ECOtality Announces Revenue Of $2.8 Million For First Quarter 2008
ECOtality, Inc. announced revenue for the first quarter ended March 31, 2008, of $2.8 million. This represents ECOtality’s highest single quarter of revenue and is approximately $500,000 higher than management’s previously stated guidance of $2.3 million. The overall revenues include the first full quarter of earnings for all ECOtality subsidiaries, including the recent acquisitions of Electric Transportation Engineering Corp. (eTec), Minit-Charger and Innergy Power Corp..
"Our strong first quarter results provide us with a stable platform for continued organic growth and increasing revenues," said Jonathan Read, President and CEO, ECOtality. "In the first quarter, we successfully completed the integration of all subsidiaries and achieved an all-time high in revenue as we transitioned into a revenue generating company. As the sales and revenues of our subsidiaries have historically experienced steady and continual growth each quarter, we are confident about the direction of the company and expect to be cash flow positive this year."
ECOtality’s integration of Fuel Cell Store, Innergy Power, eTec and Minit-Charger is substantially complete. All operations of Fuel Cell Store have been consolidated into the Innergy Power facility in San Diego, California. eTec, which operates Minit-Charger, has consolidated all operations into eTec’s Phoenix, Arizona headquarters, except for the manufacturing and assembly of Minit-Charger products, which has been consolidated to Low & High Power Group Inc. of Mississauga, Ontario. eTec has also completed the rebranding of all fast-charge products, including the eTec SuperCharge system, under the Minit-Charger brand.
Revenue for the first quarter ended March 31, 2008 was $2.8 million, compared to $0 revenue for the period ended March 31, 2007. Gross profit for the first quarter 2008 was $1.2 million compared to $0 in the previous year. As of March 31, 2008, ECOtality had total assets of $10.1 million, an increase of 53% compared to total assets of $6.6 million at March 31, 2007. The increase in revenue and total assets were a result of the recent fully integrated acquisitions.
Operating loss for the quarter ended March 31, 2008 was $1.4 million, an improvement of 50% when compared to the operating loss of $2.8 million for the same period in 2007. Net loss for the first quarter ended March 31, 2008 was $2.0 million, an improvement of 65% compared to the net loss of $5.7 million for the quarter ended March 31, 2007. Loss per share was $.02 per share, an improvement of 60% when compared to the loss per share of $.05 for the same period in 2007. General and administrative expenses totaled $2.4 million for the first quarter 2008, when compared with $.5 million the same period 2007. These results are consistent with our transition from a developmental stage company to a revenue generating company.
"Through our strategic acquisitions, we have created a diversified portfolio of clean electric technologies that minimize our market risk, provide strong revenues and positions us for continued expansion in rapidly growing market segments," continued Read. "Management will continue to focus on organic growth, synergistic acquisitions, and the optimization of operations in order to increase profit margins. We believe these efforts will improve bottom-line results and ultimately increase shareholder value."
