Electrovaya Inc. (TSX: EFL) today announced financial results for the second quarter of fiscal year 2011 ended March 31, 2011. All figures are in US dollars.
Total revenue rose to $2.7 million in the second quarter of fiscal 2011, an increase of 154% compared to $1.1 million in the second quarter of fiscal 2010.
Net loss for the second quarter of fiscal 2011 was $1.2 million, or $(0.02) per basic and diluted common share, unchanged from the second quarter of fiscal 2010. GAAP results for the second quarter of fiscal 2011 included non-cash items such as stock-based compensation expense, financing costs, amortization expense and foreign exchange losses.
On a non-GAAP basis, net income in the second quarter of fiscal 2011 was $64,000, compared to a nonGAAP net loss of $(666,000) in the second quarter of fiscal 2010. Non-GAAP net income from operations for these periods excluded the impact of non-cash stock-based compensation expense, noncash financing costs and the interest expense incurred on long-term debt.
Current assets, primarily accounts receivable related to our PHEV battery packs, increased by approximately $1.5 million.
“During the quarter, we produced more battery packs for the Ram PHEV and the second PHEV for an iconic large automotive North American platform, as well as our large-scale energy storage market customer.” commented Dr. Sankar Das Gupta, Chief Executive Officer. “We believe that the demand for our clean non-NMP manufacturing process technology will grow, and as a result of the re-purchase of our manufacturing license to the Nordic countries, we have now positioned ourselves to sell unfettered licensing rights to all of Europe.”
The Company’s complete Fiscal 2011 Second Quarter Financial Statements and Management Discussion and Analysis are available at www.sedar.com or on the Company’s website at www.electrovaya.com.
A conference call to discuss the results will be held at 5:00 p.m. Eastern Time today to discuss the Company’s financial results and provide a business update. Conference call details are as follows:
Canadian toll-free: (866) 228-9189
U.S. toll-free: (877) 941-2069
International: +1 (480) 629-9713
Conference ID: 4439940
Electrovaya Inc. (TSX:EFL) designs, develops and manufactures proprietary Lithium Ion SuperPolymer® batteries, battery systems, and battery-related products for the clean electric transportation, Utility Scale Energy Storage and smart grid power, consumer and healthcare markets. The Company’s mission is to accelerate clean transportation as a commercial reality with its advanced power system for all classes of zero-emission electric vehicles and plug-in hybrid electric vehicles. The Company’s other mission is to deliver Utility Scale Energy Storage Systems for the highest efficiency in electricity storage, whether the electricity is generated from intermittent wind and solar power or from other sources. Founded in 1996 and headquartered in Ontario, Canada, Electrovaya has production facilities in Canada as well as in the US, and customers around the globe.
For more information, please contact:
Electrovaya Inc.
Telephone: 905.855.4618
Email: ir@electrovaya.com
The Blueshirt Group, Investor Relations
Monica Gould
Telephone: 212.871.3927
Email: Monica@blueshirtgroup.com