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ECOtality Reports Record First Quarter 2012 Results

Stocks in this article: ECTY

ECOtality, Inc. (NASDAQ:ECTY), a leader in clean electric transportation and storage technologies, reported financial results for the first quarter ended March 31, 2012.

Q1 2012 Summary of Financial Results

Revenue in the first quarter of 2012 increased 215% to a record $13.7 million, as compared to $4.3 million in the same year-ago quarter. The increase in revenue was largely attributed to the continued roll out of network infrastructure for the EV Project and by a Blink ® network licensing agreement. The EV Project is a public-private partnership with the Department of Energy that seeks to develop, implement and study techniques for optimizing the deployment of a commercially viable EV charging infrastructure.

The first quarter of 2012 represented the company’s first profitable quarter, which was driven primarily by EV Project revenue and a Blink ® network licensing agreement. Net income in the first quarter of 2012 was $1.2 million or $0.04 per basic and diluted share, as compared to a net loss of $6.8 million or $(0.51) per basic and diluted share in the same year-ago quarter.

Combined cash, restricted cash and cash equivalents at March 31, 2012 totaled $4.5 million, as compared to $10.2 million at December 31, 2011. The decrease in cash was primarily attributed to the rapid increase in both the production and installation of Blink ® DC Fast Chargers required for the EV Project.

Q1 2012 Operational Highlights

  • Approximately 1,100 Blink ® chargers were installed during the quarter, bringing the total number of charging stations to approximately 6,700, and maintaining the Blink ® network as the largest connected electric vehicle (EV) charging network in the world.
  • The Blink ® network has delivered in total more than 5,000 megawatt-hours to EV drivers, who generated nearly 23 million miles of data for the EV Project.
  • Signed a $5 million licensing agreement with ABB Technology Ventures Ltd to utilize the Blink ® electric vehicle charging network.
  • ABB made a $5 million follow-on investment in the form of a convertible note due in 2015.
  • Received the Bloomberg New Energy Pioneer Award, which was presented to the top 10 companies around the world that are “forever changing the energy landscape.” In addition, the company’s Blink ® Level 2 charger won an Edison Award, “honoring the best in innovation and excellence in the development of new products and services.”
  • Partnered with Regency Centers to install approximately 40 Blink ® electric vehicle charging stations at 19 Regency locations nationwide.
  • Partnered with South Lake Union Discovery Center, operated by Vulcan Real Estate, to install the first Blink ® DC Fast Charger in the Seattle area, while also installing the company’s first DC Fast Charger in Northern California at Volkswagen Group of America Electronics Research Laboratory.
  • Strengthened management team with the appointments of Murray Jones as chief operating officer, Paul Gordon as chief technology officer and Martin Felli as vice president and general counsel.

Management Commentary

“We are pleased by our record first quarter results, in terms of both profitability and operational performance,” said Jonathan Read, president and CEO of ECOtality. “These achievements were driven in part by our new licensing agreement with ABB. Its follow-on investment, along with our recent management hires, ideally positions ECOtality for the successful execution of the EV Project and the national rollout of the Blink ® network.

“As the project manager of the EV Project, the largest EV research project ever undertaken, ECOtality continues to collect valuable insight into how to more efficiently and effectively build-out a national EV infrastructure. As we move forward in 2012, we look forward to accelerating the roll-out of our national Blink ® charging network, while further developing and testing numerous opportunities to monetize this network, as well as deriving continued benefits from the EV Project.”

About ECOtality, Inc.

ECOtality, Inc. (NASDAQ:ECTY), headquartered in San Francisco, California, is a leader in clean electric transportation and storage technologies. Through innovation, acquisitions, and strategic partnerships, ECOtality accelerates the market applicability of advanced electric technologies to replace carbon-based fuels. For more information about ECOtality, Inc., please visit www.ecotality.com.

Forward-Looking Statements

This release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All forward-looking statements are inherently uncertain as they are based on current expectations and assumptions concerning future events or future performance of the company. Readers are cautioned not to place undue reliance on these forward-looking statements, which are only predictions and speak only as of the date hereof. In evaluating such statements, prospective investors should review carefully various risks and uncertainties identified in this release and matters set in the company's SEC filings. These risks and uncertainties could cause the Company's actual results to differ materially from those indicated in the forward-looking statements.

ECOtality Inc.

CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands, except per share data)

   
March 31, December 31,
2012 2011
(Unaudited)
ASSETS
 
CURRENT ASSETS:
Cash and cash equivalents $ 4,048 $ 9,591
Restricted cash 500 587

Receivables, net of allowance for bad debts of $180 and $81 as of 3/31/12 and 12/31/11, respectively

5,106 3,124
Inventory 22,781 15,497
Prepaid expenses and other current assets   1,070     732  
Total current assets 33,505 29,531
 
Property and equipment, net 15,600 16,630
Other Assets 224 147
Goodwill 3,496 3,496
Intangible assets, net   809     709  
 
TOTAL ASSETS $ 53,634   $ 50,513  
 
LIABILITIES AND STOCKHOLDERS' EQUITY
 
CURRENT LIABILITIES:
Accounts payable $ 5,763 $ 10,939
Accrued legal fees 327 125
Accrued payroll 1,130 793
Unearned revenue, current portion 14,247 11,078
Warranty reserves 511 577
Current portion of long term debt - 1,647
Accrued liabilities, other   2,183     2,439  
 
Total current liabilities 24,161 27,598
Long term portion of unearned revenue 197 121
Long term portion of convertible note, less unamortized discount of $120 as of 3/31/12 4,880 109
Other Long term debt   188     -  
 
TOTAL LIABILITIES   29,426     27,828  
 
Stockholders’ equity:
Series A Convertible Preferred stock, $0.001 par value, 200,000 shares authorized, 6,330 shares issued and outstanding as of 3/31/12 and 12/31/11. 6 6
Common stock, $0.001 par value, 1,300,000 shares authorized, 23,915 shares issued and outstanding as of 3/31/12 and 12/31/11 24 24
Additional paid-in capital 127,766 127,488
Accumulated deficit (103,510 ) (104,759 )
Accumulated foreign currency translation adjustments   (78 )   (74 )
 
TOTAL STOCKHOLDERS' EQUITY   24,208     22,685  
 
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 53,634   $ 50,513  
 
 

ECOtality Inc.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except share and per share data)

 
  Three Months Ended March 31,
2012   2011
(Unaudited)
 
Revenue $ 13,650 $ 4,336
Cost of goods sold   8,496     5,327  
 
Gross profit (loss)   5,154     (991 )
 
Operating Expenses :
General and administrative expenses 5,986 3,778
Depreciation and amortization 141 94
Warrant expense - 1,784
Research and development   326     114  
 
Total operating expenses   6,453     5,770  
 
Loss from operations (1,299 ) (6,761 )
Interest income (expense), net 145 (13 )
Other income, net   2,404     2  
 
Income (Loss) before provision for income taxes 1,250 (6,772 )
Provision for income taxes   (1 )   -  
 
Net income (loss $ 1,249   $ (6,772 )
 
Net income (loss) per share attributable to common shareholders:
 
Basic $ 0.04   $ (0.51 )
 
Diluted $ 0.04   $ (0.51 )
 
Weighted-average shares used to compute net income (loss) per share attributable to common shareholders:
 
Basic   23,626,328     13,380,746  
 
Diluted   23,843,499     13,380,746  
 
 

ECOtality, Inc.

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

(In thousands)

 
  Three Months Ended
March 31,
2012   2011
 
Net Income (Loss) $ 1,249 $ (6,772 )
 
Other comprehensive income:
Foreign currency translation adjustments   (4 )   (6 )
 
Comprehensive income (loss) $ 1,245   $ (6,778 )
 




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