SAN DIEGO, May 14, 2013 /PRNewswire/ -- Envision Solar International, Inc. (EVSI: OTCQB) ("Envision Solar," or the "Company"), a manufacturer and designer of unique, architecturally accretive, renewable energy systems, today announced results for the three months ended March 31, 2013.
Recent Company Highlights:
- In April, completed first Cadillac branded Solar Tree® at Fremont Cadillac dealership in Fremont, California
- Completed $1.7 million (net) equity financing with accredited investors in February 2013
- Interest expense was lower by approximately 55% in Q1 2013
Desmond Wheatley, Chief Executive Officer of Envision Solar, began "We reached a major milestone this quarter with the successful installation of the first Cadillac branded solar tree. This custom designed structure based on our standard tracking Solar Tree provides the blueprint for what we believe will be a multi-year adoption of our Solar Tree® products by a large percentage of Cadillac's 952 dealerships in the U.S."
First Quarter 2013
Net revenues were $155,528 for the three months ended March 31, 2013 compared to $308,715 in the comparable period in the prior year. Envision Solar completed two large projects in the first quarter of 2012. Additionally, the Company's decision to focus on developing strategic relationships with larger customers resulted in elongated sales cycles for the first quarter of 2013.
Operating expenses were $512,900 during 2013, down from $576,673 in 2012. The Company incurred lower non-cash stock-based compensation expenses in the three months ended March 31, 2013 while personnel-related expenses increased as a result of higher consulting and investor relations expenses.
Interest expense was $160,705 for the first quarter of 2013, down approximately 55% from $355,156 for the same period in 2012. The conversion of convertible debt and amendments to existing convertible debt agreements were the primary drivers of the lower interest expense.
Net loss and net loss per share were $1,045,767 and $0.02 in the first quarter of 2013 compared to $983,959 and $0.02 in the same period in 2012, respectively. The weighted average shares outstanding increased from 49,766,483 to 64,091,372 in 2013.
Envision Solar had $1,646,179 of cash at March 31, 2013. Cash used in operating activities was $304,354 for the quarter ended March 31, 2013 compared to $41,317 of inflows for the comparable period a year ago. The Company had a large increase in accounts receivables collection in the first quarter of 2012 due to timing of various project cycles.
The Company is in the process of completing a private placement sale of its common stock to accredited investors. As of May 14, 2013, the Company has secured approximately $1.9 million of gross commitments.
The Company made significant progress in 2013, including:
- In April 2013, the Company attended the Cadillac national dealership convention in Las Vegas. Envision Solar was the only solar company invited to participate in the highly exclusive event. Managent was able to meet with senior Cadillac executives as well as meet with and be seen by dealership owners and managers from across the country. This was the first opportunity the Company has had to market directly to the dealerships. The Company's products, value proposition and marketing materials were met with enthusiasm. The Company's sales team is currently following up on the numerous requests for proposals that resulted from the convention. This will be the first of many such occasions wherein Cadillac Corporate exclusively introduces Envision Solar to the dealership network. Management believes that this will create significant opportunities for sales growth with this customer.
- The Company continues to have active discussions with several customers to secure new orders and installations. In addition to General Motors and Horizon Energy, Envision Solar is engaged in advanced discussions with several large corporate clients to install Envision's proprietary Solar Tree®.
"Due to the nascent nature of the solar structures industry and the extensive planning involved in determining the optimal implementation strategy for each client, our sales will fluctuate from quarter to quarter." explained Mr. Wheatley. "Nevertheless, we are extremely encouraged with the quality of the companies we are talking to and the high level of interest that senior executives at these Fortune 500 companies have expressed in our products. We are working hard to educate more companies about our compelling value proposition and expect these efforts to bear fruit in the coming quarters."
Envision Solar continues to aggressively invest in new products and pursue new business opportunities. The Company anticipates several upcoming milestones:
- Q2 2013. Initial roll-out and first sale of its EVARC™ standalone solar charging stations to the market.
- Q2 2013. Close $2.19 million equity financing platform.
- Q3 2013 Design and engineering of North Carolina deployment
- Q4 First North Carolina Solar Tree® structures produced
Mr. Desmond Wheatley, Chief Executive Officer of Envision Solar, will host the webcast. To attend the call, please use the dial in information below:
Thursday, May 23, 2013
11:30 a.m. Eastern Time
Conference Line (U.S.):
Please register for the call using the information provided above. A copy of the presentation slides accompanying this presentation will be available on the Company's website at www.envisionsolar.com. Please contact Ted Haberfield at MZ Group if you are unable to access the slides.
A playback of the call will be available until 12:00 a.m. ET on June 6, 2013. To listen, call 1-877-870-5176 within the United States or 1-858-384-5517 when calling internationally. Please use the replay pin number 4620064.
About Envision Solar International, Inc.
Envision Solar, www.envisionsolar.com,designs, manufactures and deploys unique, proprietary and architecturally accretive renewable energy systems with a Drag & Drop Infrastructure™ product line. The company's flagship products include the patented Solar Tree® array and Solar Tree Socket™ solar shaded parking solutions with EnvisionTrak™, a proprietary and patent pending solar tracking machine, and SunCharge™ Column Integrated Electric Vehicle Charging Stations.
Based in San Diego the company integrates only the highest quality components into its Made in America products ensuring long and trouble free service and timeless beautification of the parking lots they serve. This unique approach to the industry allows the company's commercial and institutional customers to take full advantage of the value creation associated with transforming parking lots into beautiful, shaded, renewable energy generation plants shrouded in the "Green Halo." For more information on Envision Solar, visit www.envisionsolar.com or call (866) 746-0514.
About MZ Group
MZ Group, subsidiary of @titude Global, a multinational company and the world's largest independent global investor relations consulting firm, provides investor relations, corporate communications, market intelligence, corporate governance and technology products and services. Founded in 1999, MZ Group focuses on innovation and personalized services, supported by its exclusive "one-stop-shop" business model. With offices in Sao Paulo, New York, Chicago, San Diego, Vancouver, Hong Kong, Beijing, Shanghai, Taipei and Mumbai, MZ has approximately 350 professionals who serve over 580 clients in 12 countries. For more information, please visit www.mzgroup.com.
This Press Release may contain forward-looking statements regarding future events or our expected future results that are subject to inherent risks and uncertainties. All statements in this Report other than statements of historical facts are forward looking statements. Forward looking statements are generally accompanied by terms or phrases such as "estimate," "project," "predict," "believe," "expect," "anticipate," "target," "plan," "intend," "seek," "goal," "will," "should," "may," or other words and similar expressions that convey the uncertainty of future events or results. Statements contemplating or making assumptions regarding actual or potential sales, market size and demand, prospective business contracts, customer orders, trends or operating results also constitute forward looking statements. Our actual results may differ substantially from those indicated in forward looking statements because our business is subject to significant economic, competitive, regulatory, business and industry risks which are difficult to predict and many of which are beyond our control. Our operating results, financial condition and business performance may be adversely affected by a general decline in the economy, unavailability of capital or financing for our prospective customers to purchase products and services from us, competition, changes in regulations, a decline in the demand for solar energy, a lack of profitability, a decline in our stock price, and other risks. We may not have adequate capital, financing or cash flow to sustain our business or implement our business plans. Current results and trends are not necessarily indicative of future results that we may achieve.
SOURCE Envision Solar International, Inc.