Azure Dynamics Q1 Revenues Down
Cost of sales was C$1.26m for the first quarter of 2011, compared to C$3.01m for the same period in 2010. Gross profit was C$0.15m for the first quarter of 2011, compared to gross loss of C$0.16m for the same period in 2010.
For the first quarter of 2011, total expenses were C$8.99m, compared to C$4.43m for the same period in 2010. Loss from operations was C$8.83m, compared to C$4.6m for the same period in 2010.
Total comprehensive loss for the period was C$9.12m for the first quarter of 2011, compared to C$4.8m for the same period in 2010.
The company anticipates that the revenues for 2011 will be in a range of $52m to $68m. The company expects 2011 results to be significantly stronger beginning in the second quarter due to the launch of the Transit Connect Electric, which will continue into the second half of the year.
Scott Harrison, CEO of Azure Dynamics, said: â€œAlthough year over year revenue for the quarter was down, it was in-line with our expectations as the first quarter is typically the slowest due to the seasonality of our order flow.
â€œAdditionally, we made significant advancements in our European operations, including naming Lotus Lightweight Structures (LLS) as our Transit Connect Electric manufacturing partner and Post Norway as our first customer.â€
Azure Dynamics is engaged in the development and production of hybrid electric and electric components and powertrain systems for commercial vehicles.
Will the firm post positive results in Q2?
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