quarterliesThe company lost about 1.2 million in cash..
4million was a capital asset write down..
They still have 10mill in cash enough for about 2yrs at their current burn rate..
I can't understand how they can not see tablet sales are going nowhere...and thats there only revenue right now!!!!!!!!
I see they didn't even bother going to tour de sol.
The must have been afraid of the competition..LOL
Well Sankar the clocks ticking...tick tock tick tock..
Lay off some of your relatives and the manufacturing dept theres nothing to manufacture...
I see they still spend alot on R&D...
Lets hope they have something to sell from it!
I hope they get their act together fast!!
But then again they've done squat in two years!!!!!!!!!!!!!!
Another kick in the nuts from efl managment to their share owners...
The Aching Kanuck
Electrovaya Announces Second Quarter Fiscal 2006 Financial Results
22:13 EDT Monday, May 15, 2006
TORONTO, ONTARIO--(CCNMatthews - May 15, 2006) - Electrovaya Inc. (TSX:EFL) today announced financial results for the first quarter of fiscal 2006. All figures are in US dollars.
Highlights
For the quarter ending March 31, 2006:
- Revenue decreased by 27.5% or $325,000 to $855,000 from $1,180,000 for the quarter ended March 31, 2005.
- Loss from operations, before interest, taxes, foreign exchange, amortization and capital assets write-down decreased by $168,000 or 12.1% to $1,221,000 compared to $1,389,000 in the same quarter in the prior year.
- Cash & investments were $10.4 million as at March 31, 2006, compared to $12.2 million as at September 30, 2005 and $11.4 million as at December 31, 2005.
- In accordance with CICA handbook section 3063, the Company completed a capital impairment analysis during the quarter, resulting in a non-cash write-down of its capital assets by $4,020,000.
(1) Net of TPC repayable contribution of $508 and NIL for the
quarters ending March 31, 2006 and 2005 respectively and $727 and
$309 for the six months ending March 31, 2006 and March 31, 2005
respectively.
(2) Includes non-cash capital impairment write-down of $4,020.
Subsequent to the end of the quarter, Electrovaya Inc. announced that it has sold its shareholdings in a private unrelated company for Cdn$1,015,000. These shares were originally received as a result of a small minority investment and as consideration for research and development services.
Three and Six Months Ending March 31, 2006
Total Revenue. For the three month period ended March 31, 2006, total revenue decreased by 27.5% to $0.9 million from $1.2 million for the quarter ended March 31, 2005. For the six month period ended March 31, 2006, total revenue declined by 45.9% or $1.2 million from $2.7 million to $1.4 million primarily due to lower consumer electronics revenue.
Direct Manufacturing Costs. For the quarter ended March 31, 2006, direct manufacturing costs decreased by 20.9% or $226,000 to $854,000 from $1,080,000 for the quarter ended March 31, 2005. For the six months ending March 31, 2006, direct manufacturing costs decreased by 41.8% or $1.1 million to $1.5 million from $2.5 million for the quarter ended March 31, 2005. This was primarily a result of lower material costs related to lower sales and lower manufacturing labour costs as more time was spent on research and development activities.
Research and Development Expenses. Research and development expenses, net of investment tax credits, increased by $491,000 or 85.2% to $1,067,000 for the quarter ended March 31, 2006 from $576,000 for the same three month period in 2005 due primarily to an increase in labor & material expenses as certain manufacturing resources were diverted to research and development activities on the electric vehicle program and specialty battery projects. During the three month period ended March 31, 2006, the Company received $508,000 of cash contributions from Technology Partnerships Canada (TPC), compared to NIL during the three months ended March 31, 2005. Compared to the six month period ending March 31, 2005, research and development expenses increased by $520,000 or 50.2% from $1.0 million to $1.6 million during the six month period ending March 31, 2006.
Sales & marketing. For the quarters ended March 31, 2006 and 2005, sales and marketing expenses were $139,000 and $322,000 respectively. Compared to the six month period ending March 31, 2005, sales and marketing expenses decreased by $283,000 or 47.5% from $0.6 million to $0.3 million during the six month period ending March 31, 2006 primarily due to decreased salaries, warranty costs and trade show attendance costs compared to the same quarter in the prior year.
General and administrative. General and administrative expenses decreased by 11.7% or $67,000 to $524,000 for the quarter ended March 31, 2006 compared to $591,000 for the same period in the prior year. Compared to the six month period ending March 31, 2005, general and administration expenses decreased by $191,000 or 15.3% from $1.2 million to $1.1 million during the six month period ending March 31, 2006. The decrease primarily reflects a decrease in salaries as some of these resources assisted with research and development activities during the quarter.
Excluding the non-cash impact of the capital assets write-down, quarterly net losses improved from $2,360,000 to $1,442,000, or by $918,000 or 38.9%, compared to the same quarter in the prior year.
The loss per share for the quarter was $0.08, compared to $0.03 for the quarter ending December 31, 2005.
Liquidity and Capital Resources
As of March 31, 2006, the Company had $10.4 million in cash, cash equivalents, and short-term investments, a decrease of $1.8 million compared to $12.2 million as at September 30, 2005 and a decrease of $1.0 million compared to $11.4 million as at December 31, 2005.