Enova Systems Announces Results for the First QuarterMay 08, 2006 by Jeff Shepard
Enova Systems, Inc. (OTCBB:ENOV) (AIM:ENV) (AIM:ENVS) today announced its results for the first quarter ended March 31, 2006. Net revenues for the three months ended March 31, 2006 were $309,000 as compared to $692,000 for the corresponding period in 2005. Net production sales for the quarter ended March 31, 2006 decreased to $264,000 from $492,000 in the same period in 2005. Research and development revenues decreased to $45,000 in the first quarter of 2006 from $200,000 during the same period in 2005. In the first quarter of 2006, revenues derived mostly from production type contracts with Hyundai Motor Corp. and the State of Hawaii. Furthermore, additional revenues were derived from Enova's project with Wrightbus and Tomoe.
Edwin Riddell, the Company's President and CEO, said, "During the first quarter of 2006, we have continued to gain exposure in the marketplace, which we expect will grow further with the advancements we are making in areas such as transit and school buses."
Among the noteworthy developments during the quarter, Riddell observed, "In January of 2006, we delivered what we understand to be the Nation's first functional Hybrid Drive school bus to International Truck and Engine Corp. (International). This is in addition to the Post Transmission 120kW Hybrid Drive series truck that was delivered to International in November 2005. Both the truck and bus are currently being evaluated at International's Fort Wayne Technical Center."
In reviewing Enova's research and development programs, Riddell stated, "We continue to pursue government and commercially sponsored development programs for both ground and marine heavy-duty drive system applications. In 2006, we continued the integration of a fuel cell powered step-van similar to the Hydrogenics program for HCATT and the U.S. Air Force. We intend to establish new development programs with the Hawaii Center for Advanced Transportation Technologies in mobile and marine applications as well as other state and federal government agencies as funding becomes available.
"Our development contract with EDO Corp. of New York for the design and fabrication of a high voltage DC-DC power conversion system utilizing a Capstone microturbine as the primary power source for the U.S. Navy unmanned minesweeper project also continues to progress during 2006. The electronics package will include our advanced power components including a new, enhanced 50V, 700A DC-DC power converter, our Battery Care Unit and Hybrid Control Unit which will power the minesweeper's electromagnetic detection system. Our power management and conversion system will be used to provide on-board power to other accessories on the platform."