Odyne Corp. Provides Business Update and Reports Financial Results for 2006
HAUPPAUGE, NY – Odyne Corporation, a developer of advanced plug-in hybrid-electric vehicle (PHEV) technology for trucks and buses, has announced financial results for the full year ended Dec. 31, 2006.Total revenue for the 12 months ended Dec. 31, 2006, was $242,945, compared to $285,598 for the same period in 2005, representing a reduction of 15 percent. The decrease in revenue was caused by a decrease in non-recurring consulting revenues that was not offset by the increase in revenue related to PHEV technology. Operating loss for the 12 months ended Dec. 31, 2006, was $1.681 million, compared to an operating loss of $0.622 million for the same period last year. The increased operating loss was due to reduced gross profit related to sales mix, increased R&D spending, and increased G&A costs primarily related to the 2006 reverse merger and private placement.Net loss attributable to common stockholders for the 12 months ended Dec. 31, 2006 was $5.241 million, or $0.40 per share, compared to a net loss of $0.695 million or $0.06 per share, for the same period in 2005.