Enova Systems, Inc. (NYSE AMEX: ENA) (AIM: ENV) (AIM: ENVS), a production company in an emerging industry and a leading developer of proprietary electric, hybrid and fuel cell digital power management systems, has filed its 2009 Annual Report on Form 10-K.

Enova President and CEO Mike Staran commented, “In 2009, Enova continued to expand its OEM portfolio and build on its existing partner relationships. We also saw indications that businesses were again ready to engage green procurement efforts akin to the period before the economic landscape soured in 2007.”

Staran continued, “Our proactive government strategy has ensured that our products qualify for international, federal, and state subsidies. These subsidies reduce the price point of Enova’s emissions reducing and fuel efficient technology as well as improve the payback period for early adopters positioning Enova for growth in 2010.”

Highlights of 2009 Results:

  • Total 2009 net loss was $7,045,000 on $5,622,000 in revenue for the year. Total fourth quarter 2009 net loss was $2,071,000 on $1,468,000 in revenue.
  • Gross margin for the year ended 2009 was 11% on sales of $5,622,000, Gross margin for the quarter ended December 31, 2009 was 12% on $1,468,000 in sales.
  • Enova delivered 280 pre-transmission hybrid drive systems to First Auto Works (“FAW”) of China for its Jiefang 12-meter hybrid electric buses. In excess of 200 systems were shipped in the 3rd Quarter, confirming Enova’s ability to provide high volume to major OEMs.
  • Freightliner Custom Chassis Corporation, a division of Daimler Trucks North America, recently unveiled its Enova powered all-electric commercial chassis for its highest volume MT-45 chassis, and has placed production vehicles in national fleets. Freightliner expects significant production penetration by early 2011.
  • Enova was awarded an exclusive supplier contract with the U.S. General Services Administration (“GSA”), which procures in excess of $1 billion vehicles annually for government agencies and armed forces. Under this contract, Enova will supply Enova Ze all-electric walk-in step vans to GSA under the Cargo Vans category.
  • Enova saw further federal fleet penetration potential via GSA with the Smith Electric Vehicles’ (“Smith”) Newton product offering in the Medium and Heavy Duty vehicle category. The Smith Newton is another exclusive, all-electric medium and heavy duty truck offering on the GSA product menu. Also, Navistar continued to demonstrate its leadership in the American school bus market with its exclusive GSA contract to supply hybrid school buses.
  • Navistar, with Enova as a co-applicant, was selected to receive a cost-shared award of up to $10 million under the Department of Energy Plug-in Hybrid Electric Vehicle (“PHEV”) Technology Acceleration and Deployment Activity program to develop and deploy 60 plug-in electric hybrid school buses, including engine-off all-electric drive capability.

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.

  ENOVA SYSTEMS, Inc. 1560 West 190th Street Torrance, CA 90501 Tel: 310-527-2800

Contact: Jarett Fenton, CFO/Investor Relations

 

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, 2009.

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