Enova Systems Reports First Quarter Results; Enova Achieves Greater Sales and Introduces New Products in 2003.Business Editors/Automotive Writers TORRANCE, Calif.--(BUSINESS WIRE)--May 22, 2003 Enova Systems, Torrance, California (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :ENVA ENVA École Nationale Vétérinaire d'Alfort (France) ENVA Essential Non-Value Added ), has submitted its first quarter, ended March 31, 2003, results to the U.S. Securities and Exchange Commission, reporting that revenues increased to $1.34 million for the first three months -- a 42% increase over the comparable period in 2002. Revenues from production in the first quarter increased over 113% to approximately $1.0 million from $476,000 in 2002. The Company's net sales Net Sales The amount a seller receives from the buyer after costs associated with the sale are deducted. Notes: This amount is calculated by subtracting the following items from gross sales: merchandise returned for credit, allowances for damaged or missing goods, freight of $1,340,000 for the first quarter ended March 31, 2003, increased $398,000, or 42%, from $941,000 during the same period in 2002. The net loss for the quarter of $743,000 was slightly higher then the loss of $704,000 in the first quarter of 2002. However, without one-time costs of revenue adjustments, the net loss from operations would be approximately $548,000, or approximately 22% lower. Enova's revenue increases were the result of two primary factors -- new products and new customers worldwide. On the product side, Enova continues its strategy of developing leading edge components for the heavy-duty bus and truck sectors. In the first quarter of 2003, Enova began selling: -- A high voltage The term high voltage characterizes electrical circuits, in which the voltage used is the cause of particular safety concerns and insulation requirements. High voltage is used in electrical power distribution, in cathode ray tubes, to generate X-rays and particle beams, to (HV) Panther panther, name commonly applied to the leopard, especially to a black leopard. It is also used locally to designate various other cats including the jaguar and the puma. (TM) 120kW drive system (600Vdc - 900Vdc) -- a derivative of our current 120kW drive system with double the power rating. Initially, Enova is delivering this system to customers in Asia. This product line includes the new Panther(TM) 120HV Control Electronics Unit and the Panther(TM) HV120kW motor, as well as other high voltage components such as the HV Safety Disconnect Unit. -- An enhanced Panther 90kW drive system for dual rear wheel motor configuration, expanding Enova's potential market penetration with bus and delivery vehicle manufacturers. This new system is capable of providing a mid-range, heavy-duty solution at 180kW of peak power for current and prospective customers. -- An 18kW on-board fast charger CHARGER, Scotch law. He in whose favor a decree suspended is pronounced; vet a decree may be suspended before a charge is given on it. Ersk. Pr. L. Scot. 4, 3, 7. system designed specifically for heavy-duty applications. This new component, based on Enova's proven charger technology, delivers the extra boost for trucks' and buses' increased power requirements. Additional information regarding these products and others may be found in Enova's Product Catalog on our website at www.enovasystems.com. Carl D. Perry, CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. and President, stated: "Enova continues to seek new segments for its product line and augments its product base when profitable new applications arise. As the Company increases its market share in the heavy-duty bus and truck sector, we find new opportunities to enhance our components to fit the needs of our customer base. Each new system is analyzed for its broader appeal and applicability to a variety of customers and vehicle applications. We believe that this strategy of building on proven, successful products will enable Enova to capture greater market share this year and in the future." This news release contains forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc Enova Systems and its products. These forward-looking statements are subject to and qualified by certain risks and uncertainties. Such statements do not imply the future success of the Company or its products. These risks and uncertainties and other risks are detailed from time to time in Enova Systems' periodic filings with the Securities and Exchange Commission under the name Enova Systems, Inc., including but not limited to Enova's annual report on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. for the year ended December 31, 2002, as well as our most recently filed 10-Q for the quarter ended March 31, 2003. Enova assumes no duty to update these statements. |
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