Azure Posts Q3 Financial Results
Azure Dynamics is, as you might know by now, a hybrid electric and electric technologies for commercial vehicles manufacturer and chances are that soon, this segment of the industry will become an important aspect of the overall industry.
To cut the long story short, Azure earned in the third quarter of the year $3.2 million, almost three times more than in 2008, when it managed to post a $1.3 million revenue. For the first three quarters, Azure revenue totaled $5.0 million, almost equal to the $5.1 million in 2008.
"While the automotive and commercial vehicle industries struggled along with the rest of the economy to recover during the quarter, we saw definite signs of improvement and opportunity," Scott Harrison, Azure CEO said in a release.
As of September 2009, Azure's net cash and cash equivalents totaled $5.3 million, while working capital totaled $11.1 million.
"It's clear that we have the right products for today's market and as we continue to amass on-the-road experience and customer understanding of our unique product benefits, the market is responding," Harrison continued. "Our more than two decades of development work in alternative vehicle transportation systems is finally starting to pay off."
It is likely than in the upcoming years, both the hybrid and electric sectors of the automotive industry will keep growing, as we all have witnessed the mainstream carmakers' appeal for setting up a new automotive world.
Azure's 2009 performances are even more of an indicator to that, given the fact they stayed almost level with the ones of 2008 and despite the fact the overall industry dropped dramatically this year.