Enova Systems Inc. Reports Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended June 30, 2012
For the six months period, the company reported revenues of $903,000 compared to $5,476,000 a year ago. Operating loss was $3,881,000 compared to $3,064,000 a year ago. Net loss was $4,002,000 or $0.09 per basic and diluted share compared to $3,157,000 or $0.10 per basic and diluted share a year ago. Net cash used in operating activities was $2,968,000 compared to $5,005,000 a year ago. Purchases of property and equipment were $16,000 compared to $193,000 a year ago. The increase in the net loss for the three and six months ended June 30, 2012 compared to the same period in the prior year was mainly due to the decreased demand for systems in 2012. Operating cash used in the first half of 2012 decreased compared to the prior year period due mainly to decreases in sales volume in 2012 and the use of existing cash resources to fund current operations.