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http://www.ener1.com/?q=content/tr-press-releases
Ener1 Reports Fourth Quarter and Year-End Results for 2010
Year-Over-Year Revenue Increases 122%
Gross Profit Margin Increases to 17.9%
Financial tables attached
NEW YORK, March 10, 2011 /PRNewswire via COMTEX/ --
Ener1, Inc. (NASDAQ: HEV), a leading manufacturer of lithium-ion energy
storage systems for transportation, utility grid and industrial applications
, today announced financial results for the fourth quarter and full year
ending December 31, 2010. Net sales were $33.1 million in the year's final
quarter, an increase of 202% over net sales of $11.0 million in the fourth
quarter of 2009. For fiscal year 2010, net sales were $77.4 million, an
increase of 122% over net sales of $34.8 million for 2009. Gross profit
margin improved to 25.8% in the fourth quarter of 2010, up from 9.8% in the
fourth quarter of 2009. For the full year, gross profit margin increased to
17.9% from 11.7% in 2009.
(Logo: http://photos.prnewswire.com/prnh/20080312/CLW018LOGO )
"We believe our financial results demonstrate that 2010 was a successful
year for Ener1," said Ener1 Chairman and CEO Charles Gassenheimer. "Our
strategy of creating three business units - transportation, grid and small-
pack - has put us on the right track by bringing a laser focus to our
solutions-based execution." Gassenheimer added: "But, Ener1 is more than
just a lithium-ion battery manufacturer. Our cells and our modular packaging
design are distinct advantages over our competitors, and we have used this
advantage to create best-in-class product suites for each business segment.
This approach has helped us secure incremental orders from existing
customers, and quickly ramp-up to win opportunities from customers in new
industry segments."
"The highlight of the year remains the launch of our grid energy storage
division led by industry veteran Bruce Curtis," Gassenheimer continued. "In
a compressed time frame of five months, Ener1 was able to secure a $40MM
supply agreement with the MGTES division of the Russian Federal Grid Company
. "Yesterday, we signed an MOU with MGTES contemplating the development of
uninterruptible power supply systems for transmission substations in Russia.
We have estimated global opportunities in the emerging markets to be in the
range of hundreds of megawatt-hours and are confident that there will be
further demand in these markets for the products we are developing."
"As announced in the second quarter, Ener1 is continuing to make advances in
the heavy-duty transportation market," said Tom Goesch, president of Ener1'
s transportation division. "Ener1 is currently working under contract for
the supply of prototype packs for a medium-duty hybrid truck with a new OEM
customer. We believe that our products are demonstrating superior quality,
safety and longevity, and satisfying our customers' expectations."
"Looking forward, Ener1 will continue to focus on the growing grid energy
storage and heavy-duty transportation markets. We believe the need for
energy-dense, transportable storage for the grid is urgent and the
opportunities are large in scale," concluded Gassenheimer. "The bus and
truck market segments are increasingly demanding lithium-ion solutions, and
we're optimistic that our products provide optimum characteristics for
meeting these customer needs. Ener1 will also continue to pioneer new
products for pure electric and hybrid passenger vehicles."
2010 highlights:
Secured $40MM supply agreement with MGTES division of Russia's Federal
Grid Company, as well as a second MOU to explore the development of
additional projects
Finalized Zhejiang Wanxiang Ener1 Power Systems Ltd. joint venture
agreement in China
Developing secondary use applications for community and home energy
storage with Duke Energy
Launched three separate grid energy storage demonstration projects in
Japan with ITOCHU Corporation
Invested in third manufacturing facility based near Indianapolis
Completed $187.3MM in capital raises through strategic and private
investments
Management will host a call this evening at 5:00 p.m. (EST) to discuss the
fourth quarter and full-year results for 2010. The call is being webcast by
Thomson Financial and can be accessed on Ener1's web site at http://www.ener1.com/?q=content/ener1-events. To participate in the audio call, please dial 888.713.4215from within the United States, or 617.213.4867from outside the United States. The participant pass code is 71410676.
A recording of the call will be available from March 10, 2011, 8 PM (EST)
until March 17, 2011. To access the recording, please dial 888.286.8010 from
within the United States, 617.801.6888 from outside the United States. The
participant pass code is 84238194.
About Ener1, Inc.
Ener1, Inc. is a publicly traded (NASDAQ:HEV) energy technology company that
develops compact, lithium-ion-powered battery solutions for the
transportation, utility grid storage and industrial markets. Headquartered
in New York City, the company has more than 700 employees with manufacturing
locations in the United States and Korea. Ener1 also develops commercial
fuel cell products, nanotechnology-based materials and manufacturing
processes.
Safe Harbor Statement
Certain statements made in this press release constitute forward-looking
statements that are based on management's expectations, estimates,
projections and assumptions. Words such as "expects," "anticipates," "plans,
" "believes," "scheduled," "estimates" and variations of these words and
similar expressions are intended to identify forward-looking statements.
Forward-looking statements are made pursuant to the safe harbor provisions
of the Private Securities Litigation Reform Act of 1995, as amended. These
statements are not guarantees of future performance and involve certain
risks and uncertainties, which are difficult to predict. Therefore, actual
future results and trends may differ materially from what is forecast in
forward-looking statements due to a variety of factors. All forward-looking
statements speak only as of the date of this press release and the company
does not undertake any obligation to update or publicly release any
revisions to forward-looking statements to reflect events, circumstances or
changes in expectations after the date of this press release.
ENER1, INC.
CONDENSED CONSOLIDATED BALANCE SHEET
(unaudited, in thousands)
December 31,
2010
December 31,
2009
ASSETS
Current assets
Cash and cash equivalents
$ 60,310
$ 14,314
Restricted cash
10,961
3,668
Accounts receivable, net
23,882
6,350
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