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ECOtality Reports 2013 First Quarter Financial Results

For those unable to participate, an audio replay of the call will be available beginning approximately one hour after the conclusion of the live call through May 22, 2013.

Toll-free replay number: 1-800-406-7325
International replay number: 1-303-590-3030
Replay ID#: 4619608

About ECOtality, Inc.

ECOtality, Inc. (Nasdaq:ECTY) is a leader in clean, electric transportation technologies. The company provides three primary product and service offerings: 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.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands, except per share data)
     
  March 31, 2013 December 31, 2012
  (Unaudited)  
ASSETS    
CURRENT ASSETS:    
Cash and cash equivalents  $ 3,394  $ 6,414
Restricted cash  200  200
Receivables, net of allowance for bad debts of $93 and $96 as of March 31, 2013 and December 31, 2012, respectively  2,670  966
Receivables, other  1,197  1,207
Inventory  17,951  20,966
Prepaid expenses and other current assets  1,128  1,235
Total current assets  26,540  30,988
Property and equipment, net  23,233  21,790
Other assets  33  37
Intangible assets, net  985  971
TOTAL ASSETS  $ 50,791  $ 53,786
LIABILITIES AND STOCKHOLDERS' EQUITY    
CURRENT LIABILITIES:    
Accounts payable  $ 2,687  $ 2,659
Accrued payroll  1,246  1,128
Unearned revenue, current portion  18,732  23,812
Warranty reserves  580  578
Current portion of capital lease obligations  117  116
Accrued liabilities, other  8,362  6,057
Total current liabilities  31,724  34,350
Long term portion of unearned revenue  721  631
Convertible note, less unamortized discount of $55 and $62 as of March 31, 2013 and December 31, 2012, respectively  4,945  4,938
Capital lease obligations  71  101
Other long term debt  188  188
TOTAL LIABILITIES  37,649  40,208
Stockholders' equity:    
Series A convertible preferred stock, $0.001 par value, 200,000 shares authorized, 6,330 shares issued and outstanding as of March 31, 2013 and December 31, 2012  6  6
Common stock, $0.001 par value, 1,300,000 shares authorized, 23,830 and 23,754 shares issued and outstanding as of March 31, 2013 and December 31, 2012, respectively  24  24
Additional paid-in capital  128,148  127,987
Accumulated deficit  (114,928)  (114,340)
Accumulated other comprehensive loss  (108)  (99)
TOTAL STOCKHOLDERS' EQUITY  13,142  13,578
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY  $ 50,791  $ 53,786
 
 
 
ECOTALITY, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except share and per share data)
 
  Three Months Ended
  March 31,
  2013 2012
  (Unaudited)
     
Revenue    
Product  $ 1,905  $ 1,422
Service  14,029  9,635
License  --  2,593
Total revenue  15,934  13,650
Cost of goods sold    
Product  1,055  1,014
Service  8,929  7,482
Total cost of goods sold  9,984  8,496
Gross profit  5,950  5,154
     
Operating expenses :    
Sales and marketing  1,152  1,215
Research and development  469  326
General and administrative  4,801  4,912
Total operating expenses  6,422  6,453
Loss from operations  (472)  (1,299)
Interest income  2  165
Interest expense  (82)  (20)
Other income, net  4  2,404
     
Income (loss) before income taxes  (548)  1,250
Income tax expense  (40)  (1)
     
Net income (loss)  $ (588)  $ 1,249
     
Net income (loss) per share:    
     
Basic  $ (0.02)  $ 0.04
Diluted  $ (0.02)  $ 0.04
     
Weighted-average common shares outstanding:    
     
Basic  23,728,622  23,626,328
Diluted  23,728,622  23,843,499
CONTACT: Media:
         Kim Setliff
         Antenna Group for ECOtality
         kimberly@antennagroup.com
         Tel: (415) 977-1942
         
         Investor Relations:
         Brandi Floberg or Kathy Price
         The Piacente Group
         ecotality@tpg-ir.com
         Tel: (212) 481-2050

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