SANTA ROSA, Calif.--May 16, 2006--Automotive technology pioneer ZAP (NYSE Arca:ZP) announced today the results of operations for the first quarter of fiscal year 2006. The Company reported a sales increase of 141 percent over sales from the first quarter of 2005 due to the recent shipments of Smart Cars Americanized for ZAP to authorized automotive dealerships, the largest such increase since ZAP merged with Voltage Vehicles and launched its automotive marketing and distribution business plan in 2002.Net sales for the quarter ended March 31, 2006 were $2.9 million compared to $1.2 million in 2005. ZAP experienced an increase of $1.7 million or 141 percent primarily due to sales of the Smart Cars, electric vehicles and other consumer products.
Net loss for the quarter ended March 31, 2006 was $2.8 million as compared to a net loss of $1.6 million for the period ended March 31, 2005. The increase was primarily due to higher consulting and professional fees, as well as stock-based compensation expenses due to the adoption of SFAS 123R.
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