Home > Press > ENER1 Reports Third-Quarter 2009 Results
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Abstract:
Ener1, Inc. (Nasdaq: HEV), today announced financial results for its 2009 third quarter, which ended September 30, 2009. Revenue for the 2009 third quarter was $8.1 million compared to $7.5 million in the second quarter of 2009 and $39 thousand in the third quarter of 2008. Nine month sales were $23.8 million.
ENER1 Reports Third-Quarter 2009 Results
New York, NY | Posted on November 10th, 2009
NEW YORK, Nov. 9 /PRNewswire-FirstCall/ -- Ener1, Inc. (Nasdaq: HEV), today announced financial results for its 2009 third quarter, which ended September 30, 2009. Revenue for the 2009 third quarter was $8.1 million compared to $7.5 million in the second quarter of 2009 and $39 thousand in the third quarter of 2008. Nine month sales were $23.8 million.
"Ener1 has seen a substantial uptick in customer inquiries over the past three quarters," said Ener1 Chairman and CEO, Charles L. Gassenheimer. "Since the fourth quarter of 2008, Ener1 has increased the number of customer discussions fivefold, and has now had talks with over 200 customers. The number of active programs has doubled in such time from 15 to 34."
"Having this kind of visibility into the customer pipeline is invaluable as the company prepares for a capacity expansion at its US facility from 300 thousand kWh today to 3.4 million kWh around the 2015 timeframe, in addition to an existing 300 thousand kWh of installed capacity at our Korean facility," continued Charles Gassenheimer. "We also anticipate launching our grid storage business unit by the end of the year and announcing our first commercial program."
Third quarter operating expenses were $13.2 million compared to $12.5 million in the second quarter of 2009 and compared to $8.7 million in the third quarter of 2008, as Enertech operations were included for the full quarter in 2009. Research and development expenses were $7.6 million in the third quarter of 2009. General and administrative expenses were $4.3 million in the third quarter of 2009. The net loss per share was $.14 in 2009 compared to $.08 in 2008. Under the Open Market Sales Program, from May 26 through its conclusion, Ener1 sold common stock of $40 million at an average price of $6.72 per share. Unrestricted cash at September 30 was $17.9 million.
Management will host a conference call this afternoon at 5:00 p.m. Eastern Standard Time to discuss the third quarter results and give guidance on the company's financial position and discuss important company announcements. The accompanying management presentation will be webcast live with the audio call, and may be viewed on the Ener1 website at www.ener1.com. To participate in the audio call, please dial +888.679.8040 from within the United States, or +617.213.4851 from outside the United States. The participant pass code is 39688322.
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About Ener1, Inc.
Ener1 develops and manufactures compact, high performance lithium-ion batteries to power the next generation of hybrid, plug-in hybrid and pure electric vehicles. The publicly traded company (Nasdaq: HEV) is led by an experienced team of engineers and energy system experts at its EnerDel subsidiary located in Indiana. In addition to the automobile market, applications for Ener1 lithium-ion battery technology include the military, grid storage and other growing markets. Ener1 also develops commercial fuel cell products through its EnerFuel subsidiary and nanotechnology-based materials and manufacturing processes for batteries and other applications through its NanoEner subsidiary.
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.
CONSOLIDATED BALANCE SHEETS
(unaudited, in thousands, except share data)
Sept. 30, Dec. 31,
2009 2008
---- ----
ASSETS
Current assets
Cash and cash equivalents $17,931 $11,229
Restricted cash 3,428 2,976
Accounts receivable, net of allowance of $896
and $915 6,046 7,006
Inventory, net of allowance for obsolescence
of $1,414 and $483 7,514 10,202
Prepaid expenses and other current assets 941 1,199
--- -----
Total current assets 35,860 32,612
Property and equipment, net of accumulated
depreciation of $6,877 and $2,728 47,720 39,513
Deferred financing costs, net of amortization
of $45 and $0 401 5,088
Intangible assets, net of accumulated
amortization of $2,204 and $568 13,724 15,246
Investment in unconsolidated entity 13,615 -
Goodwill 50,437 48,674
Other 871 598
--- ---
Total assets $162,628 $141,731
======== ========
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities
Accounts payable and accrued expenses $8,903 $16,322
Income taxes payable 323 318
Convertible line of credit and accrued
interest due to related party, net of
discounts of $2,768 and $0 9,478 -
Short term borrowings 12,439 9,414
Capital lease obligations, current portion 2,306 2,003
----- -----
Total current liabilities 33,449 28,057
Other long-term payables 1,443 1,093
Deferred income tax liabilities 302 397
Derivative liabilities 8,041 -
Long term borrowings 4,206 795
Capital lease obligations, less current portion 3,280 4,580
Convertible bonds 374 396
--- ---
Total liabilities 51,095 35,318
Commitments and contingencies
Stockholders' Equity:
Common stock, $0.01 par value, 175,714,286
shares authorized, 121,125,387 and 113,074,478
issued and outstanding 1,213 1,132
Paid in capital 417,189 383,367
Accumulated other comprehensive income 3,982 1,510
Accumulated deficit (312,794) (283,113)
-------- --------
Total Ener1, Inc. stockholders' equity 109,590 102,896
Noncontrolling interest 1,943 3,517
----- -----
Total stockholders' equity 111,533 106,413
------- -------
Total liabilities and stockholders' equity $162,628 $141,731
======== ========
ENER1, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited, in thousands except per share data)
Three Months Nine Months
Ended September 30, Ended September 30,
------------------ ------------------
2009 2008 2009 2008
---- ---- ---- ----
Net sales $8,117 $39 $23,846 $573
Cost of sales 7,693 - 20,856 -
----- --- ------ ---
Gross profit 424 39 2,990 573
Operating expenses:
General and administrative 4,317 2,400 12,675 7,161
Research and development, net 7,556 6,070 21,270 14,519
Depreciation and amortization 1,304 261 3,766 559
----- --- ----- ---
Total operating expenses 13,177 8,731 37,711 22,239
------ ----- ------ ------
Loss from operations (12,753) (8,692) (34,721) (21,666)
Other income (expense):
Interest expense (1,525) (105) (4,261) (11,730)
Interest income 40 93 117 341
Other 81 - 166 61
(Loss) gain on derivative
liabilities (1,487) - 2,430 3,936
Loss on foreign currency
transactions (452) - (84) -
---- --- --- ---
Total other income (expense) (3,343) (12) (1,632) (7,392)
Loss before income taxes (16,096) (8,704) (36,353) (29,058)
Income tax benefit (24) - (22) -
--- --- --- ---
Net loss (16,072) (8,704) (36,331) (29,058)
Net income (loss) attributable
to noncontrolling interest (235) 299 (325) 1,495
---- --- ---- -----
Net loss attributable to Ener1,
Inc. $(15,837) $(9,003) $(36,006) $(30,553)
======== ======= ======== ========
Net loss per share attributable
to Ener1, Inc.:
Basic $(0.14) $(0.08) $(0.31) $(0.30)
====== ====== ====== ======
Diluted $(0.14) $(0.08) $(0.32) $(0.30)
====== ====== ====== ======
Weighted average shares
outstanding for Ener1, Inc.:
Basic 117,238 106,353 114,851 100,601
======= ======= ======= =======
Diluted 117,238 106,353 114,892 100,601
======= ======= ======= =======
For more information, please click here
Contacts:
INVESTOR RELATIONS
Rachel Carroll
ENER1, Inc.
Phone: 212 920 3500
MEDIA RELATIONS
Jon Coifman
Waggener Edstrom Worldwide
Phone: 212 551 4815
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