ZBB Energy Corp. reported its results of operations for the quarter ended March 31, 2011. Net loss on the basis of accounting principles generally accepted in the United States (GAAP) was $2,868,789 or $0.12 per share in the three months ended March 31, 2011, compared with $2,021,704 or $0.16 per share in the quarter ended March 31, 2010. Net loss in the latest quarter was greater due to increased expenses including Tier Electronics consolidation, acquisition and depreciation and amortization expenses of $832,000. Offsetting these costs was a $180,000 benefit recognized for a refundable research and development tax credit we expect to receive from the Australian Tax Organization (ATO) related to qualified expenditures we incurred during the nine month period ended March 31, 2011. Net loss was $6,741,364 or $0.33 per share in the nine months ended March 31, 2011, compared with $6,859,085 or $0.56 per share in the quarter ended March 31, 2010.
Revenues for the three months ended March 31, 2011 and 2010 were $205,971 and $188,780. This revenue increase resulted from power electronics products shipped during the quarter. Revenues for the nine months ended March 31, 2011 and 2010 were $440,652 and $1,556,148, respectively. The revenue difference of $1,115,496 for the nine months ending March 31, 2011 is due to the delay in certain orders that require PECC inverter certification to UL standard 1741 and an order that requires field commissioning completion. The decrease in engineering and development revenues for this quarter and for the preceding nine months is due to the Company completing the entire Advanced Electricity Storage Technologies project ("AEST") with the Commonwealth of Australia. Total costs and expenses for the three months ended March 31, 2011 and 2010 were $3,179,828 and $2,178,498, respectively.
"The efficient completion of the Tier acquisition by the end of the quarter was an essential milestone during the quarter for achieving our overall business plan," said Eric Apfelbach, CEO and President. "With Tier completely on-board, we now have much better control of our product development as we begin to enter our targeted commercial markets. In addition to closing Tier, we continue to grow our backlog and expand our global reach particularly into Asia. I elaborate on these and other aspects of our business plan later on in the press release."
