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The company also provided an update on product development activities.
In a release, the company noted that second quarter 2008 highlights include:
- Revenue for the second quarter totaled US$3.4M representing an increase of 470 percent compared to the same quarter last year
- The company shipped a record number of units during the second quarter: 35 Balance Hybrid Electric, 14 CitiBus Series Hybrid Electric shuttle buses and 37 Force Drive Electric vehicle systems
- Key deliveries were made to FedEx Express, AT&T, Pennsylvania Department of Transportation and several others
- The company signed its first four dealerships with a Sales & Service agreement that allows each of the dealerships to service the growing market demand for Azure's vehicles.
"The second quarter was a watershed period in meeting Azure's commitment to commercialization," said Azure Dynamics' Chief Executive Officer, Scott T. Harrison. "Production began on our Balance Hybrid Electric, integrated on the Ford E450 Chassis, and orders and revenue are following. Customers using the vehicle report that it is meeting or exceeding expectations from both a performance and cost metric. The Balance Hybrid Electric was designed and built to serve the delivery vehicle market niche and all of our indicators, including increased sales and growing interest from potential customers, suggest that the market is responding favorably."
- Revenue for the second quarter of 2008 totaled US$3.4 million compared to US$0.6 million in the second quarter of 2007. For the six months ended June 30, revenue totaled US$3.8 million compared to US$0.7 million in the same period a year ago. The increase in revenue for the three and six months ended June 30, was due to shipments of Balance Hybrid Electric, Azure CitiBus and Force Drive Electric products. Net loss for the second quarter of 2008 was US$8.1 million, or US$(0.03) cents per share, compared to a loss of US$6.9 million or US$(0.03) cents per share in the second quarter of 2007. Net loss for the six months ended June 30, was US$16.0 million, or US$(0.06) per share, compared to a loss of US$13.4 million or US$(0.07) per share in the same period a year ago. The higher loss for the three and six months ended June 30, is primarily attributable to higher levels of engineering expenses and negative gross margin. Engineering expenses were higher as a result of the company's ongoing technology development. Negative gross margin is primarily the result of negative production variances typically associated with lower volume early stage production.
- Before contributions, the company's engineering, operations and product development expenses for the quarter totaled US$5.7 million (including US$3.4 million in product development costs), compared to US$4.2 million for the same period in 2007 (including US$2.4 million in product development costs). For the first half of 2008, the company's engineering and R&D expenses totaled US$10.5 million (including US$5.8 million in product development costs), compared to US$8.5 million in the first half of 2007 (including US$4.8 million in product development expenses). During the second quarter, the company focused on the production and sale of its Balance Hybrid Electric program and component development, as well as ongoing production activities associated with a CitiBus a Series Hybrid Electric shuttle bus and Force Drive Electric components.
- As of June 30, the company's net cash and cash equivalents totaled US$5.4 million, and working capital totaled US$17.5 million, compared to cash and cash equivalents of US$16.8 million, and working capital of US$19.6 million, as at June 30, 2007, and cash and cash equivalents of US$24.1 million, and working capital of US$32.3 million, as at December 31, 2007. The reduction in net cash and cash equivalents from December 31, 2007 is mainly due to cash used in support of product development and the company's ongoing efforts to commercialize its products.
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