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National Press Release
 | Ener1 Reports Fourth Quarter and Year-End 2008 ResultsPublished 2009-03-12 16:30By Ener1, Inc. |
Customer programs
-- Customer interest in our lithium-ion batteries from all segments remains
strong in spite of distress in the auto industry and current
recessionary economic conditions.
-- Strategically, we evaluated the market and our potential for expansion
under Federal stimulus funding (see below). We have segmented our
accounts into a focus list of ten high-priority customers. These
accounts represent a near term revenue opportunity or are of strategic
importance to the firm. We believe 50% of the focus list customers
could generate revenue during 2009. Accounts where potential for
follow-on orders exist or development contracts that represent a future
prospect or the opportunity to capture life time performance data are
included.
-- In addition to final testing for the Th!nk City EV, we would like to
highlight the following:
-- In-vehicle testing in four different vehicle programs
-- EV battery pack program for a demonstration vehicle for a tier-one
supplier in Europe
-- Large-format cell development program for a tier-one supplier in
Europe
-- PHEV battery pack testing program with a European automotive company
and electric utility
-- EV conversion program with specialty vehicles
-- EV conversion program for a national postal service
-- Development of a fast-charging system with Kyushu Electric Power
-- Early design concept development program with a European automotive
company.
-- Overall, Ener1's 92,000-square-foot facility in Indianapolis has
current capacity to produce 300 million watt hours of electrodes; an
additional $50 million spent on equipment would double capacity to 600
million watt hours of electrodes for battery pack and cell production
capacity of $450 million value in sales.
Government Financing Initiatives
-- Ener1 applied for $480 million in 10-year financing under the Department
of Energy's (DOE) Advanced Technology Vehicle Manufacturing
Incentive Program (ATVMIP), a direct loan program to finance current
production expansion and build an additional manufacturing facility in
the United States.
-- Ener1's application was deemed to be substantially complete on
January 22, 2009 and is undergoing technical and financial review.
-- In addition, a Notice of Intent (NOI) was issued by the DOE on February
18, 2009 to provide grants based on $2 billion in stimulus funding under
the Advanced Battery Manufacturing Initiative (ABMI), a cost share grant
program for the manufacture of advanced battery systems in the United
States.
Financial Highlights:
-- Ener1 year-end results include operations at Enertech International for
November and December.
-- Revenues for 2008 were $6.8 million compared to $280 thousand in 2007.
Revenues and gross profit at Enertech for the two months were $5.0
million and $1.0 million respectively. Fourth quarter 2008 revenues
were $6.3 million.
-- Operating expenses were $36 million in 2008 compared to $21 million in
2007 as Ener1 increased research and development expenditures for
customer and government projects.
-- Research and development expenses were $23 million.
-- General and administrative expenses were $11.6 million in 2008.
-- Net loss per share was $.42 in 2008 compared to $.85 in 2007
-- Weighted shares outstanding were 103.3 million in 2008 compared to 72.9
million in the prior year
-- Shareholder's equity now stands at $103 million compared to
negative $7 million at December 31, 2007.
-- Ener1 total assets are $142 million compared to $31 million in 2007.
- Investment:
-- Ener1 purchased $21.3 million of equipment during 2008, of which $7.2
million was financed through capital leases. At year-end, Ener1 had
remaining CAPEX commitments under the expansion program of $6.4 million.
- Liquidity:
-- Cash at year end was $14 million
-- Ener1 has a $30 million loan facility with Ener1 Group to finance
operations during 2009
-- Enertech has bank loan availability of which $9 million was available at
year-end
-- Cash used by operations was $24.5 million in 2008 compared to $26.7
million in 2007
"2008 was an important year for Ener1 on a number of levels," commented Chairman and CEO
Management will host a conference call this afternoon at
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 and electric vehicles. The publicly traded company (NASDAQ: HEV - News) is led by an experienced team of engineers and energy system experts at its EnerDel subsidiary located in
Ener1 is seeking to become the first company to mass-produce a cost-competitive lithium-ion battery for hybrid and electric vehicles. Demand for battery solutions is being driven by a need to reduce dependence on oil as well as growing concern about vehicle emissions. In addition to the automobile market, applications for Ener1 lithium-ion battery technology include medical, military, aerospace, electric utility and other growing markets.
Major shareholders of Ener1 include Ener1 Group, Inc., a privately held, global investment and advisory firm, and ITOCHU Corporation, a Japanese trading company and distributor of manufacturing equipment essential to lithium-ion battery production. ITOCHU has annual revenue of approximately
In addition to battery technology, Ener1 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.
ENER1, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Dollars in thousands)
December 31, December 31,
2008 2007
ASSETS
Current assets
Cash (restricted $2,976 and $0) $14,205 $24,826
Accounts receivable, net 7,006 102
Inventory, net 10,202 -
Prepaid expenses and other current assets 1,199 702
----- ---
Total current assets 32,612 25,630
Property and equipment, net 39,513 4,287
Deferred financing costs 5,088 835
Intangible assets, net 15,246 -
Goodwill 48,674 -
Other assets 598 549
--- ---
Total assets $141,731 $31,301
======== =======
LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)
Current liabilities
Accounts payable and accrued expenses $16,376 $3,799
Short term borrowings 9,414 315
Capital lease obligations, current portion 2,003 -
Derivative liabilities - 10,144
------ ------
Total current liabilities 27,793 14,258
Other long-term payables 1,754 -
Long term borrowings 795
Capital lease obligations, less current
portion 4,580 -
Convertible debentures and notes 396 15,493
--- ------
Total liabilities 35,318 29,751
EnerDel, Inc. Series A Redeemable Preferred
Stock - 8,577
Minority interest 3,517 -
STOCKHOLDERS' EQUITY (DEFICIT) 102,896 (7,027)
------- -------
Total liabilities and stockholders' equity
(deficit) $141,731 $31,301
========= ========
ENER1, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands except per share data)
Year ending December 31,
2008 2007
Net sales $6,848 $280
Cost of sales 4,661 -
----- -
Gross profit 2,187 280
Operating expenses
General and administrative 11,578 8,265
Research and development, net 22,902 11,948
Warrant modification expense - 583
Depreciation and amortization 1,612 530
----- ---
Total operating expenses 36,092 21,326
------ ------
Loss from operations (33,905) (21,046)
Other income (expense):
Interest expense (12,026) (17,233)
Gain (loss) on derivative liabilities 3,936 (11,537)
Other, net 410 (107)
--- -----
Total other expense (7,680) (28,663)
------- --------
Loss before income taxes (41,585) (49,709)
Income tax benefit (184) -
----- ------
Net loss before minority interest (41,401) (49,709)
Minority interest (1,554) (2,001)
------- -------
Net loss (42,955) (51,710)
Preferred stock dividends - (10,227)
------ --------
Net loss attributable to common
shareholders $(42,955) $(61,937)
========== ==========
Net loss per share: basic and diluted $(0.42) $(0.85)
======= =======
Weighted average shares outstanding,
basic and diluted 103,382 72,922
======= ======
SOURCE Ener1, Inc.
