The Electric Car Company Inc., owner of Imperial Coach Works Inc., signed $584,000 in purchase orders in the quarter ending March 31.
SPRINGFIELD, Mo. — ELECTRIC CAR COMPANY, a vehicle conversion company that specializes in electric conversions and manufacturing for the livery and fleet Markets, said Monday that for the first three months ended March 31, 2010 the company received orders for 13 vehicles to be built or converted into specialty vehicles.
The estimated $584,000 in contract work represents more than half of the total revenues ECC/Imperial generated in 2009. Actual revenue to be realized by the company depends on delivery of the vehicles and may not be reported as revenue during the first quarter. ECC expects to complete and deliver all of the ordered vehicles by the second quarter of 2010.
ECC/Imperial’s announcement comes one week after LCT E-News reported last week a RISE IN ORDERS AT KRYSTAL ENTERPRISES. The upticks in orders at coachbuilders are positive indicators of at least a mild industry recovery so far.
In the 10-K recently released for year ended Dec. 31, 2009, the publicly traded company reported total revenues of $1,144,000 with a net loss from continuing operations of $1,911,499. Losses are attributed to high start up costs and a softening of the credit available in the automobile market.
ECC reports that about 50% of orders in the first quarter consisted of buses to be converted into specialty limo party buses commonly used for special events such as weddings and sporting events. The balance of production consists of standard limousines manufactured from Cadillac Escalades, Lincoln Navigators, and Hummers.
Among the limousines being manufactured are two pink super stretch limousines. ECC has committed to make a contribution to the Breast Cancer Foundation of the Ozarks for every pink limousine sold.
ECC has maintained its QVM Program qualification requirements with Ford Motor Co. This qualifies ECC to be eligible for Ford's new four-year, 150,000 mile warranty, only available to qualified QVM builders.
Gary Spaniak, CEO of Electric Car Company, Inc., said in statement, "In light of a tough last year and other contributing factors, I think we did very well."
About Electric Car Company, Inc.
Electric Car Company, Inc. (OTCBB:ELCR) is a vehicle conversion company that specializes in electric conversion and manufacturing for the livery and fleet markets including corporate VIP, party buses, municipal buses, and delivery vehicles. The company brings together businesses specializing in customizing vehicles and powertrains. This proven business strategy is building a dominant presence in the aftermarket automotive up-fitter segment, including, but not limited to "Pure Electric" cars, liquid propane conversions, limousines and other livery vehicles, specialty fleet vehicles, classic automobiles, and custom restorations.
The Company fully expects to have the first zero emissions "pure electric" livery vehicle ready to unveil by second quarter 2010. The long-term strategy is to offer and expand ECC’s line of products that will revolutionize the specialty automotive vehicle market.
Electric Car Company's wholly owned subsidiary, IMPERIAL COACH WORKS,
and its custom manufacturing division Imperial Coach Builders, Inc. is a limousine and specialty vehicle manufacturing entity that operates out of a 60,000 square-foot facility in Springfield, Mo.
Source: Global Newswire