This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
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
TheStreet Open House

Enova Announces Results For Year Ended December 31, 2011

Stocks in this article: ENA ENV ENVS

Enova Systems, Inc. (NYSE AMEX: ENA) (AIM: ENV) (AIM: ENVS) ("Enova" or "the Company"), a leading developer of proprietary hybrid electric and all-electric drive systems and drive system components for the emerging green commercial vehicle market, announced its 2011 financial results on Friday, March 30, 2012. The company reported revenues of $6.6M and gross margins of 3.9%, despite a significant downturn in the overall electric and hybrid market.

FINANCIAL HIGHLIGHTS:

  • Annual revenue was $6.6M in 2011, a decrease of 23% from $8.6M in 2010 and Q4 2011 revenue was $638,000, a decrease of $3.1M from $3.7M for the same period in 2010. Customer orders decreased dramatically in the second half of the year due to tightened government and school district budgets, which resulted in a decrease in orders for our customers’ vehicles.
  • Gross profit decreased to $0.3M in 2011 from $1.4M in 2010, and, in Q4, we swung to a gross loss of $618,000 from gross profit of $751,000 in the same period in 2010. Margins decreased, in particular in the second half of 2011, due to the lower sales base and our decision to record an increase in the inventory valuation reserve at year end.
  • Overall, annual gross margin was 3.9% in 2011, down from 16.5% in 2010 and the gross margin in Q4 2011 decreased to a negative 97% compared to a positive margin of 20% for the same period in 2010.

Enova President and CEO Mike Staran stated, “With many of our suppliers and competitors facing insolvency and other crisis-type issues, we are encouraged with the announced initiatives we have made in extremely difficult market conditions. By remaining diligent in maturing what we consider game-changers such as Green For Free™, we believe that we have strengthened our position with our core customers, as well as begun to establish better control over the distribution channels in our market segment.”

1 of 4

Check Out Our Best Services for Investors

Action Alerts PLUS

Jim Cramer and Stephanie Link reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

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
Stocks Under $10

Jim Cramer's protégé, 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
Try it NOW
Try it NOW
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

Jim Cramer's protégé, 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
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

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

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
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!

Markets

DOW 17,429.74 +238.37 1.39%
S&P 500 2,021.16 +19.00 0.95%
NASDAQ 4,681.17 +43.1760 0.93%

Partners Compare Online Brokers

Free Reports

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