http://finance.yahoo.com/news/Electrovaya-Announces-Third-iw-2434711392.html?x=0

TORONTO, ONTARIO--(Marketwire -08/15/11)- Electrovaya Inc. (TSX: EFL.TO - News) today announced financial results for the third quarter of fiscal year 2011 ended June 30, 2011. All figures are in US dollars.

Financial Highlights for the Third Quarter of Fiscal Year 2011

 

--  Total revenue of $2.7 million increased 109% year over year
--  Non-GAAP income from operations equalled $103,000 and marked the fourth
    consecutive quarter of profitability
--  Cash and cash equivalents totaled $4.5 million as of June 30, 2011 and
    receivables increased by $1.8 million to $4.7 million.
--  Cash and cash equivalents as at August 12, 2011 were $5.7 million.

Results for the three months ended June 30, 2011

Total revenue rose to $2.7 million in the third quarter of fiscal 2011, an increase of 109% compared to $1.3 million in the third quarter of fiscal 2010.

Net loss for the third quarter of fiscal 2011 was $423,000 compared to $363,000 in the same quarter the prior year, or $(0.01) per basic and diluted common share, unchanged from the third quarter of fiscal 2010.

On a non-GAAP basis, net income in the third quarter of fiscal 2011 was $103,000, compared to a non-GAAP net loss of $(341,000) in the third quarter of fiscal 2010. Non-GAAP net income (loss) from operations for these periods excludes the impact of non-cash stock-based compensation expense, non-cash financing costs and interest expense incurred on long-term debt.

Current assets, primarily accounts receivable increased by approximately $1.8 million to $4.7 million and cash and cash equivalents totaled $4.5 million

Results for the nine months ended June 30, 2011

Total revenue of $7.7 million for the first nine months of fiscal 2011, an increase of 133% compared to $3.3 million for the first nine months of fiscal 2010. Net loss for the first nine months of fiscal 2011 totaled $2.0 million, or $0.03 per basic and diluted common share compared to a loss of $1.9 million for the first nine months of fiscal 2010, or $0.03 per basic and diluted common share.

On a non-GAAP basis, net income in the first nine months of fiscal 2011 was $195,000 compared to a non-GAAP net loss of $(939,000) in the first nine months of fiscal 2010. Non-GAAP net income from operations for these periods excluded the impact of non-cash stock-based compensation expense, non-cash financing costs and interest expense incurred on long-term debt.

Management Commentary

"During the quarter, we announced the program to develop a complete battery pack, including cells, mechanical, thermal and electrical subsystems and the battery management system for the Town & Country Minivan PHEV program," commented Dr. Sankar Das Gupta, Chief Executive Officer of Electrovaya. "Moreover, we continued to deliver complete battery packs for the RAM and make progress on the design and build of a 1.5MWh scale energy storage program for a large US utility and are building a good pipeline of similar Energy Storage projects. We believe that our 1.5MWh unit will be the world's largest Lithium Ion battery pack in a single container and demonstrates Electrovaya's excellent volumetric energy density," said Das Gupta.

"We are making good progress on our development and delivery of the two important automotive platforms as well as on the Utility size Energy storage system, while increasing production capacity, without substantial reduction of our financial strength," says Paul Hart, Chief Financial Officer of Electrovaya.

The Company's complete Fiscal 2011 Third Quarter Financial Statements and Management Discussion and Analysis are available at www.sedar.com or on the Company's website at www.electrovaya.com.

Conference Call

A conference call to discuss the results will be held at 8:00 a.m. Eastern Time today to discuss the Company's financial results and provide a business update. Conference call details are as follows:

 

Canada and U.S.   toll-free:          (877) 407-8291
International:                      +1 (201) 689-8345
Conference ID:                      376953#

For those unable to participate in the conference call, a replay will be available for two weeks beginning at 11 a.m. (ET) on August 15, 2011 through 11:59 p.m. (ET) on August 30, 2011.

 

Replay
Canada and U.S.   toll-free:          (877) 660-6853
International:                      +1 (201) 612-7415
Account:                            393#
Conference ID:                      376953#