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Home > Press > Ener1 Reports Fourth Quarter and Year-End 2009 Results

Abstract:
Ener1, Inc., today announced financial results for its fourth quarter and year-ended December 31, 2009. Net sales were $34.8 million.

Ener1 Reports Fourth Quarter and Year-End 2009 Results

Fort Lauderdale, FL | Posted on March 14th, 2010

Net sales were $34.8 million. Net sales for the 2009 fourth quarter were $11.0 million compared to net sales of $8.1 million in the third quarter of 2009. Net loss was $51.5 million in 2009 compared to $51.2 million in 2008. Basic net loss per share was $.44 in 2009 compared to $.51 in 2008. Diluted net loss per share was $.45 in 2009. Weighted average basic shares outstanding were 116.7 million in 2009 compared to 103.4 million in the prior year.

Highlights for 2009 include:
-- Reorganized and repositioned EV manufacturer THINK for full-scale
production, took 31% equity stake and executed an exclusive supply
agreement
-- Announced additional relationships with Volvo Cars, Japan Post,
Nissan, Mazda, U.S. Army, HEPCO EV bus and Portland General Electric
-- Announced three smart grid demonstration projects with strategic
partner ITOCHU Corporation
-- Completion of $118.5 million grant from the U.S. Department of Energy
-- Announcement of $69.9 million incentive package from the State of
Indiana

More recent news:
-- New award of U.S. aerospace contract in 2010 for unmanned aerial
vehicles (UAVs)
-- Co-hosted U.S. technical seminar with Volvo for the unveiling of the
electric version of the C30, the best-selling vehicle platform within
Volvo Cars
-- Announcement of third facility in Indiana, U.S. facilities now
expected to be capable of producing 3.12 gigawatt-hours by 2015

"With the DOE grant money now flowing, EnerDel is rapidly scaling its facilities to meet the production schedule for the THINK City vehicle, to begin anticipated shipments in the second quarter of 2010," commented Charles Gassenheimer, Chairman and CEO. "Orders for $63 million of new battery equipment are in place for the U.S. and $12 million for Korea, which we anticipate will provide us with a total production capacity of 15,000 packs or 390 megawatt-hours, by mid 2011."

"Through Ener1's partnership with THINK, we expect to produce the first commercially available electrical vehicle using prismatic cells, a distinct competitive advantage in creating brand awareness and establishing market share," continued Mr. Gassenheimer. "Ener1 expects to be producing 900 packs or 23.4 megawatt-hours per month for THINK by the end of 2010, a run-rate at which EnerDel is EBITDA break-even, a considerable milestone and well ahead of any of our peers."

"EnerDel experienced a five-fold increase in the level of customer inquiry in 2009, largely precipitated by the award of a $118.5 million grant from the U.S. Department of Energy. We have continued to attract top talent from the automotive industry, and expect to increase our headcount at EnerDel by over 30% in the first quarter of 2010. As we embark on this new period of growth, I would like to pay special tribute to one of the company's co-founders, Dr. Peter Novak, who after a 12 year tenure at the company is transitioning out of the role of President and Chief Technology Officer of Ener1 to serve the company in a more advisory capacity as its Senior Technical Advisor. I believe Peter will take his place amongst the academics who have given life to a new industry."

"Over the next three years, Ener1 anticipates that the majority of its revenues will stem from Europe and Asia, and is committed to building a world-class manufacturing and export base from the United States. We expect a third of revenues in 2012 to come from two auto manufacturers in Europe and Asia, to be announced in 2010. We recognize that scale will be a key factor in accessing new market opportunities and competing effectively on cost, and will continue to evaluate ways to achieve that in the coming year."

Management will host a conference call this evening at 5:00 p.m. Eastern Standard Time to discuss the fourth quarter results, the company's financial position and company announcements. To participate in the audio call, please dial +888.679.8033 from within the United States, or +617.213.4846 from outside the United States. The participant pass code is 43474561.

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.

See the CONSOLIDATED BALANCE SHEETS here:
pr-canada.net/index.php?option=com_content&task=view&id=174455&Itemid=59

####

About Ener1
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.

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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