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ECOtality Reports Third Quarter 2012 Results



ECOtality Reports Third Quarter 2012 Results

Quarterly Revenue Up 52% Year-Over-Year to $14.4 Million

SAN FRANCISCO, Nov. 19, 2012 (GLOBE NEWSWIRE) -- ECOtality, Inc.
(Nasdaq:ECTY), a leader in clean electric transportation and storage
technologies, reported financial results for the third quarter ended September
30, 2012.

Q3 2012 Summary of Financial Results

Revenue in the third quarter of 2012 increased 52% to $14.4 million from $9.5
million in the third quarter of 2011. The increase in revenue was largely
attributed to the continued successful roll out of ECOtality's Blink® network
of charging stations for the EV Project. The EV Project is a public-private
partnership with the Department of Energy (DOE) that seeks to develop,
implement and study techniques for optimizing the deployment of a commercially
viable electric vehicle (EV) charging infrastructure.

Net loss for the third quarter of 2012 was $4.6 million or $(0.19) per basic
and diluted share, as compared to a net loss of $3.4 million or $(0.14) per
basic and diluted share in the same year-ago quarter. This net loss for the
third quarter of 2012 includes both a $3.5 million goodwill impairment loss;
as well as a $2.5 million favorable impact in cost of goods sold resulting
from an amendment to the EV Project agreement. This amendment extended the
performance period under the agreement, resulting in prospective recognition
of equipment depreciation at lower per-period amounts over an increased number
of periods.

Combined cash, restricted cash and cash equivalents at September 30, 2012
totaled $2.1 million, as compared to $10.2 million at December 31, 2011. The
decrease in cash was primarily attributed to purchases of inventory and
equipment in support of the EV Project. In early October 2012, the company
received $12 million of invoice payments, which significantly improved its
near-term cash position.

Q3 2012 Operational Highlights

  * Instituted access fees at nearly all Level 2 EV public charger locations
    within the Blink network, while charging events at these public locations
    grew 44% in the quarter vs. Q2.
  * Installed more than 1,100 Blink chargers during the quarter, bringing the
    total number of charging stations to approximately 8,800.
  * Became the first EVSE company to surpass 1 million residential charge
    events.
  * Installed more than 40 Blink DC Fast Chargers across the U.S. to date.
    Blink DC Fast Chargers are capable of providing an 80% charge in less than
    30 minutes for most EVs.
  * Expanded the EV Project's geographic footprint to Atlanta, Chicago and
    Philadelphia, installing Blink EV charging stations in those regions. The
    EV project is now in nine states and 21 major metropolitan areas
    throughout the country.

Management Commentary

"In Q3, the introduction of access fees throughout the Blink network of public
charging stations shows our early-stage commercialization efforts and further
validation of our business model," said Ravi Brar, ECOtality's president and
chief executive officer. "Our nationwide roll-out of the Blink network gained
momentum in the third quarter as we expanded to three new states and achieved
strong growth in the total number of charging stations.

"As we improve and expand our core charger business, we are focused on growing
complementary business lines, like our industrial Minit-Charger group. In
fact, we recently received a $1 million order from a major international
airline for electric, aviation ground support equipment applications.

"In addition to several cost containment measures, we are also developing two
new products: an improved EVSE, and our next-generation, modular industrial
charging system for material handling, both of which are on track for launch
in the first half of 2013. Moving ahead, we see further margin improvement as
we reduce costs, expand our geographic footprint and grow our complementary
lines of business."

Conference Call

ECOtality will host a conference call tomorrow morning to discuss its third
quarter results and outlook for the remainder of the year, followed by a
question and answer period. ECOtality representatives on the call will be
President and CEO Ravi Brar, COO Murray Jones, and CFO Susie Herrmann.

Date: Tuesday, November 20, 2012
Time: 10:00 a.m. Eastern time (7:00 a.m. Pacific time)
Dial-In Number: 1-877-941-8416
International: 1-480-629-9856
Conference ID#: 4573433
Webcast: http://public.viavid.com/index.php?id=102343

The conference call will be webcast simultaneously and available for replay
via the Investor Relations section of the company's website at
http://investor.ecotality.com/.

Please call the conference telephone number 5-10 minutes prior to the start
time. An operator will register your name and organization. If you have any
difficulty connecting with the conference call, please contact Liolios Group
at 1-949-574-3860.

A replay of the call will be available after 1:00 p.m. Eastern time on the
same day and until November 27, 2012.

Toll-free replay number: 1-877-870-5176
International replay number: 1-858-384-5517
Replay pin number: 4573433

About ECOtality, Inc.

ECOtality, Inc. (Nasdaq:ECTY), headquartered in San Francisco, California, is
a leader in clean electric transportation and storage technologies. Through
innovation, acquisitions, and strategic partnerships, ECOtality accelerates
the market applicability of advanced electric technologies to replace
carbon-based fuels. For more information about ECOtality, Inc., please visit
www.ecotality.com.

The ECOtality, Inc. logo is available at
http://www.globenewswire.com/newsroom/prs/?pkgid=13434

Forward-Looking Statements

This release contains forward-looking statements within the meaning of Section
27A of the Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended. All forward-looking statements
are inherently uncertain as they are based on current expectations and
assumptions concerning future events or future performance of the company.
Readers are cautioned not to place undue reliance on these forward-looking
statements, which are only predictions and speak only as of the date hereof.
In evaluating such statements, prospective investors should review carefully
various risks and uncertainties identified in this release and matters set in
the company's SEC filings. These risks and uncertainties could cause the
Company's actual results to differ materially from those indicated in the
forward-looking statements. The Company assumes no duty or obligation to
update or revise any forward-looking statements for any reason.

 
ECOTALITY INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands, except per share data)
                                                                   
                                                    September 30, December 31,
                                                     2012          2011
                                                    (Unaudited)    
ASSETS                                                             
CURRENT ASSETS:                                                    
Cash and cash equivalents                            $ 1,935       $ 9,591
Restricted cash                                      200           587
Receivables, net of allowance for bad debts of $186
and $81 as of September 30, 2012 and December 31,     14,889       3,124
2011, respectively
Inventory                                            23,447        15,497
Prepaid expenses and other current assets            691           732
Total current assets                                 41,162        29,531
Property and equipment, net                          18,511        16,630
Other assets                                         177           147
Goodwill                                              --           3,496
Intangible assets, net                               933           709
TOTAL ASSETS                                         $ 60,783      $ 50,513
LIABILITIES AND STOCKHOLDERS' EQUITY                               
CURRENT LIABILITIES:                                               
Accounts payable                                     $ 6,251       $ 10,939
Accrued legal fees                                   177           125
Accrued payroll                                      1,436         793
Unearned revenue, current portion                    17,793        11,078
Warranty reserves                                    594           577
Current portion of long term debt                     --           1,647
Accrued liabilities, other                           2,745         2,439
Total current liabilities                            28,996        27,598
Long term portion of unearned revenue                10,804        121
Convertible note, less unamortized discount of $69   4,931         --
as of September 30, 2012
Other long term debt                                 328           109
TOTAL LIABILITIES                                    45,059        27,828
Stockholders' equity:                                              
Series A convertible preferred stock, $0.001 par
value, 200,000 shares authorized, 6,330 shares       6             6
issued and outstanding as of September 30, 2012 and
December 31, 2011
Common stock, $0.001 par value, 1,300,000 shares
authorized, 23,756 and 23,915 shares issued and      24            24
outstanding as of September 30, 2012 and December
31, 2011, respectively
Additional paid-in capital                           127,886       127,488
Accumulated deficit                                  (112,084)     (104,759)
Accumulated other comprehensive loss                 (108)         (74)
TOTAL STOCKHOLDERS' EQUITY                           15,724        22,685
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY           $ 60,783      $ 50,513

 
 
ECOTALITY INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except share and per share data)
                                                                    
                               Three Months Ended      Nine Months Ended
                               September 30,           September 30,
                               2012        2011        2012        2011
                               (Unaudited)             (Unaudited)
                                                                    
Revenue                         $ 14,442    $ 9,510     $ 41,106    $ 19,885
Cost of goods sold              8,267       6,638       26,720      18,851
Gross profit                    6,175       2,872       14,386      1,034
Operating expenses:                                                 
Sales and marketing             956         878         3,493       2,213
Research and development        671         117         1,296       363
General and administrative      5,604       5,118       15,784      12,257
Impairment losses               3,496       --          3,496       --
Warrant expense                 --          --          --          1,784
Total operating expenses        10,727      6,113       24,069      16,617
Loss from operations            (4,552)     (3,241)     (9,683)     (15,583)
Interest income                 --          13          165         18
Interest expense                (88)        (169)       (193)       (211)
Other income, net               27          4           2,432       13
Loss before income taxes        (4,613)     (3,393)     (7,279)     (15,763)
Income tax expense              (24)        --          (45)        --
Net loss                        $ (4,637)   $ (3,393)   $ (7,324)   $ (15,763)
Net loss per share:                                                 
Basic                           $ (0.19)    $ (0.14)    $ (0.31)    $ (0.93)
Diluted                         $ (0.19)    $ (0.14)    $ (0.31)    $ (0.93)
Weighted-average common shares                                      
outstanding:
Basic                           23,890,770  23,524,931  23,906,749  17,007,443
Diluted                         23,890,770  23,524,931  23,906,749  17,007,443

CONTACT: Media:
         Jan Helbing
         Antenna Group for ECOtality
         jan@antennagroup.com
         (415) 977-1912
        
         Investor Relations:
         Ronald Both
         Liolios Group
         ecty@liolios.com
         (949) 574-3860

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