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ECOtality Reports Second Quarter 2012 Results

Stocks in this article: ECTY

SAN FRANCISCO, Aug. 14, 2012 (GLOBE NEWSWIRE) -- ECOtality, Inc. (Nasdaq:ECTY), a leader in clean electric transportation and storage technologies, today reported financial results for the second quarter ended June 30, 2012.

Q2 2012 Summary of Financial Results

Revenue in the second quarter of 2012 increased 116% to $13.0 million, as compared to $6.0 million in the second quarter of 2011. The increase in revenue was largely attributed to the continued successful roll out of the Blink® network of charging stations for the EV Project. 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 electric vehicle (EV) charging infrastructure.

Net loss in the second quarter of 2012 declined to $3.9 million or $(0.16) per basic and diluted share, an improvement from a net loss of $5.6 million or $(0.40) per basic and diluted share in the same year-ago quarter.

Combined cash, restricted cash and cash equivalents at June 30, 2012 totaled $5.0 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.

Q2 2012 Operational Highlights

  • Installed 1,364 Blink® chargers during the quarter, bringing the total number of charging stations to approximately 7,700, and maintaining the Blink network as the largest connected EV charging network in the world.
  • The Blink® network has delivered in total more than 8 gigawatts of electricity to EV drivers, who generated nearly 35 million miles of data for the EV Project.
  • Established a new joint venture entity, Tianjin Eco-Power Technology Co, Ltd., to manufacture and distribute charging products for China's EV market.
  • Partnered with Kroger, one of the nation's largest grocery retailers, to install approximately 20 Blink electric vehicle charging stations at 10 Kroger locations in North Texas.
  • Partnered with other key retail and commercial business throughout the U.S. to install Blink electric vehicle charging stations.

Management Commentary

"The increase in our second quarter revenue reflects the successful ongoing nationwide roll-out of ECOtality's Blink network as we continue to deploy chargers to commercial and residential locations," said Jonathan Read, president and CEO of ECOtality. "With over 34 million miles of invaluable real world data collected to date, the EV Project is getting strong participation in the market place and is garnering good momentum heading into the third quarter as we have officially expanded the program into Chicago, Philadelphia and Atlanta. Representing the largest connected EV network in the country, the Blink network continues to be a leading charging solution amongst EV drivers and commercial businesses as our footprint now spans over 35 states. As more EVs hit the road, usage of our commercial chargers continues to increase, and we are eagerly anticipating the introduction of access fees at Blink stations in the upcoming months to drive recurring revenue."

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