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RNS Number : 0007N
Enova Systems, Inc.
25 August 2011
(Replacing RNS number 3290M to correct certain Customer
Highlights)
Enova Announces Q2 2011 Financial Results
8(th) Consecutive Quarter with Positive Gross Margins
Drive System Powers All Electric Retrofits for Fleet
Operators
August 15, 2011
TORRANCE, CA August, 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, releases its
financial results for Q2 2011. The company continues to improve its
margins, with a 23% positive margin complementing its 8(th)
consecutive quarter of positive results.
GROWTH HIGHLIGHTS:
-- $2.5M in revenue for Q2 2011, an increase of 23% over the
same period in 2010 -- 9% points increase in gross margin to 23% in
Q2 2011 from 14% in the same period in 2010 -- 8th consecutive
quarter with positive gross margins
Enova President and CEO Mike Staran stated "We are pleased to
have achieved consecutive quarters of positive gross margins owing
to maturation of our manufacturing processes. Enova continues to
execute on its strategic plan which includes our efforts to move
towards profitability via margin growth from current products and
the planned launch of our next generation Omni product line. We are
poised to further execute on our plan through game changing
initiatives currently being matured with our customer and investor
base."
Liquidity and Capital Requirements:
The Company expects that it will need to raise additional
capital to pursue its business plan and is currently pursuing a
variety of funding options. A more thorough discussion of our
short-term liquidity and capital needs is set forth in our Form
10-Q for the quarter ending June 30, 2011.
CUSTOMER HIGHLIGHTS:
FIRST AUTO WORKS (FAW) has expanded their market opportunity by
joint development, with Enova, of a post transmission system
option. Additionally, FAW recently won China's prestigious BAAV
Best HEV Bus award for 2010.
FREIGHTLINER CUSTOM CHASSIS (FCCC) and Enova supplied the
industry's first all electric vehicle retrofits deployed by any
major fleet operator. Enova and FCCC have developed an integration
method for both new and retrofit applications. Enova expects
various fleet operators to retrofit existing vehicles to make them
all-electrics, saving resources through using existing vehicle
bodies.
CHINA SOUTHERN RAIL CORPORATION LIMITED CSR) has integrated two
(2) all-electric drive systems for integration into commercial bus
applications. CSR is approved by the State-owned Assets Supervision
and Administration Commission of the State Council co-founded by
China South Locomotive and Rolling Stock Industry Group Corporation
and Beijing Railway Industry Economic and Trade Company with a
total equity capital of $7 billion USD. CSR was established in
December 2007 with sixteen (16) fully funded holding companies and
over 80,000 employees distributed in 10 provinces and cities around
the country.
OPTARE has recently awarded Enova a contract as the production
drive system supplier for their all electric buses. Optare designs,
manufactures and sells single deck and double deck buses and mini
coaches. Its buses operate in the UK, Continental Europe, and North
America.
US AIR FORCE and the Warner Robins Air Logistics Center Vehicle
Directorate are evaluating Enova as a supplier of hybrid and
electric drive systems. Currently the benefits of a non-invasive,
retrofit solution to the USAF's existing Flightline van fleet as
well as all electric service vehicles are targeted.
US GOVERNMENT and Enova continue comprehensive discussions
regarding government interest in deployment of alternate fuel
vehicles. Enova has met with executive levels at the Pentagon to
further penetrate the available volume of government sourced
vehicles.
TECHNOLOGY HIGHLIGHTS:
OMNI INVERTER. Power-source and motor design agnostic, Enova's
Omni-series inverter/vehicle controller offers increased
flexibility and ease-of-integration. With plug-and-play
connectivity, it is compatible with a wide range of vehicle drive
systems and motors, and can be configured for HEV, PHEV and EV
applications. The inverter is fully production validated and Enova
is currently coordinating introduction of the Omni inverter with
various customers.
OMNI CHARGER. Enova is finalizing design and validation test
plans for the new Omni-series 10kW on-board battery charger for
plug-in hybrid-electric and all-electric vehicles. CAN control
based, the new Omni charger offers increased flexibility,
ease-of-integration and compatibility with a wide range of vehicle
platforms. Enova is coordinating the introduction of the new
charger with various customers. Production availability is planned
for the fourth quarter in 2011.
OMNI DC/DC CONVERTER. Design has begun on a stand-alone
Omni-series DC/DC converter operating at the higher power levels
required for large electric vehicles. The new converter will be
available in 12V or 24V output configurations. Validation testing
is planned to begin summer 2011 with introduction discussions
already underway with various customers.
OTHER ENOVA ACTIVITIES: Enova recently spoke (or will speak)
at:
-- Lazard Capital Market's 3rd Annual Alternative Energy
Investor Summit in New York on June 1-2. The Summit provided
extensive opportunity for analysts and investors to meet with Enova
on a "one on one" basis.
-- Ardour Capital Energy Technology Conference in New York
September 15 & 16, 2011. Enova will be presenting.
-- Merriman Capital Investor Summit in New York on November 17,
2011. Enova will be presenting.
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, 2010 and Form 10-Q for the quarterly period ending
June 30, 2011.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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