15.11.205: Meldung: Beacon Power Corp.: Third-Quarter 2005 Results
Beacon Power Announces Third-Quarter 2005 Results
WILMINGTON, Mass.-- Nov. 14, 2005--Beacon Power Corporation, a company that designs and develops advanced products and services to support more stable and reliable electricity grid operation, today announced its financial results for the third quarter ended September 30, 2005.
For the third quarter of 2005, Beacon Power reported revenue of $304,064, compared to revenue of $80,902 in the third quarter of 2004, an increase of $223,162, or 276%. Revenues for the nine months ending September 30, 2005, were $1,258,503, compared to $264,793 for the same period in 2004, an increase of $993,710, or 375%.
Beacon Power reported a net loss of $2.1 million, or ($0.04) per share, compared to a net loss of $1.9 million or ($0.04) per share for the third quarter of 2005 and 2004, respectively, representing an increase of approximately $0.2 million or 16%.
For the nine months ended September 30, 2005, the Company reported a net loss of $6.2 million or ($0.13) per share, compared to a net loss of $6.3 million, or ($0.14) per share for the nine months ended September 30, 2004, which represents a decrease of approximately $0.1 million or 2%.
In the third quarter of 2005 a one-time charge of $0.7 million for costs relating to the proposed acquisition of NxtPhase T&D Corporation was expensed. The Company now believes it is unlikely that this transaction will be completed and, as such, has recorded this expense for its previously capitalized direct merger costs.
Beacon Power ended the third quarter of fiscal 2005 with approximately $3.4 million in cash and cash equivalents. This amount includes $3 million recently invested by Perseus 2000 Expansion, L.L.C.
Subsequent to the end of the quarter, on November 8, 2005, the Company raised approximately $15 million, before expenses of approximately $0.8 million, from ten institutional investors in a private placement. The Company expects to use the proceeds to begin development of its Smart Energy 25 flywheel, which is a key component of the Company"s Smart Energy Matrix system for frequency regulation.
"The recent investment of $15 million in Beacon is a vote of confidence by the investment community in our technology, our products and our people," said Bill Capp, Beacon president and CEO. "During the quarter we shipped and installed our first Smart Energy Matrix demonstration system in California, and on October 7th we were awarded a $750,000 contract from the United States Air Force Research Laboratory and the Department of Defense"s Defense Advanced Research Projects Agency to design a flywheel for space applications.
"By continuing to pursue research and development contracts while simultaneously developing our next-generation flywheel system, we can add revenue, improve our technology, expand our energy storage product offerings and provide greater value to shareholders," Capp added.
About Frequency Regulation
One of the most challenging aspects of today"s electricity grid is that the amount of power generated and the amount consumed must be in exact balance at all times. When imbalances occur, the frequency of electricity (60 hertz in the U.S.) that end users require will not be maintained, which adversely affects grid stability. The constant balancing of power demand and production to maintain a stable frequency is called frequency regulation. Beacon"s Smart Energy Matrix is a flywheel-based energy storage system that is intended to be a long-life, environmentally friendly solution for frequency regulation, with no fuel consumed and no emissions generated. More details, along with an informative animated presentation, are available at www.beaconpower.com.
About Beacon Power
Beacon Power Corporation designs sustainable energy storage and power conversion solutions that would provide reliable electric power for the utility, renewable energy, and distributed generation markets. Beacon"s Smart Energy Matrix is a design concept for a megawatt-level, utility-grade flywheel-based energy storage solution that would provide sustainable power quality services for frequency regulation, and support the demand for reliable, distributed electrical power. Beacon is a publicly traded company with its research, development and manufacturing facility in the U.S. For more information, visit www.beaconpower.com.
For more information, please contact James Spiezio, Chief Financial Officer at Beacon Power Corporation, tel. 978.694.9121; fax 978.694.9127; email firstname.lastname@example.org, or send mail to 234 Ballardvale Street, Wilmington, MA 01887. Visit Beacon Power on the Internet at www.beaconpower.com
CONTACT: Beacon Power Corporation
SOURCE: Beacon Power Corporation