Enova Systems Reports Year-End Results
Enova Systems Inc. (Torrance, CA) submitted its results for the year ended December 31, 2002, to the US Securities and Exchange Commission reporting revenues increased to $4.45 million for the year - an 18 percent increase over the previous year.
The company's net sales of $4,455,000 for the year ended December 31, 2002, increased $675,000, or 18 percent, from $3,780,000 during the same period in 2001. The company's revenue base is shifting, with a higher concentration in sales of production systems as it expands its market penetration in these areas. Product sales as a percentage of total revenues increased to 59 percent in 2002, as compared with 26 percent in 2001, underscoring the company's move toward greater product revenues.
Carl Perry, CEO and president, stated, "Enova expanded its product and customer base in 2003. We believe Enova has positioned itself for accelerated growth in 2003 and beyond. Industry recognition of our products and product-support services in heavy-duty, stationary, and fuel cell power management and control systems is growing rapidly. I am confident of the prospects for Enova in the mobile and stationary power management, conversion, and process control into the future."