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ECOtality Reports Fourth Quarter And Fiscal 2012 Results

Stocks in this article: ECTY

"This January, we unveiled the Minit-Charger 12, a product that targets the sweet spot of the market and serves as the foundation of our next generation of industrial fast charge solutions. The company has a renewed focus on our Minit-Charger business and is committed to substantially expanding its market presence in the industrial sector to capitalize on increasing electrification trends.

"Looking ahead, we will continue to build upon our three core lines of business, Blink, Minit-Charger and eTec Labs with an emphasis on expanding our Blink Network across the country and launching our next generation of charging products. With our interoperability partnership, strong product lines and extensive consulting activities, ECOtality is focused on expanding our position as the leader in electric transportation technologies and solutions."

Conference Call

ECOtality President and CEO Ravi Brar and CFO Susie Herrmann will host the presentation, followed by a question and answer period.

Date: Monday, April 15, 2013
Time: 4:30 p.m. Eastern time (1:30 p.m. Pacific time)
Dial-In number: 1-877-941-1427
International: 1-480-629-9664
Conference ID#: 4612139
Webcast: http://public.viavid.com/index.php?id=104129

The conference call will be webcast simultaneously and available for replay via the Investor Relations section of the company's website at http://investor.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 through April 22, 2013.

Toll-free replay number: 1-877-870-5176
International replay number: 1-858-384-5517
Replay ID#: 4612139

About ECOtality, Inc.

ECOtality, Inc. (Nasdaq:ECTY) is a leader in clean, electric transportation technologies. The company operates three complementary lines of business: Blink, Minit-Charger and eTec Labs. ECOtality offers electric vehicle charging stations under the Blink brand and provides a turnkey network operating system for EV drivers, commercial businesses and utilities. Minit-Charger manufactures and distributes fast-charging systems for material handling and airport ground support vehicles. eTec Labs is a trusted research and testing resource for governments, automotive OEMs and utilities. For more information about ECOtality, please visit www.ecotality.com .

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

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. The company assumes no duty or obligation to update or revise any forward-looking statements for any reason.

ECOTALITY, INC.
CONSOLIDATED BALANCE SHEETS
(In thousands, except per share data)
     
  December 31,  2012 December 31,  2011
ASSETS    
CURRENT ASSETS:    
Cash and cash equivalents  $ 6,414  $ 9,591
Restricted cash  200  587
Receivables, net of allowance for bad debts of $96 and $81 as of December 31, 2012 and 2011, respectively  966  2,010
Receivables, other  1,207  1,114
Inventory  20,966  15,497
Prepaid expenses and other current assets  1,235  732
     
Total current assets  30,988  29,531
Property and equipment, net  21,790  16,630
Other assets  37  147
Goodwill  -  3,496
Intangible assets, net  971  709
     
TOTAL ASSETS  $ 53,786  $ 50,513
     
LIABILITIES AND STOCKHOLDERS' EQUITY    
CURRENT LIABILITIES:    
Accounts payable  $ 2,659  $ 10,939
Accrued legal fees  161  125
Accrued payroll  1,128  793
Unearned revenue, current portion  23,812  11,078
Warranty reserves  578  577
Current portion of capital lease obligations  116  1,359
Current portion of long term debt  -  288
Accrued liabilities, other  5,896  2,439
     
Total current liabilities  34,350  27,598
Long term portion of unearned revenue  631  121
Convertible note, less unamortized discount of $62 as of December 31, 2012  4,938  -
Capital lease obligations  101  109
Other long term debt  188 -
     
TOTAL LIABILITIES  40,208  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 December 31, 2012  and 2011  6  6
Common stock, $0.001 par value, 1,300,000 shares authorized, 23,754 and 23,915 shares issued and outstanding as of December 31, 2012 and 2011, respectively  24  24
Additional paid-in capital  127,987  127,488
Accumulated deficit  (114,340)  (104,759)
Accumulated other comprehensive loss  (99)  (74)
     
TOTAL STOCKHOLDERS' EQUITY  13,578  22,685
     
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY  $ 53,786  $ 50,513
 
ECOTALITY, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except share and per share data)
 
  Three Months Ended Twelve Months Ended
  December 31, December 31,
  2012 2011 2012 2011
  (Unaudited)    
         
Revenue  $ 13,623  $ 8,525  $ 54,729  $ 28,409
Cost of goods sold  9,310  8,868  36,031  27,718
         
Gross profit (loss)  4,313  (343)  18,698  691
         
Operating expenses :        
Sales and marketing  1,089  1,038  4,582  3,251
Research and development  872  260  2,168  622
General and administrative  4,540  4,777  20,323  17,035
Impairment losses  -  -  3,496  -
Warrant expense -  -  -  1,784
         
Total operating expenses  6,501  6,075  30,569  22,692
Loss from operations  (2,188)  (6,418)  (11,871)  (22,001)
Interest income  1  4  166  22
Interest expense  (85)  (278)  (278)  (489)
Other income, net  (6)  (8)  2,426  5
         
Loss before income taxes  (2,278)  (6,700)  (9,557)  (22,463)
Income tax benefit (expense)  21  (9)  (24)  (9)
         
Net loss  $ (2,257)  $ (6,709)  $ (9,581)  $ (22,472)
         
Net loss per share:        
         
Basic  $ (0.10)  $ (0.28)  $ (0.40)  $ (1.20)
         
Diluted  $ (0.10)  $ (0.28)  $ (0.40)  $ (1.20)
         
Weighted-average common shares outstanding:      
         
Basic  23,719,333  23,857,182  23,673,859  18,733,953
         
Diluted  23,719,333  23,857,182  23,673,859  18,733,953
CONTACT: Media:
         Kim Setliff
         Antenna Group for ECOtality
         kimberly@antennagroup.com
         Tel: (415) 977-1942
         
         Investor Relations:
         Ronald Both
         Liolios Group
         ecty@liolios.com
         Tel: (949) 574-3860

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