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.