gross proceeds of approximately CDN$10,000,000. The offering was
conducted through a syndicate of agents co-led by Raymond James Ltd.
and TD Securities Inc. and including Paradigm Capital Inc. and
Stonegate Securities, Incorporated as co-managers.
- On August 18, the NAPA Valley Unified School District (NAPA) in
California purchased the nation's first NEXBUS, the only hybrid
electric Type A school bus available in North America. NEXBUS is
produced by Collins Bus Corporation and features Azure Dynamics'
Balance(TM) Hybrid Electric drive train. Collins is the largest
builder of Type A (short) school buses and Azure's exclusive partner
in producing certified hybrid school buses.
- On August 25, Azure announced the sale of five Balance(TM) Hybrid
Electric buses to Votran, the transit entity for Volusia County,
Florida. Votran, which used FTA stimulus funds to cover 100 percent
of the cost of the vehicles, will integrate the buses into its
county-wide paratransit service.
- On August 26, Azure announced that the United States Postal Service
(USPS) had added a Balance(TM) Hybrid Electric vehicle to its fleet.
The Azure product, a Balance(TM) Hybrid Electric two-ton walk-in van,
will actively participate in the USPS fleet in Long Island, New York,
for a twelve month pilot program. Azure has an additional 30 vehicles
already in service with USPS.
- On September 24, Azure's Balance(TM) Hybrid Electric technology was
approved by the Michigan Department of Transportation (MDOT) for use
by state transportation agencies. The MDOT contract creates a fixed
price for up to 50 buses and will remain in effect for up to three
years with a total maximum value of $5.6 million.
- On September 30, Azure's dealer, Colonial Equipment Co., was awarded
a bid with Howard County, Maryland, for up to 25 of the
Azure CitiBus(TM) units with 17 units immediately ordered.
- As the fourth quarter began in October, Azure received two separate
orders from Kidron Body Company for a total of 257 Low Emission
Electric Power (LEEP(TM) Freeze) systems.
Financial Results
Revenue for the third quarter of 2009 totaled $3.2 million compared to $1.3 million in the third quarter of 2008.
For the nine months ended September 30, 2009, revenue totaled $5.0 million compared to $5.1 million in the
same period a year ago. Net loss for the third quarter of 2009 was $5.7 million, or $(0.01) cents per share,
compared to a loss of $8.3 million or $(0.03) cents per share in the third quarter of 2008. Net loss for the nine
months ended September 30, 2009 was $19.8 million, or $(0.05) per share, compared to a loss of $24.3 million
or $(0.08) per share in the same period a year ago.
Before contributions, the Company's engineering, operations and product development expenses for the
quarter totaled $3.3 million (including $1.2 million in product development costs), compared to $4.9 million for
the same period in 2008 (including $2.7 million in product development costs). For the first nine months of
2009, the Company's engineering and R&D expenses totaled $10.4 million (including $3.2 million in product
development costs), compared to $15.5 million in the same period of 2008 (including $8.5 million in product
development expenses).
As of September 30, 2009, the Company's net cash and cash equivalents totaled $5.3 million, and working
capital totaled $11.1 million, compared to cash and cash equivalents of $21.2 million, and working capital of
$33.6 million, as of September 30, 2008. Revenue for the third quarter increased significantly and the company
is in the process of completing delivery of several previously announced orders for which it expects to receive
payment during the fourth quarter of 2009 and the first quarter of 2010.
The Company is progressing in its discussions with Technology Partnerships Canada ("TPC") with respect to
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