T3 Motion, Inc. (NYSE AMEX:TTTM) a producer of clean technology electric vehicles, announced its financial and operating performance for the third quarter ended September 30, 2011.
Third Quarter 2011 Highlights:
•Revenue growth of approximately 80% year over year
•Gross margin improvement from 12.6% to 20.5%
•Fulfilling backlog from Q2 parts delays, lead times now 2‐4 weeks
•Backlog of $3.3 million exiting the quarter
•R3 Series –Commenced Engineering Agreement with Panoz Automotive
•Progress toward introduction of first consumer‐targeted T3 vehicle
Net revenues of $1,884,321 increased approximately 80% when compared to the same period of the prior year. The revenue increase was primarily due to higher unit volumes, higher average selling prices per unit, and increased service and parts revenue. Domestic T3 Series sales almost doubled, while international sales grew by 46%. We expect that revenues for 2011 will be approximately $6.0 million.
Gross margin of 20.5% improved substantially compared with a gross margin of 12.6% in the year‐ago period. The improvement was driven mainly by better fixed production cost absorption due to revenue growth.
Net loss attributable to common stockholders was ($1,207,394), or ($0.09) per basic and diluted share compared to a net loss attributable to common stockholders of ($1,951,420), or ($0.40), per basic and diluted share, for the same period of the prior year. The net loss was smaller than the previous period due to the higher revenue and improved gross margin.
As of September 30, 2011, the company had cash and cash equivalents of $3.8 million, compared to $124 thousand as of December 31, 2010, reflecting the proceeds of a public offering in May 2011 and the use of the proceeds thereof to retire debt and fund inventory and working capital. Total liabilities as of September 30, 2011 were $3.1 million, compared to $19.3 million as of December 31, 2010.
“We were quite pleased with revenue growth this quarter. Since our financing in May, we were able to order parts and start clearing the backlog we carried into the quarter,” said Ki Nam, Chief Executive Officer of the company. “In addition to domestic sales growth, our international strategy is starting to gain traction. For instance, we started to fulfill the nearly $2 million blanket purchase order we have with our Saudi distributor.”
Mr. Nam continued, “We are optimistic about our growth prospects for 2012. We continue to make progress related to the development of the R3 consumer electric vehicle, and are poised to introduce a consumer‐oriented T3 that will expand our addressable market substantially. We look forward to offering more details on the consumer T3 at the time of the product launch.”