http://finance.yahoo.com/news/Electrovaya-Reports-Q1-2010-iw-3029367232.html/print?x=0

Second Consecutive Quarter of Net Operating Profit Business Expands to Utility Storage Market in addition to Electric Vehicle Market

TORONTO, ONTARIO--(Marketwire - 02/15/10) - Electrovaya Inc. (TSX:EFL - News) today announced financial results for the first quarter of fiscal 2010 ended December 31, 2009. All figures are in US dollars.

First Quarter Fiscal 2010 Financial Highlights

 

-- Revenue increased by 16.2% to $920,000 from $792,000 for the year ago
 quarter.
-- Net Operating Profit, before interest, taxes, foreign exchange and
 amortization, improved by $553,000 to $38,000 compared to a loss of
 $515,000 in the same quarter of the prior year.
-- Cash and cash equivalents totaled $5.2 million at December 31, 2009,
 compared with $4.2 million at December 31, 2008.

Business Highlights

 

-- Energy storage partner for a $7.5 million large-scale energy storage
 demonstration project led by CEATI (an association with over 100 Utility
 and other members worldwide), with funding support from the Government
 of Canada's Clean Energy Fund. This project further extends
 Electrovaya's business to the emerging market for Energy Storage for
 Utilities and Smart Grids. Industry analysts project that this emerging
 energy storage market will exceed $600 billion over the next 10-12
 years.

-- Delivered large battery packs for a Tier 1 OEM Plug-in Hybrid Electric
 Vehicle. Electrovaya's battery pack included Lithium Ion SuperPolymer®
 cells and all associated battery systems including mechanical
 components, thermal management system and iBMS® (intelligent Battery
 Management System)

-- Delivered a large battery pack for a specialized OEM Plug-in-Hybrid
 Electric Vehicle. Electrovaya's battery pack included Lithium Ion
 SuperPolymer® cells and all associated battery systems including
 mechanical components, thermal management system and iBMS®.

"We are very proud to partner on this important Utility-scale energy storage project led by CEATI," commented Dr. Sankar Das Gupta, Chief Executive Officer of Electrovaya. "This project is a clear demonstration of the expanding reach of our proprietary Lithium Ion SuperPolymer® battery technology. While Electrovaya's large-format Lithium Ion SuperPolymer® battery is ideally suited for the Plug-In-Hybrid Electric Vehicle market, we are excited about the growing opportunities in the emerging renewable Utility and Smart Grid market."

"We are also pleased to have achieved our second consecutive quarter of net operating profit, which is a testament to our fiscal discipline. At the same time, we continue to prudently invest in the advanced technologies that are driving our business forward. Electrovaya has expended over $80 million to-date in developing our proprietary Lithium Ion SuperPolymer® battery technology with about 20 issued US patents and 130 corresponding patents worldwide," concluded Dr. Das Gupta.

Summary of Financial Results

 

---------------------------------------------------------------------------
In thousands of US$ except per share
amounts 3 months ended December 31
 2009 2008
---------------------------------------------------------------------------
Revenue $ 920 $ 792
---------------------------------------------------------------------------
Profit/(Loss) from operations before
 interest, taxes, foreign exchange and
 amortization, capital assets write-down
 and gain on sale of investments $ 38 $ (515)
---------------------------------------------------------------------------
Profit/(Loss) per share $ 0.00 $ 0.00
---------------------------------------------------------------------------
Cash & cash equivalents $ 5,243 $ 4,218
---------------------------------------------------------------------------

The Company's complete Fiscal 2010 First Quarter Financial Statements and Management Discussion and Analysis are available at www.sedar.com or on the Company's website at www.electrovaya.com.