MILWAUKEE – Even
by reducing its loss for the first quarter, ZBB Energy
Corporation says it only has enough capital to continue
operations through the second quarter of fiscal 2014.
The Milwaukee-based developer of intelligent, renewable energy
power platforms and hybrid vehicle control systems said Thursday
its net loss decreased to $2,596,791 during the first quarter
ended Sept. 30, 2013, compared to $2,882,790 for the same period
in 2012. In a statement Thursday, the company said the “decrease
in net loss is due primarily to the increase in gross profit and
the lower general and administrative expense.”
During the first quarter, product sales decreased 33.4 percent
to $1,069,122 from $1,605,138.
ZBB Energy Corporation ended the first quarter of fiscal 2014
with total assets of $14.3 million, including $3.1 million in
cash and $497,925 in accounts receivable, according the
statement. The statement goes on to say that the company has
sufficient capital to fund operations through the second quarter
of fiscal year 2014.
“The company continues to aggressively pursue additional sales
orders and other sources of funding, including expansion of
contract engineering and development programs through strategic
partners,” according to the statement.