This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Enova Systems Announces Q1 2011 Revenue Growth Of 217% And 7th Consecutive Quarterly Report With Positive Gross Margins

Enova Systems, Inc. (NYSE AMEX: ENA) (AIM: ENV) (AIM: ENVS), a leading developer of proprietary hybrid electric and all-electric drive systems and drive system components for the emerging green commercial vehicle market, announces its financial results for Q1 2011. Along with aggressive pursuit of North American opportunities, the company highlights expanding their market via China Southern Rail Corporation Limited (CSR), and a major United Kingdom (UK) based OEM.

GROWTH HIGHLIGHTS:

  • $2.9M in revenue for Q1 2011, an increase of 217% over the same period in 2010
  • 164% increase in gross income for Q1 2011 over the same period in 2010
  • 7 th consecutive quarter with positive gross margins

Enova President and CEO Mike Staran stated, “Our 1 st quarter revenues showed solid volume and our 7th consecutive quarter with positive margins. In conjunction with our aggressive efforts in North America, our new incremental relationships formed in China and Europe allows us dramatically improved opportunity.” Staran added, “On the heels of another positive quarter, we anticipate that our current cash balance and projected cash inflow from customer receivables will be adequate to meet our working capital and capital expenditure needs for at least the next 12 months.”

CUSTOMER HIGHLIGHTS:

Confirming Q1 2011 performance, Enova shipped the following:

  • Charge-depleting plug-in hybrid school bus systems delivered to Navistar
  • Full EV drive systems and other system components delivered to Smith US (SEV) and Smith Europe
  • Pre-transmission sets delivered to First Auto Works (FAW)
  • Post Transmission sets delivered to First Auto Works (FAW)
  • Full EV drive systems and other system components delivered to Freightliner Custom Chassis (FCCC)

Enova Chief Financial Officer John Micek said, “With consistent, positive margin quarters and recurring core customer revenue, our management team has started entertaining preparations for conference calls to discuss financial results.”

1 of 4

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 16,445.53 -117.77 -0.71%
S&P 500 1,920.20 -10.47 -0.54%
NASDAQ 4,334.6890 -35.0840 -0.80%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs