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Message: Electrovaya Reports Q3 2008 Financial Results
http://biz.yahoo.com/iw/080801/04213...
Revenue up 92% and Cash Burn reduces by 67% to $228,000
TORONTO, ONTARIO, Aug 01, 2008 (MARKET WIRE via COMTEX) -- Electrovaya Inc. (CA:EFL: news, chart, profile) , an energy storage solutions company, today announced financial results for the third quarter of fiscal 2008. All figures are in US dollars.
Operational Highlights:
- Electrovaya has started delivering to Norway, on the five zero-emission electric car build for Miljobil, a subsidiary of Statoil Hydro. The cars with the Electrovaya Lithium Ion SuperPolymer(R) batteries are undergoing road testing.
- Purchase order received from Phoenix Motorcars, a California-based electric vehicle manufacturer of SUVs and SUTs. The work includes certain upfront engineering design services and hardware production and Electrovaya has received payment in advance for a substantial portion of this work.
- Maya 300, zero-emission low-speed electric vehicle prototypes built and undergoing testing. Maya 300 is the cover feature story for The Lamp, an ExxonMobil investor quarterly magazine.
- Large format 600V integrated battery systems for plug-in hybrid and full electric vehicle applications exhibited with FEV, sponsor of the 2008 SAE World Congress in Detroit
- Electrovaya takes part in a number of invited presentations including Capitol Hill briefing, Merriman Curhan & Ford Cleantech Expert Panel, Advanced Automobile Battery Investment Summit in Chicago and the Renewable Energy Finance Forum in New York City.
Financial Highlights:
For the third quarter ending June 30, 2008:
- Total revenue increased by 92.0% or $440,000 to $916,000 from $476,000 for the quarter ended June 30, 2007 and also similarly revenue increased by 92.0% over preceding quarter, Q2 2008.
- Research and development expenses increased by 101.0% or $384,000 to $764,000 from $380,000 in the quarter ending June 30, 2007.
- Loss from operations, before interest, taxes, foreign exchange, amortization, capital assets write-down and the gain on sale of investments decreased by $312,000 or 29.0% to $762,000 compared to $1,074,000 in the same quarter of the prior year.
- Cash burn reduces by 67% to $228,000 for Q3 as compared to previous quarter, Q2 2008. The Company had $5.1 million in cash and cash equivalents as at 30th June 2008, compared to $5.3 million as at March 31, 2008.
Summary of Financial Results
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In thousands of US$ Three months ended June 30
except per share amounts 2008 2007
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Revenue $ 916 $ 476
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Loss from operations before interest,
taxes, foreign exchange and amortization,
capital assets write-down and gain on
sale of investments $ (762) $ (1,074)
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Loss for the period $ (1,070) $ (1,581)
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Loss per share $ (0.02) $ (0.02)
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Cash & investments 5,083 $ 7,888
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