ECOtality, Inc. announced financial results for the quarter and year ended December 31, 2007.
Revenue for the fourth quarter and year ended December 31, 2007, was $2.3 million and $2.6 million, respectively. As the acquisitions of Innergy Power Corp., Electric Transportation Engineering Corp. (eTec), and Minit-Charger were completed at separate times during the fourth quarter of 2007, only revenues that were derived from these subsidiaries after their respective acquisitions were closed are reflected in the financial statement. The company states that the overall increase in revenues reflects the successful execution of the company’s strategies to transition from a development-stage company to a revenue-generating and diversified renewable energy company in 2007.
"2007 was a year of significant transition for ECOtality, as we now have a solid platform of diverse revenue-generating companies that are positioned to substantially expand our market presence in several burgeoning alternative energy markets," said Jonathan Read, President and CEO, ECOtality. "We began 2007 as a developmental company that was purely focused on advancing our hydrogen generation system, Hydrality. Now, through several key acquisitions, we have diversified our technology portfolio to mitigate the risks of being solely dependent upon the hydrogen technology sector and have a variety of electrocentric products and technologies that are positioned for strong and immediate commercial growth in various rapidly growing alternative energy markets."
Revenue for the twelve-month period ended December 31, 2007 was $2.6 million, compared to $0 revenue for the twelve-month period ending December 31, 2006. Gross profit for the 2007 fiscal year was $1.2 million compared to $0 in the previous year. At December 31, 2007, ECOtality had total assets of $11.7 million, an increase of 47% compared to total assets of $7.9 million at December 31, 2006. The increase in revenue and total assets were a result of the several revenue-generating acquisitions the company completed in 2007. In addition to increasing top-line growth, the attained companies have expanded ECOtality’s market footprint into additional clean and renewable technology markets for hydrogen systems, fuel cell products, photovoltaic (PV) solar modules, energy storage systems, advanced battery monitoring and fast-charge systems, and advanced vehicle infrastructures.
Operating loss for the year ended December 31, 2007 was $12.4 million, an improvement of 12% when compared to the operating loss of $14.1 million for the same period in 2006. Net loss for the twelve-month period ending December 31, 2007 was $13.7 million, an improvement of 5.5% compared to the net loss of $14.5 million for the year ended December 31, 2006. General and administrative expenses totaled $6.1 million for 2007, an increase of 30% when compared with $4.7 million for 2006. The increase in general and administrative expenses is primarily related to the post-acquisition integration costs, the hiring of key management, an increase in professional fees for legal and accounting services, and one-time settlement and impairment expenses. Excluding the one-time settlement and impairment expenses totaling $5.9 million, operating loss for the year ended December 31, 2007 was $7.6 million, a 54% improvement over the same period in 2006.