Enerpulse Technologies Announces Second Quarter Highlights and Results
(firmenpresse) - ALBUQUERQUE, NM -- (Marketwired) -- 08/13/15 -- (OTCQB: ENPT) manufacturer of Pulstar® spark plugs, announced today its financial results for the second quarter ended June 30, 2015.
Sales revenue is up 11.9% for the second quarter.
Sales revenue is up 12.6% year to date through June 30th.
Gross profit is up 318% for the second quarter.
Gross Profit is up 477% year to date through June 30th.
Margins improved over prior year same period to 40.9% for second quarter.
"The second quarter was very successful for Enerpulse Technologies," commented Joe Gonnella, Chief Executive Officer of Enerpulse Technologies, "We strengthened our commercial organization with hiring Matt Ingram as Vice President of Sales, initiated a very effective marketing initiative in the performance vehicle and motorcycle segments and advanced our positions in the natural gas and automotive OEM verticals."
Mr. Gonnella continued, "Our marketing initiative, focused on performance vehicle and motorcycle verticals, is working. In Q-2, 2015, our year over year sales continued to improve. In addition, Hoer Racing, a PWA member, recently placed their first stocking order as a new distributor focused on the performance vehicle segment. Our milestone to finalize product design revisions to meet service life requirements in the highly lucrative Natural Gas industrial engine segment is near completion. Customer field testing will commence in early Q-4, 2015 with commercial sales expected in late Q-4, 2015 or early Q-1, 2016. We also continue to engage automotive and Natural Gas engine OEM''s with collaborative testing which will generate greater shareholder value in the long term."
For more information call 888-800-6700 or please visit .
For the three months ended June 30, 2015, the Company reported revenue of $104 thousand, an increase of 11.9% compared to $93 thousand for the three months ended June 30, 2014. The increase in revenue was, primarily due to spring marketing campaign and new distribution.
Gross profit increased by 318% to $43 thousand for the three months ended June 30, 2015 compared to $10 thousand for the three months ended June 30, 2014 as a result of the increase in sales offset by decreased costs of sales driven by manufacturing process improvements, improved labor utilization and improved design and operating procedure related to the release of Pulstar with PlasmaCore. The gross profit margin was 40.9% for the three months ended June 30, 2015, which is higher than that of 10.8% for the three months ended June 30, 2014, due primarily to the favorable impact of the above factors on the period ended June 30, 2015.
Selling, general and administrative expenses decreased by 21.6% from $1,069 thousand for the three months ended June 30, 2014 to $838 thousand for the three months ended June 30, 2015. The decrease is primarily as a result of additional expense in 2014 due to re-pricing and accelerated vesting of outstanding stock options to purchase approximately 676,000 shares of our common stock previously granted to officers, directors, employees and consultants, which resulted in additional stock-based compensation of approximately $32,000, as well as approximately $293,000 associated with accelerating the unvested stock-based awards granted prior to that date.
As of June 30, 2015, we had cash and cash equivalents on hand of $1,420 thousand and working capital of $1,385 thousand. We expect this amount to be sufficient to meet our operating and capital requirements until late 2015, and intent to use these funds for general corporate purposes, including salaries, development and commercial activity, and for working capital. Management''s plans are to secure additional funding to cover working capital needs until positive cash flow from operations occurs, which is anticipated to commence in early 2016.
(OTCQB: ENPT)
Enerpulse Technologies, Inc. is a publicly traded company headquartered in Albuquerque, N.M. Founded in 2004; the company develops and manufactures ultra-high performance, low emissions ignition products through the application of pulse power technology. For more information, visit .
This news release contains "forward-looking statements" as that term is defined in Section 27(a) of the United States Securities Act of 1933, as amended and Section 21(e) of the Securities Exchange Act of 1934, as amended. Information provided by the Company such as online or printed documents, publications or information available via its website may contain forward-looking statements that involve risks, uncertainties, assumptions, and other factors, which, if they do not materialize or prove correct, could cause its results to differ materially from historical results, or those expressed or implied by such forward-looking statements. All statements, other than statements of historical fact, are statements that could be deemed forward-looking statements, including statements containing the words "planned," "expects," "believes," "strategy," "opportunity," "anticipates," and similar words. These statements may include, among others, plans, strategies, and objectives of management for future operations, marketing and sales; any statements regarding proposed new products, services, or developments; any statements regarding future economic conditions or performance; statements of belief; and any statements of assumptions underlying any of the foregoing. These forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially, including market conditions, risks associated with the cash requirements of our business and other risks detailed from time to time in our filings with the Securities and Exchange Commission, and represent our views only as of the date they are made and should not be relied upon as representing our views as of any subsequent date. We do not assume any obligation to update any forward-looking statements.
Heather Tausch
Director of Marketing and Communications
505-999-2005
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Datum: 13.08.2015 - 13:58 Uhr
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