SAN FRANCISCO, April 15, 2013 (GLOBE NEWSWIRE) -- ECOtality, Inc. (Nasdaq:ECTY), a leader in clean electric transportation technologies, today reported results for the fourth quarter and year ended December 31, 2012.
"Our strong financial performance for the year reflects the health of the company and our continued execution upon our business model," stated Ravi Brar, ECOtality's President and Chief Executive Officer. "We have established three complementary lines of business – Blink®, Minit-Charger and eTec Labs – that provide us with a stable, diversified and expanding revenue base. 2012 was marked by substantial growth as we more than doubled the size of the Blink network, validated our business model with the introduction of access fees, and successfully executed upon the objectives of the EV Project. We ended the year with more than 10,000 Blink charging stations and 55 DC fast chargers installed making ECOtality the nation's largest DC charging network."
Q4 and Full Year 2012 Financial Results Summary
Revenue in the fourth quarter of 2012 increased 60% to $13.6 million from $8.5 million in the fourth quarter of 2011. Revenue for the full year of 2012 increased 93% to a record $54.7 million, compared to $28.4 million in 2011. The increases in revenue were largely attributed to the continued roll out of ECOtality's Blink network of charging stations.
Sales and marketing expenses in the fourth quarter of 2012 were $1.1 million, compared to $1.0 million in the same year-ago quarter. Sales and marketing expenses for the full year of 2012 totaled $4.6 million, compared to $3.3 million in 2011, with the increase primarily due to promoting the sale of chargers to commercial hosts and industrial operations, and securing Blink Network membership to EV drivers.
General and administrative expenses in the fourth quarter of 2012 decreased to $4.5 million from $4.8 million in the same year-ago quarter. General and administrative expenses for the full year of 2012 were $20.3 million, compared to $17.0 million in 2011. The annual increase in general and administrative expenses was primarily due to an increase in the company's professional services and incremental headcount.
Net loss for the fourth quarter of 2012 was $2.3 million, or $(0.10) per basic and diluted share, an improvement from a net loss of $6.7 million, or $(0.28) per basic and diluted share, in the same year-ago quarter. Net loss for the full year of 2012 was $9.6 million, or $(0.40) per basic and diluted share, an improvement from a net loss of $22.5 million, or $(1.20) per basic and diluted share, in 2011. Combined cash, restricted cash and cash equivalents at December 31, 2012 totaled $6.6 million.
2012 Operational Highlights
- Annual revenue up 93% to a record $54.7 million.
- Signed $5 million licensing agreement with ABB Technology Ventures Ltd to utilize the Blink network.
- Received $1 million Minit-Charger order from Southwest Airlines.
- Became the first charging network that instituted access fees at all publically available Level 2 public charging locations.
- Installed more than 1,800 Blink chargers during the fourth quarter, bringing the total number of charging stations to more than 10,000 by year-end.
- Installed 55 Blink DC Fast Chargers in 2012, establishing ECOtality as the largest DC fast charging network in the nation.
- By the end of 2012, the Blink network had recorded more than 1.6 million charging events and delivered more than 14 gigawatts of electricity, with EV drivers contributing more than 60 million miles of performance and activity data to the EV Project.
Management Commentary
"ECOtality has established a dominant market position in the EV industry and is continuing to expand its footprint with the company's strategic national accounts that host its Blink chargers," continued Brar. "Additionally, the recent formation of Collaboratev, LLC, a partnership with ChargePoint, is a milestone for the industry and parallels the growth of the banking industry by allowing customers to access all charging networks with one access card and one bill. Blink's robust market presence, combined with the increasing market penetration of plug-in electric vehicles, well positions the company for continued growth.
"This January, we unveiled the Minit-Charger 12, a product that targets the sweet spot of the market and serves as the foundation of our next generation of industrial fast charge solutions. The company has a renewed focus on our Minit-Charger business and is committed to substantially expanding its market presence in the industrial sector to capitalize on increasing electrification trends.
"Looking ahead, we will continue to build upon our three core lines of business, Blink, Minit-Charger and eTec Labs with an emphasis on expanding our Blink Network across the country and launching our next generation of charging products. With our interoperability partnership, strong product lines and extensive consulting activities, ECOtality is focused on expanding our position as the leader in electric transportation technologies and solutions."
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