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ECOtality Inc. (ECTY) Posts 60% Increase in FY2010 Earnings, Boosted by DoE Contract

ECOtality Inc., a leader in clean electric transportation and storage technologies, today reported its fiscal year 2010 results, posting a 60 percent increase in revenue.

For the year ended December 31, 2010, the company posted revenues of $13.7 million, up 60 percent compared to $8.6 million for the year ended December 31, 2009. The solid increase is due to work the company performed on the Department of Energy (DOE) contract and the maintenance of its revenue levels in other lines of business, including industrial charger sales.

Gross profit for the year ended December 31, 2010, was $0.6 million; gross margin decreased to 4.2 percent, weighed by costs incurred relating to the DOE contract where the company said it is reimbursed 45.8 percent of its costs.

Total operating expenses during the year ended December 31, 2010, were $17.2 million compared to $17.3 million for the year ended December 31, 2009. General and administrative expenses were $16.4 million, or 95 percent, of total operating expenses for the year ended December 31, 2010, compared with $16.8, or 97 percent, for the year ended December 31, 2009.

Net Loss after other income and expenses improved for the year ended December 31, 2010, to a loss of $16.4 million compared with a $29.5 million loss for year ended December 31, 2009.

The company also noted its achievements for 2010, including its completion of the EV Micro-Climate™ program in each of its EV Project markets, initiated the rollout of our Blink™ smart electric vehicle (EV) chargers, and established commercial relationships with major retailers such as Fred Meyer, Best Buy, Cracker Barrel, BP and ARCO.

ECOtality said it anticipates strong and immediate revenue growth in 2011 as it increases Blink residential charger installations and begin Blink commercial charger deployments.

“In 2011, management is focused on successfully executing on The EV Project for the U.S. Department of Energy by supporting the first EV adopters with Blink residential chargers and establishing a robust commercial network of Blink chargers for public use,” Jonathan Read, president and CEO of ECOtality stated in the press release. “As we continue to expand, we have a strong monetization strategy that includes memberships, access fees, advertising opportunities and utility services that we will test, refine and validate in 2011. ECOtality will continue to establish strategic relationships with major retailers, utilities, commercial property managers, government agencies and automobile manufacturers to establish a widely available Blink charging network throughout the country. …”

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