QUARTERLY REVENUE UP 69.7 % OR $1.1 MILLION COMPARED TO THE SAME QUARTER IN THE PRIOR YEAR
Toronto, Ontario –
Electrovaya Inc. (TSX: EFL) today announced financial results for the fourth quarter and 12 months ended September 30, 2005. All figures are in US dollars.HighlightsFor the quarter ending September 30, 2005:ßRevenue increased by 69.7% or approximately $1.1 million to $2.8 million from $1.6 million for the quarter ended September 30, 2004.ßLoss from operations, before interest, taxes, foreign exchange and amortization decreased by $564,000 or 49.7% to $570,000 compared to $1,134,000 in the same quarter in the prior yearFor the year ending September 30, 2005:ßRevenue increased by 2.7% or $171,000 to $6.5 million from $6.4 million compared to the prior year.ßLoss from operations, before interest, taxes, foreign exchange and amortization decreased by $1.6 million or 30.4% from $5.4 million to $3.8 million compared to the prior yearßCash & investments were $12.2 million as at September 30, 2005, compared to $10.8 million as at June 30, 2005 and $13.6 million as at September 30, 2004
About Electrovaya Inc.
Electrovaya (TSX:EFL) is a world leader in the field of portable power solutions with its award-winning, patented Lithium Ion SuperPolymer(R) battery technology. Its goal is to become the leading provider of tablet PCs, the premier supplier of portable power for aerospace and wireless sectors, and the principal technology champion in the development of alternative energy applications including UPS, stand-by power and zero-emission vehicles. For more information on Electrovaya and its products, please visit www.electrovaya.com
The Company’s shares trade on the Toronto Stock Exchange under the symbol EFL.
For more information about the Company and its products, please visit our website at www.electrovaya.com.
For more information, please contact:
P. Hart,
Chief Financial Officer
Electrovaya Inc.
tel: 905-855-4636
email: plhart@electrovaya.com