Enova Announces Results for Year Ended December 31, 2011
03 Abril 2012 - 6:00PM
Business Wire
Enova Systems, Inc. (NYSE AMEX: ENA) (AIM: ENV) (AIM: ENVS)
("Enova" or "the Company"), a leading developer of proprietary
hybrid electric and all-electric drive systems and drive system
components for the emerging green commercial vehicle market,
announced its 2011 financial results on Friday, March 30, 2012. The
company reported revenues of $6.6M and gross margins of 3.9%,
despite a significant downturn in the overall electric and hybrid
market.
FINANCIAL HIGHLIGHTS:
- Annual revenue was $6.6M in 2011, a
decrease of 23% from $8.6M in 2010 and Q4 2011 revenue was
$638,000, a decrease of $3.1M from $3.7M for the same period in
2010. Customer orders decreased dramatically in the second half of
the year due to tightened government and school district budgets,
which resulted in a decrease in orders for our customers’
vehicles.
- Gross profit decreased to $0.3M in 2011
from $1.4M in 2010, and, in Q4, we swung to a gross loss of
$618,000 from gross profit of $751,000 in the same period in 2010.
Margins decreased, in particular in the second half of 2011, due to
the lower sales base and our decision to record an increase in the
inventory valuation reserve at year end.
- Overall, annual gross margin was 3.9%
in 2011, down from 16.5% in 2010 and the gross margin in Q4 2011
decreased to a negative 97% compared to a positive margin of 20%
for the same period in 2010.
Enova President and CEO Mike Staran stated, “With many of our
suppliers and competitors facing insolvency and other crisis-type
issues, we are encouraged with the announced initiatives we have
made in extremely difficult market conditions. By remaining
diligent in maturing what we consider game-changers such as Green
For Free™, we believe that we have strengthened our position with
our core customers, as well as begun to establish better control
over the distribution channels in our market segment.”
Going Concern
Enova’s annual report on 10-K for 2011 filed with the SEC
included an audit opinion containing a going concern qualification.
This announcement is being made in compliance with Section 401(h)
and Section 610(b) of the NYSE Amex Company Guide which require a
NYSE Amex listed issuer receiving an audit opinion with a going
concern qualification to make a public announcement to that
effect.
2011 ACCOMPLISHMENTS:
Some highlights of our accomplishments in 2011 include:
- Green For Free™. In November
2011, Enova announced its Green for Free™ Program, which is
designed to allow fleet executives to operate full 100% electric
commercial vehicles (EVs) for similar life cycle costs as those of
diesel-powered commercial vehicles. The anticipated savings fleets
are expected to realize from the reduced maintenance and fuel cost
of electricity of the electric vehicles are used over a period of
time to cover the incremental expense for the technology. Fleet
vehicles targeted with the Green for Free™ Program stand out as
possessing unique characteristics that make them clear
beneficiaries of electric drive technology. With more than 16.3
million vehicles in operation, the nation’s fleets possess enough
capacity to drive initial ramp-up scale in the EV OEM supply
chains. We believe this is the first program that is engineered to
eliminate the overall incremental costs associated with buying and
operating an all-electric vehicle, making the Green for Free™
Program attractive to fleets that are both large and small. Enova
and FCCC anticipate traction regarding this initiative,and expect
to showcase further details at multiple events in 2012, including
the recent NTEA Work Truck show and the upcoming EVS 26 conference,
to be held in May at the Los Angeles Convention Center.
- Freightliner Custom Chassis
Corporation (“FCCC”), a division of Daimler Trucks North
America. Enova and FCCC began deploying new and retrofit
all-electric vehicles to major fleet customers in 2011. The
resulting integration of our all-electric drive system into the
MT-45 chassis provides FCCC an all-electric product offering: the
FCCC MT-EV. The MT-EV (the FCCC model name) chassis boasts a GVWR
of 14,000 to 19,500 lbs. The durable steel straight-rail chassis
frame reduces flex and bowing to minimize stress while carrying
heavy payloads. The quiet operation of the all-electric MT-EV also
makes for an enjoyable driver experience. The MT-EV has a flat-leaf
spring front and rear suspension, allowing for a smooth, solid ride
that minimizes cargo shifts on uneven road surfaces. Enova and FCCC
also jointly announced intentions to deploy 3,000 vehicles via the
Green for Free™ Program (described above). FCCC has begun, in early
2012, an aggressive campaign to exploit future EV sales by
showcasing the Enova/FCCC EV step van at numerous events on the
West Coast, as well as the recent NTEA Work Truck show in
Indianapolis. We currently are awaiting FCCC’s decision on battery
selection for this high volume initiative.
- First Auto Works (“FAW”).
Enova continues to supply FAW drive systems for their hybrid buses.
Since the 2008 Olympics in Beijing, Enova Systems and First Auto
Works have deployed nearly 500 vehicles, all utilizing Enova’s
pre-transmission hybrid drive system components. First Auto Works
is one of China’s largest vehicle producers, manufacturing in
excess of 1,000,000 vehicles annually. The Enova drive system is
integrated and branded under the name of Jiefang CA6120URH hybrid.
The Jiefang 40 ft. long hybrid city bus can carry up to 103
passengers and travel at speeds of over 50 miles per hour. With the
Enova hybrid system components, the Jiefang bus meets Euro III
emission standards, consumes only 7.84 miles per gallon, and
achieves a reduction of 20 percent in harmful emissions. Enova has
recently shipped an already announced order of fifty (50) systems
in Q4 2011 and is working on additional incremental orders in
2012.
- U.S. General Services
Administration (“GSA”). GSA extended its contract with
Enova as the exclusive supplier contracted for the all-electric
step van. GSA procures vehicles for government agencies and the
armed forces. Under this contract, Enova will coordinate the supply
of MT-EV all-electric walk-in step vans to GSA under the Cargo Vans
category. Enova continues to benefit from federal fleet penetration
via GSA with the Smith Newton product offering in the Medium and
Heavy Duty vehicle category.
- Remy Inc (“Remy”). Enova and
Remy signed a long-term electric motor supply agreement in March
2012. Under the five-year agreement, Remy will provide its electric
motors to Enova for its all-electric drive systems. Remy motors
feature the company's patented High Voltage Hairpin (HVH)
winding technology, which is claimed to increase torque and
power density for greater speed and range in electric
vehicles.
- Smith Electric Vehicles N.A. Inc.
(“Smith”). Enova continues to supply Smith with electric drive
systems. Smith has deployed several hundred vehicles utilizing
Enova's electric drive system. Smith most recently announced its
intention to deploy vehicles in the all-electric school bus sector.
The 42-passenger Newton school bus travels up to 100 miles on a
single charge at speeds of up to 50 mph, and is intended for the
fixed routes in urban areas most school buses take each day.
- Optare plc (“Optare”). Optare
awarded Enova a contract as the production drive system supplier
for their all electric buses. Enova has shipped systems to Optare
that are currently being integrated into buses. Optare designs,
manufactures and sells single deck and double deck buses and mini
coaches. It’s buses operate in the UK, Continental Europe, and
North America. Further, it has been recently announced that
commuters and bus passengers across England will see more
eco-friendly buses on the roads, congestion reduced, and services
upgraded, thanks to a new £101 million package of improvements
approved by Local Transport Minister Norman Baker. Five bus
manufacturers, including Optare, are expected to benefit from
orders for their eco-friendly hybrid, electric and gas buses.
Enova also maintains a visible presence in the forefront of a
growing industry with ongoing appearances and speaking engagements
by company executives at leading industry events such as Ardour
Capital’s 9th Annual Energy Technology Conference in September
2011, the recent NTEA Work Truck show in Indianapolis, the upcoming
EVS 26 conference at the Los Angeles Convention Center and key US
Military/Government conferences.
Throughout 2011, we finalized the development of our next
generation Omni power management and drive system component. We are
also finalizing design of a next generation on-board 10kW charger.
Our various electric and hybrid-electric drive systems, power
management and power conversion systems continue to be used in
applications including Class 3-6 trucks, transit buses, and
heavy industrial vehicles. We also are continuing our current
research and development programs, as well as formulating new
programs with the U.S. government and other private sector
companies for electric and hybrid systems.
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 StreetTorrance, CA 90501Tel:
310-527-2800Contact: John Micek, CFO/Investor Relations
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, 2011.
Enova Systems Inc. (AMEX:ENA)
Gráfico Histórico do Ativo
De Abr 2024 até Mai 2024
Enova Systems Inc. (AMEX:ENA)
Gráfico Histórico do Ativo
De Mai 2023 até Mai 2024