ECOtality Reports 2013 First Quarter Financial Results

ECOtality Reports 2013 First Quarter Financial Results

Generates Record Quarterly Revenue of $15.9 Million

SAN FRANCISCO, May 15, 2013 (GLOBE NEWSWIRE) -- ECOtality, Inc. (Nasdaq:ECTY),
a leader in clean electric transportation technologies, today reported
financial results for the first quarter ended March 31, 2013.

"Our first quarter results reflect continued installations of our prevalent
and growing Blink® network," stated Ravi Brar, ECOtality's President and Chief
Executive Officer. "We are on track to complete the commitments under the EV
Project by the end of this year, and have now focused our attention on our
next stage of growth. Our Blink, Minit-Charger and eTec Labs businesses each
provide substantial opportunities supported by positive trends in the
commercial, residential and industrial EV markets. Our goal is to promote the
use of clean energy technology to best serve our customers while
simultaneously cultivating shareholder value as we continue our transition and
further build our business."

First Quarter 2013 Financial Results Summary

Revenue in the first quarter of 2013 increased 16% to $15.9 million from $13.7
million in the first quarter of 2012. The increase in revenue was largely
attributed to the continued roll out of ECOtality's Blink network of charging
stations, continued execution on the EV Project, and increased sales of our
industrial products. Revenue in the first quarter of 2012 includes $2.6
million in non-recurring license revenue resulting from the March 2012 ABB
software license transaction.

Sales and marketing expenses were $1.2 million for both the first quarter of
2013 and 2012. General and administrative expenses in the first quarter of
2013 were $4.8 million, compared with $4.9 million in the first quarter of
2012.

Net loss for the first quarter of 2013 was $(0.6) million, or $(0.02) per
basic and diluted share, compared with net income of $1.2 million, or $0.04
per basic and diluted share, in the same year-ago quarter. Net income for the
first quarter of 2012 includes non-recurring income generated by the
realization of $2.6 million in license revenue and $2.4 million in other
income related to the March 2012 ABB software license transaction. The
resulting sequential decrease in first quarter 2013 earnings was significantly
lessened by improved gross profit resulting from increased product and service
revenues realized in the first quarter of 2013. Combined cash, restricted cash
and cash equivalents at March 31, 2013 totaled $3.6 million.

First Quarter 2013 Operational Highlights

  *Announced the launch of the Minit-Charger 12, the foundation for the next
    generation of Minit-Charger's industrial products.
    
  *Expanded partnership with Kroger to include the $1.5 million sale and
    installation of over 200 level 2 (quick charge) charging stations and 25
    DC Fast Chargers.
    
  *Partnered with ChargePoint, Inc. to establish Collaboratev, LLC to enable
    interoperability and mapping services for the EV charging industry.
    
  *Broadened relationship with Sears to include Blink® Direct Current (DC)
    Fast Charger stations at several Sears stores in Tennessee and Arizona.
    
  *Entered Georgia market through agreement with Georgia Power, the largest
    subsidiary of Southern Company, one of the nation's largest generators of
    electricity, to add Blink chargers at its Atlanta headquarters.

Management Commentary

"We are making progress in shifting our business from one primarily dependent
on the EV Project to a company with a diversified product and services
offering serving consumers, industrial and government clients," Mr. Brar
continued. "We believe that each of our three complementary product and
service offerings present compelling growth opportunities and we have set
aggressive internal sales targets.Our efforts to expand our national account
program have been encouraging, as the recent agreements with Kroger and Texas
Instruments demonstrate our early traction and the viability of our charging
stations and network. We are actively working to expand our Blink network
across the country through our indirect sales channels and dealer network. In
addition, the Minit-Charger 12 is our first step to rejuvenate our presence in
the industrial sector, and we are preparing to begin installations in the
third quarter."

Conference Call

ECOtality President and CEO Ravi Brar and CFO Susie Herrmann will host the
presentation, followed by a question and answer period.

Date: Wednesday, May 15, 2013
Time: 4:30 p.m. Eastern time (1:30 p.m. Pacific time)
Dial-In number: 1-877-941-2069
International: 1-480-629-9713
Conference ID#: 4619608

The live 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.

For those unable to participate, an audio replay of the call will be available
beginning approximately one hour after the conclusion of the live call through
May 22, 2013.

Toll-free replay number: 1-800-406-7325
International replay number: 1-303-590-3030
Replay ID#: 4619608

About ECOtality, Inc.

ECOtality, Inc. (Nasdaq:ECTY) is a leader in clean, electric transportation
technologies. The company provides three primary product and service
offerings: Blink, Minit-Charger and eTec Labs. ECOtality offers electric
vehicle charging stations under the Blink brand and provides a turnkey network
operating system for EV drivers, commercial businesses and utilities.
Minit-Charger manufactures and distributes fast-charging systems for material
handling and airport ground support vehicles. eTec Labs is a trusted research
and testing resource for governments, automotive OEMs and utilities. For more
information about ECOtality, 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)
                                                                
                                                     March 31,   December 31,
                                                      2013        2012
                                                     (Unaudited) 
ASSETS                                                           
CURRENT ASSETS:                                                  
Cash and cash equivalents                             $3,394    $6,414
Restricted cash                                       200        200
Receivables, net of allowance for bad debts of $93
and $96 as of March 31, 2013 and December 31, 2012,   2,670      966
respectively
Receivables, other                                    1,197      1,207
Inventory                                             17,951     20,966
Prepaid expenses and other current assets             1,128      1,235
Total current assets                                  26,540     30,988
Property and equipment, net                           23,233     21,790
Other assets                                          33         37
Intangible assets, net                                985        971
TOTAL ASSETS                                          $50,791   $53,786
LIABILITIES AND STOCKHOLDERS' EQUITY                             
CURRENT LIABILITIES:                                             
Accounts payable                                      $2,687    $2,659
Accrued payroll                                       1,246      1,128
Unearned revenue, current portion                     18,732     23,812
Warranty reserves                                     580        578
Current portion of capital lease obligations          117        116
Accrued liabilities, other                            8,362      6,057
Total current liabilities                             31,724     34,350
Long term portion of unearned revenue                 721        631
Convertible note, less unamortized discount of $55
and $62 as of March 31, 2013 and December 31, 2012,   4,945      4,938
respectively
Capital lease obligations                             71         101
Other long term debt                                  188        188
TOTAL LIABILITIES                                     37,649     40,208
Stockholders' equity:                                            
Series A convertible preferred stock, $0.001 par
value, 200,000 shares authorized, 6,330 shares issued 6          6
and outstanding as of March 31, 2013 and December 31,
2012
Common stock, $0.001 par value, 1,300,000 shares
authorized, 23,830 and 23,754 shares issued and       24         24
outstanding as of March 31, 2013 and December 31,
2012, respectively
Additional paid-in capital                            128,148    127,987
Accumulated deficit                                   (114,928)  (114,340)
Accumulated other comprehensive loss                  (108)      (99)
TOTAL STOCKHOLDERS' EQUITY                            13,142     13,578
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY            $50,791   $53,786




ECOTALITY, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except share and per share data)

                                           Three Months Ended
                                           March 31,
                                           2013        2012
                                           (Unaudited)
                                                      
Revenue                                                
Product                                     $1,905    $1,422
Service                                     14,029     9,635
License                                     --         2,593
Total revenue                               15,934     13,650
Cost of goods sold                                     
Product                                     1,055      1,014
Service                                     8,929      7,482
Total cost of goods sold                    9,984      8,496
Gross profit                                5,950      5,154
                                                      
Operating expenses:                                    
Sales and marketing                         1,152      1,215
Research and development                    469        326
General and administrative                  4,801      4,912
Total operating expenses                    6,422      6,453
Loss from operations                        (472)      (1,299)
Interest income                             2          165
Interest expense                            (82)       (20)
Other income, net                           4          2,404
                                                      
Income (loss) before income taxes           (548)      1,250
Income tax expense                          (40)       (1)
                                                      
Net income (loss)                           $(588)    $1,249
                                                      
Net income (loss) per share:                           
                                                      
Basic                                       $(0.02)   $0.04
Diluted                                     $(0.02)   $0.04
                                                      
Weighted-average common shares outstanding:            
                                                      
Basic                                       23,728,622 23,626,328
Diluted                                     23,728,622 23,843,499

CONTACT: Media:
         Kim Setliff
         Antenna Group for ECOtality
         kimberly@antennagroup.com
         Tel: (415) 977-1942
        
         Investor Relations:
         Brandi Floberg or Kathy Price
         The Piacente Group
         ecotality@tpg-ir.com
         Tel: (212) 481-2050

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