energy (DoE), the project will demonstrate eTec`s ability to fast-charge a PHEV
in 10 minutes and to analyze the effects of using the energy storage
capabilities of PHEVs to provide energy back to smart-metered electric grid
systems.
* ECOtality`s eTec launched the new Minit-Charger SC line of fast-charge systems
for material handling equipment applications. The Minit-Charger SC is a lighter,
compact and more cost-effective fast-charging system that can recharge battery
systems four times faster than conventional chargers and has a variety of
applications in other industries, including on-road electric vehicles.
* ECOtality`s eTec launched the Bridge Power Manager (BPM) for electric ground
support equipment (eGSE). The BPM significantly reduces infrastructure
transition and conversion costs by allowing eTec Minit-Charger fast-charge
systems to share and distribute power with existing power supply circuits at
airport terminals.
* ECOtality`s eTec announced it was performing ongoing baseline and fleet
testing for the DoE`s Advanced Vehicle Testing Activity (AVTA). During the
course of the project, which is part of a five-year contract with the DoE and is
valued at $10.5 million, eTec will conduct baseline and fleet testing on several
hybrid, plug-in hybrid and electric vehicles.
* ECOtality completed the integration of Minit-Charger and announced that the
eTec SuperCharge line of fast-charging systems for airport ground support
equipment, neighborhood electric vehicle operations, marine and transit
applications will operate under the Minit-Charger brand. The Minit-Charger line
of battery fast-charging systems was acquired by ECOtality in December 2007.
2008 FULL-YEAR RESULTS
Revenue for the twelve-month period ended December 31, 2008 was $11.2 million, a
332% increase compared to revenue of $2.6 million for the twelve-month period
ending December 31, 2007. Gross profit for the 2008 fiscal year improved by 243%
to $4.1 million compared to $1.2 million. The increase in revenue and gross
margins reflects a full year of operations for the several revenue-generating
acquisitions the Company completed in 2007. In addition to increasing top-line
growth, the attained companies provide ECOtality with a diverse product offering
and a stable revenue platform that is dependent upon several existing markets
for photovoltaic (PV) solar modules, hydrogen fuel cell products, energy storage
systems, advanced battery monitoring and fast-charge systems, and electric
transportation.
Operating loss for the year ended December 31, 2008 was $3.8 million, a 69%
improvement when compared to the operating loss of $12.4 million for the same
period in 2007. Net loss for the twelve-month period ending December 31, 2008
was $8.1 million, an improvement of 41% compared to the net loss of $13.7
million for the year ended December 31, 2007. Total operating expenses were $7.9
million for 2008, a decrease of 42% when compared with $13.6 million for 2007.
The overall results for 2008 indicate the Company has substantially reduced its
overall operating costs while greatly expanding its revenues through the sale of
goods and services to existing market sectors.
2009 OUTLOOK
In 2009, ECOtality plans to achieve the following:
* Organic Revenue Growth: Continue to organically expand ECOtality`s operations
in existing markets by increasing market share of eTec`s Minit-Charger product
line for material handling and airport ground support equipment and increasing
consulting services for electric transportation.
* Sustainable Operational Efficiency: Maintain focus on cash management, lean
corporate staffing, tight inventory controls and cost-effective operating
procedures while improving margins.
* Electro-Centric Expansion: Continue to evaluate tactical joint venture and
licensing opportunities that align with the Company`s clean electro-centric
strategy, enhance our leading position in electric transportation
infrastructure, and increase overall market presence.
* Opportunistic Development: Focus research and development expenditures towards
advancing technologies with immediate market potential, while also seeking to
significantly subsidize development efforts through joint development projects
or federal funding.
* Product Innovation: Introduce new product innovations to enhance our
technology offering, expand our product portfolio, and strategically enter
lucrative emerging markets.
* Competitive Capital Achievement: Secure private and public sector funding to
enhance working capital and achieve our growth objectives. The Company is
working closely with its lenders to ensure continued compliance with our debt
requirements.
"With the most advanced fast-charging technology on the market, combined with
the strong experience and knowledge base of our staff, ECOtality is the leading
provider of infrastructure solutions to support the next generation of electric
vehicles," continued Mr. Read. "As nearly all major automakers have announced
plans to launch grid-connected vehicles within the next two years, ECOtality`s
growth will parallel the emergence of the on-road EV market as we establish
infrastructure in conjunction with the introduction of these advanced vehicles.
ECOtality remains guided by our electro-centric strategy and we are confident
that through organic growth, sustained efficiencies and focused R&D that we can
increase shareholder value and translate our leading position in EV
infrastructure into strong financial results in 2009."
Shareholder Conference Call
Management will host a conference call with the investment community on
Wednesday, April 22, 2009 at 4:30 p.m. Eastern time. Interested parties may
participate in the conference call by dialing 1-877-941-1466 or 1-480-629-9678
for international callers. Please call 5 to 10 minutes prior to 4:30 p.m. When
prompted, ask for the "ECOtality, Inc. Fourth Quarter Financial Results and
Shareholder Update Conference Call." A telephonic replay may be accessed
approximately two hours after the call through April 29, 2009, by dialing
1-800-406-7325 or 1-303-590-3030 for international callers and entering the
replay access code 4059604. The teleconference will be webcast simultaneously on
the ECOtality website at www.ecotality.com/investors.
About ECOtality, Inc.
ECOtality, Inc. (OTCBB: ETLY), headquartered in Scottsdale, Arizona, 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.
For more information about ECOtality, Inc., please visit www.ecotality.com.
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.
Press:
ECOtality, Inc.
Colin Read, 480-219-5005
Marketing Director
cread@ecotality.com
or
Investor Relations:
Alliance Advisors for ECOtality
Thomas Walsh, 212-398-3486
twalsh@allianceadvisors.net
Copyright Business Wire 2009
