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ENER1, Inc. (BULLETIN BOARD: ENEI) , a leader in automotive energy storage, today reported results for the year ended December 31, 2007 and discussed the business outlook for 2008.
Summary results for fiscal year 2007 include: -- Year-end cash and equivalents of $25 million; -- $43 million increase in stockholders equity, with a year-end shareholders deficit of $(7) million; -- $37 million reduction in debt and redeemable convertible preferred stock at year end, with less than $4 million in principal of our senior secured debentures outstanding as of today; -- For the first time since 2002, our independent auditor issued an unqualified report on our financial statements. Highlights of the company's outlook for 2008 include: -- Placed an order for a large-format coating machine and related equipment for our Indianapolis plant with capacity to produce over 1.0 million HEV battery cells per month; -- If our EV battery prototypes are accepted by Think Global, we are scheduled to commence volume production under our contract by year-end; -- Our goal is to receive awards in 2008 to have our battery systems designed into two additional car models; -- Plan to achieve 1 kW of power for our EnerFuel division high-temperature fuel cell stack program.
Commenting on the company's progress in 2007, Ener1 Chairman Charles Gassenheimer said: "We now have customer-funded programs in each of the three verticals of the electric drive train -- HEV, PHEV, and EV. And we are preparing for volume production of battery packs at EnerDel in Indianapolis under our supply agreement with Think Global, as well as for possible HEV contracts from other automakers. Deliveries under the Think contract are expected to commence in December 2008. We plan to make $12 million of new equipment expenditures in 2008. That number may increase as we get further visibility on customer purchase orders for our products."
Previously, industry expectations for the introduction of lithium-ion batteries into HEVs targeted 2010. However, developments at last week's Geneva Auto Show may be the first indication of acceleration in this process. Daimler, General Motors, and Chrysler all announced plans to start using lithium-ion battery systems, with Daimler announcing the earliest expected adaptation -- a 2009 Mercedes sedan.
Recent supply problems with respect to nickel-metal hydride batteries combined with the large number of scheduled hybrid vehicle introductions in 2009 and 2010 have heightened industry attention on a supply-demand imbalance that is developing for the lithium-ion battery. We believe that worldwide, there is little lithium automotive battery manufacturing capacity. Our EnerDel plant in Indianapolis, with planned capacity to produce 300,000 HEV battery packs a year, is the only U.S. manufacturing facility for automotive lithium-ion battery systems.
As exciting a year as 2007 has been for Ener1 and the industry at large, we expect that 2008 will represent an even bigger step forward. We believe that the safety and power of our HEV batteries will enable Ener1 to advance its leadership position among the manufacturers of lithium-ion battery systems globally.
About ENER1, Inc.
Ener1, Inc. is an alternative energy technology company that is developing 1) lithium ion batteries for hybrid electric vehicles (HEV) at its 80.5% owned EnerDel subsidiary, 2) commercial fuel cell products through its EnerFuel subsidiary, and 3) nanotechnology-based materials and manufacturing processes for batteries and other applications at its NanoEner subsidiary. For more information, visit www.ener1.com or call 954-556- 4020.
Safe Harbor Statement
This press release contains forward-looking statements within the meaning of the Federal Private Securities Litigation Reform Act of 1995 conveying management's expectations as to the future based on plans, estimates and projections at the time the statements are made. The forward-looking statements contained in this press release are only predictions. The outcome of the events described in these forward-looking statements is subject to known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements to differ materially from any future results, performance or achievements expressed or implied by these forward-looking statements. These statements include, but are not limited to, statements regarding Ener1's business outlook and future developments in the lithium-ion battery industry. You can identify forward-looking statements by terminology such as "may," "will," "should," "could," "would," "expects," "intends," "plans," "anticipates," "believes," "estimates," "predicts," "potential," "continues" or the negative of these terms or other comparable terminology. Important factors that could cause our actual results to differ materially from those expressed as forward-looking statements include, but are not necessarily limited to: EnerDel's ability to succeed as a supplier of batteries and battery systems to the hybrid electric vehicle and other markets; the acceptance of EnerDel's prototype EV batteries for production by Think Global; EnerDel's ability to meet the production requirements under the Think Global supply agreement; EnerFuel's ability to develop its high temperature fuel stack program; Ener1's ability to successfully develop and market proposed lithium battery, fuel cell and nanotechnology-based products and services; the degree of competition in the markets for lithium battery, fuel cell and nanotechnology-based products and services; Ener1's history of operating losses; the lack of operating history for the development stage Ener1 businesses; the need for additional capital; the dependency upon key personnel; and other risks detailed in filings made from time to time with the Securities and Exchange Commission. All forward-looking statements attributable to Ener1 or persons acting on its behalf apply only as of the date of this press release and are expressly qualified in their entirety by the cautionary statements included in this release. Ener1 undertakes no obligation to publicly update or revise any forward-looking statements to reflect new information or future events, or otherwise.
ENER1, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (Dollars in thousands) December December 31, 2007 31, 2006 ASSETS Current assets Cash $24,826 $291 Other current assets 804 400 Total current assets 25,630 691 Property and equipment, net 4,287 3,554 Other assets 1,384 2,923 Total assets $31,301 $7,168 LIABILITIES AND STOCKHOLDERS' DEFICIT Current liabilities Accounts payable and accrued expenses 3,798 5,937 Derivative liabilities 10,144 7,162 Other current liabilities 315 1,327 Total current liabilities 14,257 14,426 Long-term portion of installment loan - 39 Convertible notes, advances and accrued interest due to related party, net of discounts of $5,250 and $3,663, respectively 8,315 7,939 2004 senior convertible debentures, net of discount of $3,597 and $11,780, respectively 6,037 7,920 2005 senior convertible debentures, net of discount of $940 and $8,856, respectively 1,141 5,369 Total liabilities 29,750 35,693 EnerDel, Inc. Series A Redeemable Preferred Stock, 8,000 shares issued and outstanding; liquidation preference $8,000 8,577 6,576 Series B Preferred Stock, 0 and 152,500 shares issued and outstanding; liquidation preference $0 and $15,250 - 15,162 STOCKHOLDERS' DEFICIT (7,026) (50,263) Total liabilities and stockholders' deficit $31,301 $7,168 ENER1, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands except per share data) Year Ended December December 31, 2007 31, 2006 Net sales $280 $100 Operating expenses General and administrative 8,265 10,477 Research and development, net 11,948 6,442 Warrant modification expense 583 9,200 Depreciation and amortization 530 391 Total operating expenses 21,326 26,510 Loss from operations (21,046) (26,410) Other income (expense): Interest expense (17,233) (10,376) Gain (loss) on derivative liabilities (11,537) (146) Other, net 107 (2,764) Total other expense (28,663) (13,286) Loss before income taxes (49,709) (39,696) Minority interest (2,001) (1,609) Net loss (51,710) (41,305) Deemed preferred stock dividends (8,378) - Preferred stock dividends (1,849) (1,974) Net loss attributable to common shareholders $(61,937) $(43,279) Net loss per share: basic and diluted $(0.12) $(0.11) Weighted average shares outstanding: basic and diluted 510,456 401,534
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Allen & Caron Inc
212 691 8087
954 556-4020 x310
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