VANCOUVER, British Columbia, July 10, 2018 (GLOBE NEWSWIRE) -- GreenPower Motor Company Inc. (TSXV:GPV) (OTCQX:GPVRF) (“GreenPower” or the “Company”) today announced financial results for its fourth quarter and year ended March 31, 2018. All amounts are in U.S. dollars.
For the fourth quarter, GreenPower had revenues of $3,435,990, cost of sales of $2,267,765 generating a gross profit of $1,168,225 or 34% of revenues. Expenses amounted to $1,113,166 including non-cash items totalling $411,648, which after a tax recovery and other items resulted in net income of $655,059. The adjusted EBITDA* for the fourth quarter amounted to $466,707.
"We are delighted to have achieved so many milestones in the fourth quarter. Generating positive earnings shows that GreenPower’s business is uniquely positioned to take advantage of the significant growth that we expect across the heavy-duty EV space," said Fraser Atkinson, Chairman of GreenPower. "As we move to monthly deliveries of product our objective by the end of the current fiscal year is to achieve sustained quarterly profitability and positive cash flow from operations."
Highlights of the Year
- Delivered two EV350 forty-foot low-floor transit buses and two EV550 forty-five-foot double decker buses in the fourth quarter,
- Demonstrated the Synapse 72 all-electric school bus and obtained orders with a number of school districts, including LA Unified, the largest school district in the State of California,
- Opened a sales office in Los Angeles and hired a seasoned industry veteran, Ryne Shetterly, to head sales and marketing,
- Launched the EV Star Min-eBus,
- As of March 31, 2018, the Company was at various stages of production with 8 EV350 forty-foot low-floor transit buses, 6 Synapse 72 school buses and 10 EV Star Min-eBuses,
- At the year-end the Company had over $1 million of cash and positive working capital of $2.2 million.
Subsequent to the year-end, GreenPower entered into a 3-year exclusive factory representative agreement with Creative Bus Sales, the U.S.’s largest bus dealer for sales, parts and service, including an initial order of 15 buses from GreenPower for their inventory: 5 EV-STARS and 10 Synapse School Buses. With 19 physical locations, a 75-person sales team and 200+ service and support staff, Creative Bus Sales sold thousands of buses in the U.S. last year alone.
The Company also secured orders for the EV Stars from the Port of Oakland and UC San Francisco, the second largest employer in the City of San Francisco and arranged a line of credit for $2 million from BMO Bank of Montreal.
* Non IFRS Financial Measure: “Adjusted EBITDA” reflects net income before interest, taxes, share-based payments, depreciation and amortization. Adjusted EBITDA is a measure used by analysts and investors as an indicator of operating cash flow since it excludes the impact of movements in working capital items, non-cash charges and financing costs. Therefore, Adjusted EBITDA gives the investor information as to the cash generated from the operations of a business. However, Adjusted EBITDA is not a measure of financial performance under IFRS and should not be considered a substitute for other financial measures of performance. Adjusted EBITDA as calculated by GreenPower may not be comparable to Adjusted EBITDA as calculated and reported by other companies.
A conference call will be webcast on July 18, 2018, at 1:30 p.m. PT/4:30 p.m. ET and will be available on the Company’s website after the call. This call will contain forward-looking statements and other material information regarding the Company’s financial and operating results.
About GreenPower Motor Company Inc.
GreenPower designs, builds and distributes a full suite of high-floor and low-floor vehicles, including transit buses, school buses, shuttles, and a double decker. GreenPower employs a clean-sheet design to manufacture all-electric buses that are purpose built to be battery powered with zero emissions. GreenPower integrates global suppliers for key components, such as Siemens or TM4 for the drive motors, Knorr for the brakes, ZF for the axles and Parker for the dash and control systems. This OEM platform allows GreenPower to meet the specifications of various operators while providing standard parts for ease of maintenance and accessibility for warranty requirements. For further information go to www.greenpowerbus.com
Forward-Looking Statements
This document contains forward-looking statements relating to, among other things, GreenPower’s business and operations and the environment in which it operates, which are based on GreenPower’s operations, estimates, forecasts and projections. Forward-looking statements are not based on historical facts, but rather on current expectations and projections about future events, and are therefore subject to risks and uncertainties which could cause actual results to differ materially from the future results expressed or implied by the forward-looking statements. These statements generally can be identified by the use of forward-looking words such as “may”, “should”, “will”, “could”, “intend”, “estimate”, “plan”, “anticipate”, “expect”, “believe” or “continue”, or the negative thereof or similar variations. These statements are not guarantees of future performance and involve risks and uncertainties that are difficult to predict or are beyond GreenPower’s control, such as the regulations and requirements in different jurisdictions. A number of important factors including those set forth in other public filings (filed under the Company’s profile on www.sedar.com) could cause actual outcomes and results to differ materially from those expressed in these forward-looking statements. Consequently, readers should not place any undue reliance on such forward-looking statements. In addition, these forward-looking statements relate to the date on which they are made. GreenPower disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise.
For further information contact:
GreenPower Motor Company
Fraser Atkinson, Chairman
(604) 220-8048
Brendan Riley, President
(510) 910-3377
Elevator Communications, LLC
John Reed, Media Relations
(415) 846-4862
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. All amounts in U.S. dollars. © 2018 GreenPower Motor Company Inc. All rights reserved.