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ECOtality Announces Fourth Quarter And Fiscal Year 2011 Results

Stocks in this article: ECTY

ECOtality, Inc. (NASDAQ: ECTY), a leader in clean electric transportation and storage technologies, today announced financial results for the fourth quarter and year ended December 31, 2011.

Revenue for the fourth quarter 2011 was $8.5 million, compared with $4.4 million reported in the fourth quarter of 2010. Fourth quarter 2011 revenue includes the effect of a $2.2 million non-cash affecting deferral of revenue related to the EV Project. Revenue for fiscal year 2011 grew to $28.4 million, an increase of 107 percent, compared with $13.7 million reported in fiscal year 2010.

“2011 was a year of building a foundation for expansion as we made solid progress on the national roll-out of our Blink® charging network and developed opportunities to monetize this network,” stated Jonathan Read, President and CEO of ECOtality. “In 2011, we installed approximately 5,000 Blink® charging stations and collected over 13 million miles of testing data for the EV Project while extending our reach into digital media and utility services.”

Read continued, “Over 17,000 plug-in electric vehicles (EV) were sold in 2011, and 2012 is off to a good start with over 7,000 sold in the first quarter. As the EV market gains traction, ECOtality is well positioned to leverage its Blink® Network to deliver long-term value. Looking ahead, we will continue to execute upon our business plan, deliver upon the EV Project and develop new channels to market.”

2011 Operational Highlights:

  • Awarded a five-year $26.4 million contract for Advanced Vehicle Testing and Evaluation by the U.S. Department of Energy through a highly competitive bidding process
  • Installed Blink® residential and commercial charging stations in every major EV Project market to expand the Blink network to 34 states in the U.S.
  • Partnered with Outcast to launch a digital advertising network utilizing Blink® EV charging stations
  • Partnered with IKEA, Walmart, American Electric Power, Kohl’s, Sears, and Macy’s Department Stores to install ECOtality’s Blink® Pedestal electric vehicle charging stations
  • Collaborated with Silver Spring Networks to integrate ECOtality’s Blink® electric vehicle charging stations with the Silver Spring Smart Energy Platform
  • Received Underwriters Laboratories (UL) certification for the Blink® DC Fast Charge system
  • Installed the first Blink® DC Fast Charge system at the Hollywood Fred Meyer store in Portland, Oregon and at the Lebanon Cracker Barrel Store in Tennessee
  • Provided electric vehicle charging infrastructure in partnership with car2go to support the first 100-percent electric car sharing program in North America
  • Launched the Blink® mobile application for smartphones and mobile devices with a map to identify Blink® Chargers on the go, and charger information and status

Fourth Quarter and Fiscal Year Financial Results Ended December 31, 2011:

The company reported revenue of $8.5 million for the fourth quarter ended December 31, 2011 compared with $9.5 million in the prior quarter. The revenue decline primarily results from a $2.2 million non-cash affecting revenue deferral related to revenue recognition of the EV Project. Net loss for the three-month period ended December 31, 2011 was $6.7 million, compared with $3.4 million in the third quarter of 2011.

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