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Please replace the release dated August 15, 2011, with the following corrected version due to multiple revisions.
ENOVA ANNOUNCES Q2 2011 FINANCIAL RESULTS
8th Consecutive Quarter with Positive Gross MarginsDrive System Powers All Electric Retrofits for Fleet Operators
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, releases its financial results for Q2 2011. The company continues to improve its margins, with a 23% positive margin complementing its 8
th consecutive quarter of positive results.
$2.5M in revenue for Q2 2011, an increase of 23% over the same period in 2010
9% points increase in gross margin to 23% in Q2 2011 from 14% in the same period in 2010
8th consecutive quarter with positive gross margins
Enova President and CEO Mike Staran stated “We are pleased to have achieved consecutive quarters of positive gross margins owing to maturation of our manufacturing processes. Enova continues to execute on its strategic plan which includes our efforts to move towards profitability via margin growth from current products and the planned launch of our next generation Omni product line. We are poised to further execute on our plan through game changing initiatives currently being matured with our customer and investor base.”
Liquidity andCapital Requirements:
The Company expects that it will need to raise additional capital to pursue its business plan and is currently pursuing a variety of funding options. A more thorough discussion of our short-term liquidity and capital needs is set forth in our Form 10-Q for the quarter ending June 30, 2011.