ECOtality widens loss as revenue climbs (Phoenix)
ECOtality Inc. reported a loss of $2.4 million for the first quarter, although the company reported increased revenue compared to last year.
The 29 cents-per-share loss compares with a loss of $1 million for the same quarter in 2009. Revenue came in at about $2.7 million for the quarter, compared to about $2.5 million for the same quarter last year.
Tempe-based ECOtality (OTCBB:ETLE) has been running up costs while working on the EV Project, a $99.8 million contract with the U.S. Department of Energy designed to put charging stations in five states, including Arizona. The project is run by ECOtality North America, the company’s Phoenix subsidiary formerly known as the Electric Transportation Engineering Corp.
Company officials said the increase in revenue is due to the ramp-up in work for the DOE contract.
At the same time, ECOtality increased administration costs by about 67 percent, according to its filing with the U.S. Securities and Exchange Commission.
Read the full post in the Phoenix Business Journal.
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