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ECOtality Announces 60% Increase in Revenue for 2010 Fiscal YearSAN FRANCISCO --(Business Wire)-- ECOtality, Inc. (NASDAQ: ECTY), a leader in clean electric transportation and storage technologies, announced today that it increased revenue by 60 percent, to $13.7 million for the Fiscal Year ended December 31, 2010 and will provide a shareholder update. "The past year was important for ECOtality, as we completed the EV Micro-Climate™ program in each of our EV Project markets, initiated the rollout of our Blink™ smart electric vehicle (EV) chargers, and established commercial relationships with major retailers such as Fred Meyer, Best Buy (News - Alert), Cracker Barrel, BP and ARCO. Management believes ECOtality is well positioned for strong and immediate revenue growth in 2011 as we ramp up Blink residential charger installations and begin Blink commercial charger deployments," stated Jonathan Read, President and CEO of ECOtality. "Additionally, ECOtality has forged strategic relationship with leading organizations like ABB, Cisco, Sprint (News - Alert) and Roush that further enhance our ability to provide smart and integrated EV charging solutions that meet the needs of EV drivers, commercial facilities and utilities. Our strategic partnership with the ABB Group enriched our financial situation through a $10 million equity investment, expands our organization's global reach, and establishes a strategic supplier relationship. As we deploy approximately 14,000 Blink chargers in 2011 for The EV Project alone, ECOtality is well situated for enhanced growth as the market leader for EV infrastructure planning, consulting, and deployment in the United States and abroad." 2010 & Recent Operational Highlights
In the year ended December 31, 2010, we had revenues of $13.7 million compared to $8.6 million for the year ended December 31, 2009. This 60% increase in revenue is related to work performed on the Department of Energy (DOE) contract and the maintenance of our revenue levels in our other lines of business including industrial charger sales. Gross profit for the year ended December 31, 2010 was $0.6 million. The decrease in gross margin to 4.2% is reflective of the costs incurred relating to the DOE contract where ECOtality is reimbursed 45.8% of our costs. Total operating expenses during the year ended December 31, 2010 were $17.2 million compared to $17.3 million for the year ended December 31, 2009. General and administrative expenses were $16.4 million or 95% of total operating expenses for the year ended December 31, 2010 compared with $16.8 or 97% for the year ended December 31, 2009. Details pertaining to these expenses are described below: Professional fees were $0.8 million for the year ended December 31, 2010 compared with $0.3 million for year ended December 31, 2009. The increase in fees is attributable to the costs to be listed on NASDAQ, consulting services to advise the board of directors, and improvements to our Information Technology (IT) systems required to support connectivity for our significantly increased and dispersed employee base and the reporting and data requirements of our DOE contract. Net Loss after other income and expenses improved for the year ended December 31, 2010 to a loss of $16.4 million compared with a $29.5 million loss for year ended December 31, 2009. 2011 Outlook "In 2011, management is focused on successfully executing on The EV Project for the U.S. Department of Energy by supporting the first EV adopters with Blink residential chargers and establishing a robust commercial network of Blink chargers for public use," concluded Mr. Read. "As we continue to expand, we have a strong monetization strategy that includes memberships, access fees, advertising opportunities and utility services that we will test, refine and validate in 2011. ECOtality will continue to establish strategic relationships with major retailers, utilities, commercial property managers, government agencies and automobile manufacturers to establish a widely available Blink charging network throughout the country. We plan to begin installation of our commercial Blink chargers in the upcoming weeks that will enable EV drivers to conveniently charge where they work, eat and play. By utilizing the lessons learned from The EV Project, capitalizing on our strategic relationships, and providing industry leading Blink hardware and software solutions, ECOtality is well suited for sustained market growth and is in a pivotal position to enable a smarter grid and more intelligent transportation." Conference Call Information The Company will be hosting a conference call with investment community.
Conference Call Details: It is recommended that participants dial in approximately 5 to 10 minutes prior to the start of the 4:15 p.m. call. A telephonic replay of the conference call may be accessed approximately two hours after the call through April 27, 2011, by dialing 1-877-870-5176 or 1-858-384-5517 for international callers and entering the replay access code 4433651. There will also be a simultaneous audio feed webcast and archived recording of the conference call available at www.ecotality.com under the "Investor Relations" menu section or you may use the link audio feed and archived recording of the conference call available at http://viavid.net/dce.aspx?sid=00008473 About ECOtality, Inc. ECOtality, Inc. (NASDAQ:ECTY), headquartered in San Francisco, California, is a leader in clean electric transportation and storage technologies. Through innovation, acquisitions, and strategic partnerships, ECOtality accelerates the market applicability of advanced electric technologies to replace carbon-based fuels. For more information about ECOtality, Inc., please visit www.ecotality.com. To learn more about the Blink EV charging solutions available, visit blinknetwork.com. ECOtality is the project manager of The EV Project, the largest rollout of EV infrastructure in history, and will oversee the installation of commercial and residential charging stations in 18 cities and major metropolitan areas throughout six states and the District of Columbia. The project, funded by the U.S. Department of Energy through a federal stimulus grant of $114.8 million made possible by the American Recovery and Reinvestment Act (ARRA), will provide an EV infrastructure to support the deployment of 8,300 EVs. The grants are matched by private investment, bringing the total value of the Project to approximately $230 million. For more information about The EV Project, visit www.theevproject.com/. Forward-Looking Statements This release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All forward-looking statements are inherently uncertain as they are based on current expectations and assumptions concerning future events or future performance of the company. Readers are cautioned not to place undue reliance on these forward-looking statements, which are only predictions and speak only as of the date hereof. In evaluating such statements, prospective investors should review carefully various risks and uncertainties identified in this release and matters set in the company's SEC (News - Alert) filings. These risks and uncertainties could cause the Company's actual results to differ materially from those indicated in the forward-looking statements.
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