Ener1 Reports Second Quarter 2009 Results
NEW YORK, Aug. 6, 2009 -- Ener1, Inc. , developer and manufacturer of advanced lithium-ion batteries to power the next generation of hybrid, plug-in hybrid and pure electric vehicles, today reported its second quarter 2009 financial results. The following highlights significant events that occurred since the end of the first quarter:
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Commercial Programs:
-- May 27, EnerDel announced it would be supplying 16 HEV battery packs
to AC Transit for its next-generation hybrid fuel cell buses. The
buses are being designed by Van Hool and UTC Power, a subsidiary of
United Technologies Corp.
.
-- July 13, EnerDel announced its battery packs have been designed into
two prototype vehicles currently being road tested for Volvo's V70
plug-in hybrid joint program with Vattenfall.
-- July 27, EnerDel and Think announced the delivery of their fully
integrated drivetrain system to Zero Sports of Japan, which is
currently undergoing testing by the Japan Post.
-- July 30, EnerDel announced a research and development project with
Nissan to develop a new form of electrolyte, the research is to be
conducted at Argonne National Laboratory in Chicago.
Financial Highlights:
Ener1 financial results include operations at Enertech International in 2009. Revenues for second quarter 2009 were $7.5 million compared to $437 thousand in 2008. Second quarter operating expenses were $12.5 million in 2009 compared to $7.8 million in 2008. Research and development expenses were $7.5 million and general and administrative expenses were $3.7 million. The net loss per share was $.11 in 2009 compared to $.08 in 2008. Weighted average shares outstanding were 113.8 million in 2009 compared to 101.9 million in 2008. Under our Open Market Sale Agreement with Jefferies & Company, Ener1 raised $19.6 million at an average price of $6.38 per share from May 26 through August 6.
"On August 5, EnerDel was pleased to announce it had met all of the eligibility requirements for a federal battery production grant, funded by the stimulus act, and to have been awarded one-hundred percent of amount requested - $118.5 million - on a 50:50 cost-share basis," commented Chairman and CEO Charles Gassenheimer. "We were honored to hear our company mentioned by President Obama during his address in Elkhart, Indiana, and to be among the companies he referenced as pioneering electric drive in the United States."
Management will host a conference call this afternoon at 5:00 p.m. Eastern Daylight Savings Time to discuss the second quarter results, give guidance on the company's financial position and discuss other company announcements. The accompanying management presentation will be webcast live with the audio call, and may be viewed on the Ener1 website at http://www.ener1.com/. To participate in the audio call, please dial 888-713-4213 from within the United States, or 617-213-4865 from outside the United States. The participant pass code is 84525384.
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.
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 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.
Contacts: INVESTOR RELATIONS MEDIA RELATIONS
Rachel Carroll Jon Coifman
VP Corporate Communications Waggener Edstrom Worldwide
P: 212 920 3500 P: 212 551 4815
E: rcarroll@ener1.com E: jcoifman@waggeneredstrom.com
ENER1, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(unaudited, in thousands)
June 30, December 31,
2009 2008
---- ----
ASSETS
Current assets
Cash $5,996 $11,229
Restricted cash 2,260 2,976
Accounts receivable, net 4,685 7,006
Inventory, net 8,689 10,202
Prepaid expenses and other current assets 1,116 1,199
----- -----
Total current assets 22,746 32,612
Property and equipment, net 45,243 39,513
Deferred financing costs, net 3,393 5,088
Intangible assets, net 14,121 15,246
Goodwill 48,031 48,674
Other assets 606 598
--- ---
Total assets $134,140 $141,731
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LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities
Accounts payable and accrued expenses $9,747 $16,322
Income taxes payable 299 318
Short term borrowings 9,981 9,414
Short term borrowings, related party 1,500 -
Capital lease obligations, current portion 2,177 2,003
----- -----
Total current liabilities 23,704 28,057
Other long-term payables 1,267 1,093
Derivative liabilities 6,549 -
Long term borrowings 3,892 795
Long term borrowings, related party 9,693 -
Deferred income tax liabilities 313 397
Capital lease obligations, less current
portion 3,624 4,580
Convertible bonds 363 396
--- ---
Total liabilities 49,405 35,318
STOCKHOLDERS' EQUITY 84,735 106,413
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Total liabilities and stockholders' equity $134,140 $141,731
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ENER1, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited, in thousands except per share data)
Three Months Ended Six Months Ended
June 30, June 30,
------------------ ----------------
2009 2008 2009 2008
---- ---- ---- ----
Net sales $7,537 $437 $15,729 $534
Cost of sales 6,360 - 13,163 -
----- --- ------ ---
Gross profit 1,177 437 2,566 534
Operating expenses
General and
administrative 3,741 2,179 8,358 4,761
Research and development,
net 7,452 5,384 13,714 8,449
Depreciation and
amortization 1,354 191 2,462 298
----- --- ----- ---
Total operating
expenses 12,547 7,754 24,534 13,508
------ ----- ------ ------
Loss from operations (11,370) (7,317) (21,968) (12,974)
Other income (expense):
Interest expense (1,419) - (2,736) (11,625)
Gain on derivative
liabilities 5 - 3,917 3,936
Other, net (241) 111 530 309
--- --- --- ---
Total other income
(expense) (1,655) 111 1,711 (7,380)
----- --- ----- -----
Loss before income
taxes (13,025) (7,206) (20,257) (20,354)
Income tax (benefit)
expense (35) - 2 -
--- --- --- ---
Net loss (12,990) (7,206) (20,259) (20,354)
Net income (loss)
attributable to
noncontrolling interest 129 (616) 90 (1,196)
--- --- -- -----
Net loss attributable
to Ener1, Inc $(12,861) $(7,822) $(20,169) $(21,550)
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Net loss per share
attributable to Ener1,
Inc.: basic and diluted $(0.11) $(0.08) $(0.18) $(0.22)
==== ==== ==== ====
Weighted average shares
outstanding for Ener1,
Inc.: basic and
diluted 113,803 101,930 113,637 97,651
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