Justice Sirikah

Zenn Motor Company Inc. (TSX VENTURE: ZNN) Posts Q2 Loss on Global Auto Industry Depression

by Justice Sirikah May 28, 2009
znn_logo.pngCanada-based electric minicar maker, Zenn Motor Company Inc. (TSX VENTURE: ZNN) yesterday reported a fiscal second quarter loss that reflects the general depression manifest in the worldwide automobile industry.

  Zenn, which stands for Zero Emission No Noise, referring to its famed low-speed and short-range electric powered vehicles, saw its net loss for the period ended March 31 reaching $2 million ($0.06 per share), as compared to a net loss of $1.8 million ($0.06 per share) registered in the corresponding quarter of 2008.

  The company’s revenue for the January-March business period backed down 47 percent to $276 million from $646,722 in the fiscal second quarter of a year ago. The low turnover in revenue represents the decline in the automaker’s sales in accord with the slack vehicle markets across the board.

  However, on a positive note Zenn remarked that its strong balance sheet came in handy during the period as it allowed further significant investments in a number of key areas. This included the development of the ZENNergy (TM) drivetrain and cityZENN(TM) projects, which according to the company CEO, Ian Clifford “are integral parts of the company’s strategy”.

  Meanwhile Zenn announced an additional investment of $700,000 in its U.S advanced battery manufacturing partner, EEStor. The agreement also gives Zenn an option to buy out 10 percent of the EEStor, up from the previous 3.8 percent, but on condition that the later delivers production quality energy storage solutions for small vehicles.

  Shares of Zenn were at $4.95 on the TSX Venture market during the lunchtime trading.

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