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Home > Press > ENER1 Reports Third-Quarter 2009 Results

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.

####

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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