|By Marketwired .||
|February 13, 2013 04:00 PM EST||
MILWAUKEE, WI -- (Marketwire) -- 02/13/13 -- ZBB Energy Corporation (NYSE MKT: ZBB), a leading developer of intelligent, renewable energy power platforms and hybrid vehicle control systems, today announced its financial results for the second quarter ended December 31, 2012.
Financial results for the second quarter ended December 31, 2012 as compared to the second quarter ended December 31, 2011 included:
- Product sales increased more than ten times from $240,921 to $2,748,007.
- Gross profit on product sales of $482,801 and an increase in gross margin on product sales from 7% last quarter to 18% this quarter.
- Total revenues, including engineering and development revenue, increased more than five times from $440,921 to $2,748,007.
- Net loss of $3,083,457 compared to $2,730,310. The increase in net loss is due primarily to the increase in equity in loss of investee company(China joint venture).
- Loss per share decreased to ($0.04) from ($0.08).
As of February 13, 2013, the Company's backlog was $6.1 million compared to backlog of $5.3 million on November 5, 2012. ZBB ended the second quarter of fiscal year 2013 with total assets of $17.0 million including $2.4 million in cash and $1.2 million in accounts receivable. Anticipated collections in the third and fourth quarters of this fiscal year associated with current backlog and current accounts receivable is approximately $4.3 million. Operating expenses plus additional inventory purchases for current backlog continue at approximately $1.4 million per month with the Company actively reducing non-essential cash expenses.
The Company is aggressively pursuing additional sales orders and other sources of funding including expansion of contract engineering and development programs through strategic partners. Sufficient cash and working capital through fiscal year 2013 fourth quarter depends on securing additional investment capital or other financing, which may include: collaboration agreements and/or investments from strategic partner/partners, or other financing alternatives.
Highlights of the second quarter of fiscal year 2013
Total revenues increased during the second quarter to $2,748,007 from $440,921 in the prior year quarter. Second quarter product sales increased to $2,748,007 from $240,921 in the prior year quarter, due to successful commercialization and continued sales growth of the Company's ZBB EnerSystem platform and power electronics including hybrid vehicle control systems. There were no engineering and development revenues, as compared to $200,000 in the prior year, due primarily to the completion of various milestones related to engineering and development agreements.
Total expenses for the second quarter were $5,594,078 compared with $3,206,257 in the prior year quarter. The increase in expenses was primarily related to an increase in the cost of product sales and other expenses as follows:
- $2,077,586 increase in cost of product sales was due to the ten-fold increase in ZBB EnerSystem and hybrid vehicle motor controller sales;
- $189,448 increase in advanced engineering and development expenses was due to a shift from engineering contracts to product development and pilot plant operation for the Company's ZBB EnerStore and ZBB EnerSection products;
- $188,732 increase in selling, general and administrative expenses was due primarily to an increase in production management, engineering and sales personnel; and
- $387,681 increase in total other expense primarily as a result of an increase in the equity in loss of investee company of $397,922.
During the second quarter, the Company's major accomplishments included:
- Signed a long-term OEM supply agreement with Crosspoint Kinetics, a wholly owned subsidiary of Cummins Crosspoint, LLC, for hybrid electronics. The Company received from Crosspoint Kinetics $900,000 of new orders booked in the second quarter, in addition to the original order of $500,000 booked in the first quarter.
- Signed an agreement to supply a 2,000 kWh ZBB EnerStore System, including 40 ZBB EnerStore modules, for the luxury eco-resort The Brando in French Polynesia, designed to be the first LEED (Leadership in Energy and Environmental Design) Platinum certified destination resort in the world, as new construction and in the campus category.
- Received a development order to be followed by a prototype order for electronics to be utilized in an innovative generator technology being applied to hydro generation.
- Shipped an eight unit ZBB EnerStore and a ZBB EnerSection power and energy control center system to the microgrid installation at the Joint Base Pearl Harbor Hickam (JBPHH) U.S. Military base in Honolulu, Hawaii.
- Shipped an order from the U.S. Navy Fleet and Industrial Supply Center, San Diego (FISCSD) for a 1,000kWh / 500kW-rated energy storage system for use in a microgrid application at the San Nicolas Island Naval Facility, located in the Catalina Island group, just west of Los Angeles, California.
- Achieved a 30% ZBB EnerStore product cost reduction that we expect to begin to realize on orders shipped in the third and fourth quarters.
Six months ended December 31, 2012 compared to six months ended December 31, 2011
For the six month period ending December 31, 2012 compared to the six months ended December 31, 2011:
- Revenues increased 120% to $4,571,328 from $2,078,778.
- Total costs and expenses increased 57% to $10,313,458 from $6,540,596.
- Net loss increased 35% to $5,966,247 from $4,405,758.
- Loss per share declined to ($0.08) from ($0.14).
Milestones achieved subsequent to the end of the second quarter:
- Received an order for a Grid Independent ZBB EnerSystem with ZBB EnerStore zinc bromide flow batteries to provide an integrated Microgrid Energy Management System to the University of Technology Sydney (UTS) to serve as a permanent power source, demonstration unit and learning platform in the newly constructed Broadway Building.
- Shipped a ZBB EnerSystem to Lotte Chemical in South Korea, consisting of a ZBB EnerStore flow battery and ZBB EnerSection power and control center.
- Entered into a strategic relationship with BPC Engineering (Moscow, Russia) which introduces ZBB's line of products into the Russian and Commonwealth of Independent States (CIS) markets.
- Delivered against the initial contract to provide ZBB's second generation retrofit hybrid electric vehicle controller technology to Crosspoint Kinetics.
"The second quarter ten-fold increase in product sales met our plan objectives of year-over-year increases in revenues," said Eric C. Apfelbach, President and CEO. "These shipments provide field-proven references for repeat orders from existing customers and for new customer orders. We are also realizing acceleration of near-term bookings of orders in the funnel as shown by the increase in sales backlog. We believe our success in penetrating key segments over the last couple of quarters positions us well to secure the near term investment capital or other funding we require from strategic partners or other investors."
Conference call - February 14, 2013 - 11:00 a.m. Eastern Standard Time (10:00 a.m. CST)
The Company will hold a conference call on Thursday, February 14, 2012 at 11:00 a.m. Eastern Standard Time (10:00 a.m. Central Standard Time) to discuss results for its second fiscal quarter ended December 31, 2012. To participate in the call, please dial 1-888-481-2877, for domestic callers, and 1-719-325-2361, for international callers. The participant passcode is 4730445.
The call will be available for replay at 1-888-203-1112, for domestic callers, and 1-719-457-0820, for international callers. The replay passcode is 4730445. The conference call will also be available for replay via the investor relations section of the Company's website at www.zbbenergy.com until March 14, 2013.
ZBB ENERGY CORPORATION Condensed Consolidated Balance Sheets December 31, 2012 (Unaudited) June 30, 2012 ------------- ------------- Assets Current assets: Cash and cash equivalents $ 2,118,800 $ 7,823,217 Restricted cash on deposit 310,000 - Accounts receivable, net 1,171,485 480,563 Inventories 2,844,484 2,912,207 Prepaid and other current assets 899,807 187,448 Refundable income tax credit 265,392 185,545 ------------- ------------- Total current assets 7,609,968 11,588,980 Long-term assets: Property, plant and equipment, net 5,261,794 5,484,545 Investment in investee company 2,550,776 3,083,889 Intangible assets, net 774,101 1,143,122 Goodwill 803,079 803,079 ------------- ------------- Total assets $ 16,999,718 $ 22,103,615 ============= ============= Liabilities and Equity Current liabilities: Bank loans and notes payable $ 935,207 $ 1,022,826 Accounts payable 1,336,324 1,899,029 Accrued expenses 1,221,286 1,289,138 Customer deposits 1,602,266 1,315,309 Accrued compensation and benefits 131,840 335,369 ------------- ------------- Total current liabilities 5,226,923 5,861,671 Long-term liabilities: Bank loans and notes payable 2,719,258 2,915,134 ------------- ------------- Total liabilities 7,946,181 8,776,805 ------------- ------------- Equity Series A preferred stock ($0.01 par value, $10,000 face value) 10,000,000 authorized and no shares issued - - Common stock ($0.01 par value); 150,000,000 authorized, 77,568,535 and 72,977,248 shares issued and outstandingas of December 31, 2012 and June 30, 2012, respectively 775,686 729,773 Additional paid-in capital 82,332,895 80,363,519 Accumulated deficit (75,020,156) (69,053,909) Accumulated other comprehensive loss (1,585,664) (1,584,921) ------------- ------------- Total ZBB Energy Corporation Equity 6,502,761 10,454,462 Noncontrolling interest 2,550,776 2,872,348 ------------- ------------- Total equity 9,053,537 13,326,810 ------------- ------------- Total liabilities and equity $ 16,999,718 $ 22,103,615 ============= ============= ZBB ENERGY CORPORATION Condensed Consolidated Statements of Operations (Unaudited) Three months ended Six months ended December 31, December 31, ------------------------ ------------------------ 2012 2011 2012 2011 ----------- ----------- ----------- ----------- Revenues Product sales $ 2,748,007 $ 240,921 $ 4,353,145 $ 467,028 Engineering and development - 200,000 218,183 1,611,750 ----------- ----------- ----------- ----------- Total Revenues 2,748,007 440,921 4,571,328 2,078,778 ----------- ----------- ----------- ----------- Costs and Expenses Cost of product sales 2,265,206 187,620 3,757,598 344,291 Cost of engineering and development - - 45,065 481,107 Advanced engineering and development 1,375,800 1,186,352 2,535,539 1,885,735 Selling, general, and administrative 1,610,422 1,421,690 3,291,974 3,099,687 Depreciation and amortization 342,830 410,595 683,462 729,776 ----------- ----------- ----------- ----------- Total Costs and Expenses 5,594,078 3,206,257 10,313,458 6,540,596 ----------- ----------- ----------- ----------- Loss from Operations (2,846,071) (2,765,336) (5,742,130) (4,461,818) ----------- ----------- ----------- ----------- Other Income (Expense) Equity in loss of investee company (456,632) (58,710) (533,113) (58,710) Interest income 594 3,279 983 9,968 Interest expense (45,647) (58,823) (93,210) (118,491) Other income - 250 - 4,263 ----------- ----------- ----------- ----------- Total Other Income (Expense) (501,685) (114,004) (625,340) (162,970) ----------- ----------- ----------- ----------- Loss before provision (benefit) for Income Taxes (3,347,756) (2,879,340) (6,367,470) (4,624,788) Provision (benefit) for Income Taxes (74,151) (111,800) (74,151) (181,800) ----------- ----------- ----------- ----------- Net loss (3,273,605) (2,767,540) (6,293,319) (4,442,988) Net loss attributable to noncontrolling interest 190,148 37,230 327,072 37,230 ----------- ----------- ----------- ----------- Net Loss Attributable to ZBB Energy Corporation $(3,083,457) $(2,730,310) $(5,966,247) $(4,405,758) =========== =========== =========== =========== Net Loss per share Basic and diluted $ (0.04) $ (0.08) $ (0.08) $ (0.14) Weighted average shares- basic and diluted 77,568,535 33,681,776 77,443,772 32,089,356 ZBB Energy Corporation Condensed Consolidated Statements of Cash Flows (Unaudited) Six months ended December 31, ---------------------------- 2012 2011 ------------- ------------- Cash flows from operating activities Net loss $ (6,293,319) $ (4,442,988) Adjustments to reconcile net loss to net cash used in operating activities: Depreciation of property, plant and equipment 314,441 349,388 Amortization of intangible assets 369,021 380,388 Stock-based compensation 413,610 644,640 Equity in loss of investee company 533,113 58,710 Changes in assets and liabilities Accounts receivable (690,922) (189,616) Inventories 67,723 (1,151,633) Prepaids and other current assets (712,359) (87,896) Refundable income taxes (79,847) 47,450 Accounts payable (562,705) 904,531 Accrued compensation and benefits (203,529) (169,134) Accrued expenses (69,222) (206,541) Customer deposits 286,957 308,516 ------------- ------------- Net cash used in operating activities (6,627,038) (3,554,185) ------------- ------------- Cash flows from investing activities Expenditures for property and equipment (91,690) (1,307,927) Investment in investee company - (1,640,728) Deposits of restricted cash (310,000) ------------- ------------- Net cash used in investing activities (401,690) (2,948,655) ------------- ------------- Cash flows from financing activities Repayments of bank loans and notes payable (283,495) (151,867) Proceeds from issuance of Series A preferred stock - 2,197,240 Proceeds from issuance of common stock 1,744,688 1,887,398 Common stock issuance costs (143,009) (176,934) Proceeds from noncontrolling interest 5,500 1,546,062 ------------- ------------- Net cash provided by financing activities 1,323,684 5,301,899 ------------- ------------- Effect of exchange rate changes on cash and cash equivalents 627 (29,111) ------------- ------------- Net decrease in cash and cash equivalents (5,704,417) (1,230,052) Cash and cash equivalents - beginning of period 7,823,217 2,910,595 ------------- ------------- Cash and cash equivalents - end of period $ 2,118,800 $ 1,680,543 ============= =============
About ZBB Energy Corporation
ZBB Energy Corporation (NYSE MKT: ZBB) designs, develops, and manufactures advanced energy storage, power electronic systems, and engineered custom and semi-custom products targeted at the growing global need for distributed renewable energy, energy efficiency, power quality, and grid modernization. ZBB and its power electronics subsidiary, Tier Electronics, LLC, have developed a portfolio of integrated power management platforms that combine advanced power and energy controls plus energy storage to optimize renewable energy sources and conventional power inputs whether connected to the grid or not. Tier Electronics participates in the energy efficiency markets through their hybrid vehicle control systems, and power quality markets with their line of regulation solutions. Together, these platforms solve a wide range of electrical system challenges in global markets for utility, governmental, commercial, industrial and residential end customers. Founded in 1986, ZBB's platforms ensure optimal efficiencies today, while offering the flexibility to adapt and scale to future requirements. ZBB's corporate offices and production facilities are located in Menomonee Falls, WI, USA with offices also located in Perth, Western Australia. For more information, visit: www.zbbenergy.com.
Safe Harbor Statement
Certain statements made in this press release contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities and Exchange Act of 1934, as amended that are intended to be covered by the "safe harbor" created by those sections. Forward-looking statements, which are based on certain assumptions and describe our future plans, strategies and expectations, can generally be identified by the use of forward-looking terms such as "believe," "expect," "may," "will," "should," "could," "seek," "intend," "plan," "estimate," "anticipate" or other comparable terms. Forward-looking statements in this press release may address the following subjects among others: statements regarding the sufficiency of our capital resources, expected operating losses, expected revenues, expected expenses and our expectations concerning our business strategy. Forward-looking statements involve inherent risks and uncertainties which could cause actual results to differ materially from those in the forward-looking statements, as a result of various factors including those risks and uncertainties described in the Risk Factors and in Management's Discussion and Analysis of Financial Condition and Results of Operations sections of our most recently filed Annual Report on Form 10-K and our subsequently filed Quarterly Reports on Form 10-Q. We urge you to consider those risks and uncertainties in evaluating our forward-looking statements. We caution readers not to place undue reliance upon any such forward-looking statements, which speak only as of the date made. Except as otherwise required by the federal securities laws, we disclaim any obligation or undertaking to publicly release any updates or revisions to any forward-looking statement contained herein (or elsewhere) to reflect any change in our expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based.
Investor Relations Contact:
Lewis W. Kreps
Three Part Advisors, LLC
Three Part Advisors, LLC
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