ZAP (ZAAP.OB), an electric vehicle distributor, posted record sales for the first nine months of 2006 and its first profit for the quarter. Sales for the third quarter were $2.6 million compared to $799,000 in 2005; for the first nine months of 2006 sales were $9.9 million, up from $2.9 million in 2005.
ZAP reported a net income of $305,000 for the quarter ended September 30, 2006 as compared to a net loss of $6.8 million for the quarter ended September 30, 2005. Contributing to the profit was a gain on the settlement of the Smart-Automobile LLC liability during the quarter. ZAP has established an automotive dealer network to market electric vehicles. Sales for all of ZAP’s electric transportation have risen, from its ZAPPY3 electric transporters, to its scooters, mopeds, bicycles, motorcycles, dirt bikes, seascooters and more.
“With record sales and a net profit, ZAP is grateful to all the supporters who believed in us for the past 12 years,” said CEO Steve Schneider. “In particular, we want to thank our dealers who are the true ambassadors of electric transportation in communities across the country.”
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