TIDMENV TIDMENVS
RNS Number : 7698A
Enova Systems, Inc.
04 April 2012
ENOVA SYSTEMS, INC
("Enova" or "the Company")
Further re: Results for Year Ended December 31 2011
Enova Systems, Inc. (NYSE AMEX: ENA and AIM: ENV and ENVS), a
leading developer of proprietary hybrid electric and all-electric
drive systems and drive system components for the emerging green
commercial vehicle market, announced its 2011 financial results on
Friday 30 March 2012. The company reported revenues of $6.6M and
gross margins of 3.9%, despite a significant downturn in the
overall electric and hybrid market.
FINANCIAL HIGHLIGHTS:
-- Annual revenue was $6.6M in 2011, a decrease of 23% from
$8.6M in 2010 and Q4 2011 revenue was $638,000, a decrease of $3.1M
from $3.7M for the same period in 2010. Customer orders decreased
dramatically in the second half of the year due to tightened
government and school district budgets, which resulted in a
decrease in orders for our customers' vehicles.
-- Gross profit decreased to $0.3M in 2011 from $1.4M in 2010,
and, in Q4, we swung to a gross loss of $618,000 from gross profit
of $751,000 in the same period in 2010. Margins decreased, in
particular in the second half of 2011, due to the lower sales base
and our decision to record an increase in the inventory valuation
reserve at year end.
-- Overall, annual gross margin was 3.9% in 2011, down from
16.5% in 2010 and the gross margin in Q4 2011 decreased to a
negative 97% compared to a positive margin of 20% for the same
period in 2010.
Enova President and CEO Mike Staran stated, "With many of our
suppliers and competitors facing insolvency and other crisis-type
issues, we are encouraged with the announced initiatives we have
made in extremely difficult market conditions. By remaining
diligent in maturing what we consider game-changers such as Green
For Free(TM), we believe that we have strengthened our position
with our core customers, as well as begun to establish better
control over the distribution channels in our market segment."
Going Concern
Enova's annual report on 10-K for 2011 filed with the SEC
included an audit opinion containing a going concern qualification.
This announcement is being made in compliance with Section 401(h)
and Section 610(b) of the NYSE Amex Company Guide which require a
NYSE Amex listed issuer receiving an audit opinion with a going
concern qualification to make a public announcement to that
effect.
2011 ACCOMPLISHMENTS:
Some highlights of our accomplishments in 2011 include:
-- Green For Free(TM). In November 2011, Enova announced its
Green for Free(TM) Program, which is designed to allow fleet
executives to operate full 100% electric commercial vehicles (EVs)
for similar life cycle costs as those of diesel-powered commercial
vehicles. The anticipated savings fleets are expected to realize
from the reduced maintenance and fuel cost of electricity of the
electric vehicles are used over a period of time to cover the
incremental expense for the technology. Fleet vehicles targeted
with the Green for Free(TM) Program stand out as possessing unique
characteristics that make them clear beneficiaries of electric
drive technology. With more than 16.3 million vehicles in
operation, the nation's fleets possess enough capacity to drive
initial ramp-up scale in the EV OEM supply chains. We believe this
is the first program that is engineered to eliminate the overall
incremental costs associated with buying and operating an
all-electric vehicle, making the Green for Free(TM) Program
attractive to fleets that are both large and small. Enova and FCCC
anticipate traction regarding this initiative,and expect to
showcase further details at multiple events in 2012, including the
recent NTEA Work Truck show and the upcoming EVS 26 conference, to
be held in May at the Los Angeles Convention Center.
-- Freightliner Custom Chassis Corporation ("FCCC"), a division
of Daimler Trucks North America. Enova and FCCC began deploying new
and retrofit all-electric vehicles to major fleet customers in
2011. The resulting integration of our all-electric drive system
into the MT-45 chassis provides FCCC an all-electric product
offering: the FCCC MT-EV. The MT-EV (the FCCC model name) chassis
boasts a GVWR of 14,000 to 19,500 lbs. The durable steel
straight-rail chassis frame reduces flex and bowing to minimize
stress while carrying heavy payloads. The quiet operation of the
all-electric MT-EV also makes for an enjoyable driver experience.
The MT-EV has a flat-leaf spring front and rear suspension,
allowing for a smooth, solid ride that minimizes cargo shifts on
uneven road surfaces. Enova and FCCC also jointly announced
intentions to deploy 3000 vehicles via the Green for Free(TM)
Program (described above). FCCC has begun, in early 2012, an
aggressive campaign to exploit future EV sales by showcasing the
Enova/FCCC EV step van at numerous events on the West Coast, as
well as the recent NTEA Work Truck show in Indianapolis. We
currently are awaiting FCCC's decision on battery selection for
this high volume initiative.
-- First Auto Works ("FAW"). Enova continues to supply FAW drive
systems for their hybrid buses. Since the 2008 Olympics in Beijing,
Enova Systems and First Auto Works have deployed nearly 500
vehicles, all utilizing Enova's pre-transmission hybrid drive
system components. First Auto Works is one of China's largest
vehicle producers, manufacturing in excess of 1,000,000 vehicles
annually. The Enova drive system is integrated and branded under
the name of Jiefang CA6120URH hybrid. The Jiefang 40 ft. long
hybrid city bus can carry up to 103 passengers and travel at a
speeds of over 50 miles per hour. With the Enova hybrid system
components, the Jiefang bus meets Euro III emission standards,
consumes only 7.84 miles per gallon, and achieves a reduction of 20
percent in harmful emissions. Enova has recently shipped an already
announced order of fifty (50) systems in Q4 2011 and is working on
additional incremental orders in 2012.
-- U.S. General Services Administration ("GSA"). GSA extended
its contract with Enova as the exclusive supplier contracted for
the all-electric step van. GSA procures vehicles for government
agencies and the armed forces. Under this contract, Enova will
coordinate the supply of MT-EV all-electric walk-in step vans to
GSA under the Cargo Vans category. Enova continues to benefit from
federal fleet penetration via GSA with the Smith Newton product
offering in the Medium and Heavy Duty vehicle category.
-- Remy Inc ("Remy"). Enova and Remy signed a long-term electric
motor supply agreement in March 2012. Under the five-year
agreement, Remy will provide its electric motors to Enova for its
all-electric drive systems. Remy motors feature the company's
patented High Voltage Hairpin (HVH) winding technology, which is
claimed to increase torque and power density for greater speed and
range in electric vehicles.
-- Smith Electric Vehicles N.A. Inc. ("Smith"). Enova continues
to supply Smith with electric drive systems. Smith has deployed
several hundred vehicles utilizing Enova's electric drive system.
Smith most recently announced its intention to deploy vehicles in
the all-electric school bus sector. The 42-passenger Newton school
bus travels up to 100 miles on a single charge at speeds of up to
50 mph, and is intended for the fixed routes in urban areas most
school buses take each day.
-- Optare plc ("Optare"). Optare awarded Enova a contract as the
production drive system supplier for their all electric buses.
Enova has shipped systems to Optare that are currently being
integrated into buses. Optare designs, manufactures and sells
single deck and double deck buses and mini coaches. It's buses
operate in the UK, Continental Europe, and North America. Further,
it has been recently announced that commuters and bus passengers
across England will see more eco-friendly buses on the roads,
congestion reduced, and services upgraded, thanks to a new GBP101
million package of improvements approved by Local Transport
Minister Norman Baker. Five bus manufacturers, including Optare,
are expected to benefit from orders for their eco-friendly hybrid,
electric and gas buses.
Enova also maintains a visible presence in the forefront of a
growing industry with ongoing appearances and speaking engagements
by company executives at leading industry events such as Ardour
Capital's 9th Annual Energy Technology Conference in September
2011, the recent NTEA Work Truck show in Indianapolis, the upcoming
EVS 26 conference at the Los Angeles Convention Center and key US
Military/Government conferences.
Throughout 2011, we finalized the development of our next
generation Omni power management and drive system component. We are
also finalizing design of a next generation on-board 10kW charger.
Our various electric and hybrid-electric drive systems, power
management and power conversion systems continue to be used in
applications including Class 3-6 trucks, transit buses, and heavy
industrial vehicles. We also are continuing our current research
and development programs, as well as formulating new programs with
the U.S. government and other private sector companies for electric
and hybrid systems.
About Enova: Enova Systems (http://www.enovasystems.com) is a
leading supplier of efficient, environmentally friendly digital
power components and systems products. The Company's core
competencies are focused on the development and commercialization
of power management and conversion systems for mobile applications.
Enova applies unique 'enabling technologies' in the areas of
alternative energy propulsion systems for light and heavy-duty
vehicles as well as power conditioning and management systems for
distributed generation systems. The Company develops, designs and
produces non-invasive drive systems and related components for
electric, hybrid-electric, and fuel cell powered vehicles in both
the "new" and "retrofit" vehicle sales market. For further
information, contact Enova Systems directly, or visit its Web site
at http://www.enovasystems.com.
ENOVA SYSTEMS, Inc. 1560 West 190th Street Torrance, CA 90501
Tel: 310-527-2800 Contact: John Micek, CFO/Investor Relations
Additional Information: This news release contains
forward-looking statements relating to Enova Systems and its
products that are intended to be covered by the safe harbor for
forward-looking statements provided by the Private Securities
Litigation Reform Act of 1995. Forward-looking statements are
statements that are not historical facts. These statements can be
identified by the use of forward-looking terminology such as
"believe," "expect," "may," "will, " "should," "could,""project,"
"plan," "seek," "intend," or "anticipate',' or the negative thereof
or comparable terminology and statements about industry trends, and
Enova's future performance, operations and products. These
forward-looking statements are subject to and qualified by certain
risks and uncertainties. These and other risks and uncertainties
are detailed from time to time in Enova Systems' periodic filings
with the Securities and Exchange Commission, including but not
limited to Enova's annual report on Form 10-K for the year ended
December 31, 2011.
For further information please contact:
Enova Systems, Inc.
Mike Staran, President & Chief Executive Officer
John Micek, Chief Financial Officer
Tel: + 1 310 527 2800
Daniel Stewart & Company plc
(Nominated Adviser & Broker)
Paul Shackleton/Jamie Barklem
Tel: + 44 (0) 207 776 6550
This information is provided by RNS
The company news service from the London Stock Exchange
END
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