Trading Update (0511Q)
13 October 2011 - 12:00AM
UK Regulatory
TIDMENV TIDMENVS
RNS Number : 0511Q
Enova Systems, Inc.
12 October 2011
Enova Systems, Inc.
("Enova" or the "Company")
Trading Update
TORRANCE, CA, October 12, 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, announces that revenue for the third and
fourth quarters of 2011 is expected to be materially below that
experienced in the first half of the current calendar year. Q3
results are expected to be released in mid November.
This is due to reduced demand from its two largest customers as
a result of further economic uncertainty. Despite this development,
positive feedback from customers continues to indicate to Enova
that the marketwill improve in the longer term. In the meantime,
Enova is exploring options to reduce the necessary levels of
customers' capital expenditure relating to new orders, thereby
removing a major purchasing obstacle.
Enova's business strategy is focused on commercial fleets that
have predictable drive routes, return to a company depot nightly,
and are managed by expert logistics personnel. Enova believes it is
well positioned with the industry's leading OEMs and continues
working on initiatives for market penetration.
In addition to ongoing supply to existing customers, Enova is in
advanced discussions with a number of parties, both in Asia and the
UK, and is hopeful that these will lead to additional customer
orders in the future.
For further information:
Enova Systems, Inc +1 310 527 2800
Mike Staran, President and Chief Executive Officer
John Micek, Chief Financial Officer
Daniel Stewart +44 (0)20 7776 6550
Oliver Rigby
Threadneedle Communications +44 (0)20 7653 9850
Josh Royston
Graham Herring
Hilary Millar
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.
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 most recent Form 10-Q for the fiscal quarter
ended June 30, 2011.
ENOVA SYSTEMS, Inc. 1560 West 190th Street Torrance, CA
90501
This information is provided by RNS
The company news service from the London Stock Exchange
END
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