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 Reports Second Quarter 2012 Results

Stocks in this article: ECTY

Conference Call

ECOtality will host a conference call later today to discuss its second quarter of 2012 results and outlook for the second half of the year, followed by a question and answer period.

Date: Tuesday, August 14, 2012
Time: 4:30 p.m. Eastern time (1:30 p.m. Pacific time)
Dial-In Number: 1-877-941-2069
International: 1-480-629-9713
Conference ID#: 4557281
Webcast: http://public.viavid.com/index.php?id=101299

The conference call will be webcast live and available for replay via the investor relations section of the company's website at www.ecotality.com.

Please call the conference telephone number 5-10 minutes prior to the start time. An operator will register your name and organization. If you have any difficulty connecting with the conference call, please contact Liolios Group at 1-949-574-3860.

A replay of the call will be available after 7:30 p.m. Eastern time on the same day and until August 21, 2012.

Toll-free replay number: 1-877-870-5176
International replay number: 1-858-384-5517
Replay pin number: 4557281

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 .

The ECOtality, Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=13434

ECOTALITY INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands, except per share data)
     
  June 30,  2012 December 31,  2011
  (Unaudited) (Audited)
ASSETS    
CURRENT ASSETS:    
Cash and cash equivalents  $ 4,323  $ 9,591
Restricted cash  700  587
Receivables, net of allowance for bad debts of $149 and $81 as of June 30, 2012 and December 31, 2011, respectively  3,082  3,124
Inventory  25,110  15,497
Prepaid expenses and other current assets  818  732
     
 Total current assets  34,033  29,531
Property and equipment, net  15,611  16,630
Other assets  50  147
Goodwill  3,496  3,496
Intangible assets, net  898  709
     
TOTAL ASSETS  $ 54,088  $ 50,513
LIABILITIES AND STOCKHOLDERS' EQUITY    
CURRENT LIABILITIES:    
Accounts payable  $ 6,490  $ 10,939
Accrued legal fees  255  125
Accrued payroll  904  793
Unearned revenue, current portion  17,805  11,078
Warranty reserves  607  577
Current portion of long term debt  --  1,647
Accrued liabilities, other  2,217  2,439
     
 Total current liabilities  28,278  27,598
Long term portion of unearned revenue  341  121
Long term portion of convertible note, less unamortized discount of $110 as of June 30, 2012  4,890  --
Other long term debt  188  109
     
TOTAL LIABILITIES  33,697  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 June 30, 2012 and December 31, 2011  6  6
Common stock, $0.001 par value, 1,300,000 shares authorized, 23,912 and 23,915 shares issued and outstanding as of June 30, 2012 and December 31, 2011, respectively  24  24
Additional paid-in capital  127,884  127,488
Accumulated deficit  (107,447)  (104,759)
Accumulated other comprehensive loss  (76)  (74)
     
TOTAL STOCKHOLDERS' EQUITY  20,391  22,685
     
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY  $ 54,088  $ 50,513
 
ECOTALITY INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except share and per share data)
     
  Three Months Ended June 30, Six Months Ended June 30,
  2012 2011 2012 2011
  (Unaudited) (Unaudited)
         
Revenue  $ 13,014  $ 6,038  $ 26,664  $ 10,375
Cost of goods sold  9,958  6,885  18,454  12,213
         
Gross profit (loss)  3,056  (847)  8,210  (1,838)
         
Operating expenses :        
Sales and marketing  1,322  409  2,538  1,335
Research and development  299  131  624  246
General and administrative  5,268  4,193  10,181  7,138
Warrant expense  --  --  --  1,784
         
Total operating expenses  6,889  4,733  13,343  10,503
Loss from operations  (3,833)  (5,580)  (5,133)  (12,341)
Interest income  --  3  165  5
Interest expense  (85)  (27)  (105)  (42)
Other income (expense), net  (1)  6  2,404  8
         
Loss before income taxes  (3,920)  (5,598)  (2,669)  (12,370)
Income tax expense  (18)  --  (19)  --
         
Net loss  $ (3,937)  $ (5,598)  $ (2,688)  $ (12,370)
         
Net loss per share:        
         
Basic  $ (0.16)  $ (0.40)  $ (0.11)  $ (0.90)
         
Diluted  $ (0.16)  $ (0.40)  $ (0.11)  $ (0.90)
         
Weighted-average common shares outstanding:        
         
Basic  23,914,185  14,005,179  23,914,826  13,694,687
         
Diluted  23,914,185  14,005,179  23,914,826  13,694,687
         
CONTACT: Media:
         Caitlin Cieslik-Miskimen
         Antenna Group for ECOtality
         caitlin@antennagroup.com
         (201) 294-0199
         
         Investor Relations:
         Ronald Both
         Liolios Group
         ecty@liolios.com
         (949) 574-3860

company logo

2 of 2

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

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
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

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
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, 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
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

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

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
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 17,804.80 +26.65 0.15%
S&P 500 2,070.65 +9.42 0.46%
NASDAQ 4,765.38 +16.9840 0.36%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

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