This Day On The Street
Continue to site
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

ECOtality Reports 2013 First Quarter Financial Results

SAN FRANCISCO, May 15, 2013 (GLOBE NEWSWIRE) -- ECOtality, Inc. (Nasdaq:ECTY), a leader in clean electric transportation technologies, today reported financial results for the first quarter ended March 31, 2013.

"Our first quarter results reflect continued installations of our prevalent and growing Blink® network," stated Ravi Brar, ECOtality's President and Chief Executive Officer. "We are on track to complete the commitments under the EV Project by the end of this year, and have now focused our attention on our next stage of growth. Our Blink, Minit-Charger and eTec Labs businesses each provide substantial opportunities supported by positive trends in the commercial, residential and industrial EV markets. Our goal is to promote the use of clean energy technology to best serve our customers while simultaneously cultivating shareholder value as we continue our transition and further build our business."

First Quarter 2013 Financial Results Summary

Revenue in the first quarter of 2013 increased 16% to $15.9 million from $13.7 million in the first quarter of 2012. The increase in revenue was largely attributed to the continued roll out of ECOtality's Blink network of charging stations, continued execution on the EV Project, and increased sales of our industrial products. Revenue in the first quarter of 2012 includes $2.6 million in non-recurring license revenue resulting from the March 2012 ABB software license transaction.

Sales and marketing expenses were $1.2 million for both the first quarter of 2013 and 2012. General and administrative expenses in the first quarter of 2013 were $4.8 million, compared with $4.9 million in the first quarter of 2012.

Net loss for the first quarter of 2013 was $(0.6) million, or $(0.02) per basic and diluted share, compared with net income of $1.2 million, or $0.04 per basic and diluted share, in the same year-ago quarter. Net income for the first quarter of 2012 includes non-recurring income generated by the realization of $2.6 million in license revenue and $2.4 million in other income related to the March 2012 ABB software license transaction. The resulting sequential decrease in first quarter 2013 earnings was significantly lessened by improved gross profit resulting from increased product and service revenues realized in the first quarter of 2013. Combined cash, restricted cash and cash equivalents at March 31, 2013 totaled $3.6 million.

1 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr 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

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

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
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free


Chart of I:DJI
DOW 17,813.39 +1.20 0.01%
S&P 500 2,088.87 -0.27 -0.01%
NASDAQ 5,116.1430 +13.3350 0.26%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs