SAN FRANCISCO, April 15, 2013 (GLOBE NEWSWIRE) -- ECOtality, Inc. (Nasdaq:ECTY), a leader in clean electric transportation technologies, today reported results for the fourth quarter and year ended December 31, 2012.
"Our strong financial performance for the year reflects the health of the company and our continued execution upon our business model," stated Ravi Brar, ECOtality's President and Chief Executive Officer. "We have established three complementary lines of business – Blink®, Minit-Charger and eTec Labs – that provide us with a stable, diversified and expanding revenue base. 2012 was marked by substantial growth as we more than doubled the size of the Blink network, validated our business model with the introduction of access fees, and successfully executed upon the objectives of the EV Project. We ended the year with more than 10,000 Blink charging stations and 55 DC fast chargers installed making ECOtality the nation's largest DC charging network."
Q4 and Full Year 2012 Financial Results Summary
Revenue in the fourth quarter of 2012 increased 60% to $13.6 million from $8.5 million in the fourth quarter of 2011. Revenue for the full year of 2012 increased 93% to a record $54.7 million, compared to $28.4 million in 2011. The increases in revenue were largely attributed to the continued roll out of ECOtality's Blink network of charging stations.
Sales and marketing expenses in the fourth quarter of 2012 were $1.1 million, compared to $1.0 million in the same year-ago quarter. Sales and marketing expenses for the full year of 2012 totaled $4.6 million, compared to $3.3 million in 2011, with the increase primarily due to promoting the sale of chargers to commercial hosts and industrial operations, and securing Blink Network membership to EV drivers.
General and administrative expenses in the fourth quarter of 2012 decreased to $4.5 million from $4.8 million in the same year-ago quarter. General and administrative expenses for the full year of 2012 were $20.3 million, compared to $17.0 million in 2011. The annual increase in general and administrative expenses was primarily due to an increase in the company's professional services and incremental headcount.
Net loss for the fourth quarter of 2012 was $2.3 million, or $(0.10) per basic and diluted share, an improvement from a net loss of $6.7 million, or $(0.28) per basic and diluted share, in the same year-ago quarter. Net loss for the full year of 2012 was $9.6 million, or $(0.40) per basic and diluted share, an improvement from a net loss of $22.5 million, or $(1.20) per basic and diluted share, in 2011. Combined cash, restricted cash and cash equivalents at December 31, 2012 totaled $6.6 million.
2012 Operational Highlights
- Annual revenue up 93% to a record $54.7 million.
- Signed $5 million licensing agreement with ABB Technology Ventures Ltd to utilize the Blink network.
- Received $1 million Minit-Charger order from Southwest Airlines.
- Became the first charging network that instituted access fees at all publically available Level 2 public charging locations.
- Installed more than 1,800 Blink chargers during the fourth quarter, bringing the total number of charging stations to more than 10,000 by year-end.
- Installed 55 Blink DC Fast Chargers in 2012, establishing ECOtality as the largest DC fast charging network in the nation.
- By the end of 2012, the Blink network had recorded more than 1.6 million charging events and delivered more than 14 gigawatts of electricity, with EV drivers contributing more than 60 million miles of performance and activity data to the EV Project.
Management Commentary
"ECOtality has established a dominant market position in the EV industry and is continuing to expand its footprint with the company's strategic national accounts that host its Blink chargers," continued Brar. "Additionally, the recent formation of Collaboratev, LLC, a partnership with ChargePoint, is a milestone for the industry and parallels the growth of the banking industry by allowing customers to access all charging networks with one access card and one bill. Blink's robust market presence, combined with the increasing market penetration of plug-in electric vehicles, well positions the company for continued growth.
"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 |