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Meldungen 24.10.2003

24.10.2003: Meldung: Active Power Inc.: Third Quarter Results

Active Power Announces Third Quarter Results

Thursday October 23, 6:30 am ET

 

AUSTIN, Texas -- Oct. 23, 2003--Active Power, Inc. (Nasdaq:ACPW - News) today announced results for its third quarter ended September 30, 2003. Total revenues for the third quarter of fiscal 2003 were $3.0 million, up 60% sequentially from the second quarter 2003. Product revenues for the quarter increased 37% from the same period in the prior year. There was no development contract revenue for the quarter ended September 30, 2003, as compared with $1.0 million for the same period last year, resulting in a 6% reduction in total revenue. Net loss for the third quarter of 2003 was $5.1 million, or 12 cents per share, compared to a net loss of $5.9 million, or 14 cents per share, for the previous quarter and a net loss of $6.4 million, or 15 cents per share, for the same period last year. Consumption of cash and investments for the quarter was $4.5 million, as compared to $4.0 million for the previous quarter and $5.6 million for the same period last year. Cash and investments at September 30, 2003, were $76.2 million.

 

"We are encouraged by the increased demand for our products. Sales activity has been growing for the last few quarters and we are now beginning to see the conversion of this interest into orders. Solid product performance, an expanded product line, additional channels to market and several high profile power outages are all contributing to this pick up in demand," said Joe Pinkerton, Chairman and CEO of Active Power.

 

"The development effort on our battery-free, 15-minute runtime system is progressing on schedule. An early-stage prototype continues to post results that closely track our simulations. Several industry leaders have witnessed a demo of the prototype and we are excited about their feedback on the potential of this new technology. We plan to ship alpha systems to customers by late 2004."

 

Business Highlights:

Shipped 49 flywheel units in Q3, or 12 megawatts of power protection equipment to 10 countries around the world.

Improved product gross margins by 49 percentage points year over year and 33 percentage points sequentially to (21%) due to increased sales volume, engineering driven product design savings and reduced manufacturing staffing and spending levels.

Executed an exclusive distributor agreement with Fuji Electric for our CleanSource DC product, wherein they will sell and market this product in Japan.

Shipped the first 1200 kVA high power UPS system to an Illinois customer who plans to use the UPS to protect its critical data center operations.

Received the first order for our 1000 kVA UPS system for a hospital installation in Belgium. We expect to ship this unit by the end of the year.

Increased sales through our Active Power direct channel in Q3 as government and other direct sales channel activity began to take hold.

Made our first sale of equipment and services to the United States Government, utilizing our GSA schedule.

Reduced our inventory by 56% from the same period last year and 25% sequentially from Q2 2003.

 

Outlook:

Active Power expects Q4 2003 revenue to increase to approximately $3.5 to $4.0 million, and Q4 earnings per share to be a loss of approximately 10 to 12 cents. We expect cash consumption in Q4 to be in the range of $4.5 million to $5.5 million.

Conference call:

The Company will host a conference call today, Thursday, October 23, at 11:00 a.m. Eastern Time, to further review the Company"s fiscal Q3 results. A replay of the webcast will be available until November 6th. Investors may access the live broadcast and replay through our web site: www.activepower.com.

 

About Active Power:

Active Power, Inc. (www.activepower.com) designs, manufactures and markets battery-free power quality products that provide the consistent, reliable electric power required by today"s digital economy. An ISO 9001-certified company, Active Power is the first to commercialize a flywheel energy storage system, CleanSource® that provides a highly reliable, low-cost and non-toxic replacement for lead-acid batteries used in conventional power quality installations.

 

Active Power and our Active Power logo and CleanSource are registered trademarks of Active Power, Inc. All other trademarks are the properties of their respective companies.

 

ACTIVE POWER, INC.

CONDENSED STATEMENTS OF OPERATIONS

(thousands)

(unaudited)

Three Months Ended Nine Months Ended

September 30, September 30,

2003 2002 2003 2002

----------- ----------- ----------- -----------

Revenues:

Product revenue $2,988 $2,185 $6,484 $7,417

Development contract -- 1,000 -- 3,000

----------- ----------- ----------- -----------

Total revenue 2,988 3,185 6,484 10,417

Operating expenses:

Cost of product

revenue 3,629 3,552 9,801 11,621

Cost of development

contract -- 888 -- 2,432

Research and

development 2,236 2,671 7,130 7,945

Selling, general &

administrative 2,594 3,178 8,210 9,405

Amortization of

deferred stock

compensation 17 109 83 1,197

----------- ----------- ----------- -----------

Total operating

expenses 8,476 10,398 25,224 32,600

Loss from operations (5,488) (7,213) (18,740) (22,183)

Interest income 423 786 1,429 2,520

Other income

(expense) (1) 12 (12) 2

----------- ----------- ----------- -----------

Total other income

(expense) 422 798 1,417 2,522

Net loss (5,066) (6,415) (17,323) (19,661)

=========== =========== =========== ===========

Weighted average

common shares

outstanding 41,995 41,415 41,869 41,132

Net loss to common

shareholders per

share -- basic &

diluted $(0.12) $(0.15) $(0.41) $(0.48)

ACTIVE POWER, INC.

CONDENSED BALANCE SHEETS

(Thousands)

September 30, December 31,

2003 2002

(unaudited)

Assets

Cash & investments $76,193 $90,044

Accounts receivable (net) 2,232 1,510

Inventories 3,565 6,511

Prepaid expenses and other 1,417 613

Property and equipment (net) 11,069 12,095

-------------- ------------

Total assets $94,476 $110,773

============== ============

Liabilities and stockholders" equity

Accounts payable $1,003 $352

Accrued expenses 3,585 3,761

Deferred revenue 368 --

Stockholders" equity 89,520 106,660

-------------- ------------

Total liabilities and stockholders"

equity $94,476 $110,773

============== ============

 

Contact:

Active Power Inc., Austin

Investors:

Michael Chibib, 512-744-9453

mchibib@activepower.com

or

Corporate Communications:

Derek Jones, 512-744-9210

djones@activepower.com

 

 

 

Source: Active Power Inc.

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