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
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

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.

1 of 3

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 17,672.60 -141.38 -0.79%
S&P 500 2,051.82 -11.33 -0.55%
NASDAQ 4,757.8790 +7.4820 0.16%

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