Enova Announces Expected Earnings for the Third Quarter of 2009
October 30 2009 - 8:22AM
Business Wire
Enova Systems, Inc. (NYSE AMEX: ENA) (AIM: ENV) (AIM: ENVS), a
production company in the emerging alternative energy industry and
a leading developer of proprietary electric, hybrid and fuel cell
digital power management systems, today announced expected net
sales and gross margin for the third quarter of 2009.
Enova expects to post third quarter 2009 net sales of
approximately $2.89 million with a gross margin of approximately
12.3%. Comparatively, in the third quarter of 2008, Enova recorded
net sales of approximately $160 thousand with a negative gross
margin of approximately -57.1%.
Enova President and CEO Mike Staran commented, “The delivery of
229 systems in the third quarter of 2009 validates Enova’s position
of market leadership. The associated financial results underscore
the capability of Enova to generate a sustainable product margin as
the first step on the path to profitability.”
Enova continues its growth with its core customers. The company
looks to ramp up capacity and resources with the expected customer
demands. Organizationally, the company has begun to strengthen its
technical resources and has local resources in China to support its
customers.
About Enova:
Enova Systems (http://www.enovasystems.com) is a leading
supplier of efficient, environmentally friendly digital power
components and systems products. The Company’s core competencies
are focused on the development and commercialization of power
management and conversion systems for mobile applications. Enova
applies unique ‘enabling technologies’ in the areas of alternative
energy propulsion systems for light and heavy-duty vehicles as well
as power conditioning and management systems for distributed
generation systems. The Company develops, designs and produces
non-invasive drive systems and related components for electric,
hybrid-electric, and fuel cell powered vehicles in both the “new”
and “retrofit” vehicle sales market. For further information,
contact Enova Systems directly, or visit its Web site at
http://www.enovasystems.com.
Additional Information:
This news release contains forward-looking statements relating
to Enova Systems and its products that are intended to be covered
by the safe harbor for forward-looking statements provided by the
Private Securities Litigation Reform Act of 1995. Forward-looking
statements are statements that are not historical facts. These
statements can be identified by the use of forward-looking
terminology such as "believe," "expect," "may," "will," "should,"
"could," "project," "plan," "seek," "intend," or "anticipate" or
the negative thereof or comparable terminology and statements about
industry trends and Enova’s future performance, operations and
products. These forward-looking statements are subject to and
qualified by certain risks and uncertainties. These and other risks
and uncertainties are detailed from time to time in Enova Systems’
periodic filings with the Securities and Exchange Commission,
including but not limited to Enova's annual report on Form 10-K for
the year ended December 31, 2008.
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