15.8.2005: Meldung: Beacon Power Corp.: Second-Quarter 2005 Results
Beacon Power Announces Second-Quarter 2005 Results
WILMINGTON, Mass., Aug 12, 2005 -- Beacon Power Corporation (Nasdaq: BCON), 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 second quarter ended June 30, 2005.
For the second quarter of 2005, Beacon Power reported revenue of $318,000, compared with revenue of $126,000 in the second quarter of 2004. Revenues for the six months ending June 30, 2005 were $954,000 compared to $184,000 for the same period in 2004.
Beacon Power reported a net loss of $1.8 million, or ($0.04) per share compared to a net loss of $2.3 million, or ($0.05) per share for the second quarters of 2005 and 2004, respectively. For the six months ended June 30, 2005 the Company reported a net loss of $4.0 million or ($0.09) per share, compared to a net loss of $4.4 million, or ($0.10) for the six months ended June 30, 2004.
For the quarter ended June 30, 2005, the Company reported total costs and expenses of $2.0 million, compared with $2.4 million for the second quarter of 2004. Total costs and expenses for the six months ended June 30, 2005 were $5.0 million compared to $4.6 million for the same period in 2004.
Beacon Power ended the second quarter of fiscal 2005 with approximately $3.5 million in cash and cash equivalents. This amount includes $1.5 million invested by Perseus 2000 Expansion, L.L.C. on May 24, 2005 in exchange for 1,666,667 shares of Beacon"s common stock, a warrant to purchase initially up to 800,000 shares of Beacon common stock at a price per share of $1.008, and an agreement to extend the term of an existing warrant by two years through May 23, 2007. In addition, on June 13, 2005, Perseus invested an additional $500,000 in the Company in exchange for 595,238 shares of Beacon common stock and a warrant to purchase initially up to 138,636 shares of Beacon common stock at a price per share of $1.008. Pursuant to the terms of the Investment Agreement with Perseus, the Company used the $500,000 to purchase 111,111 Class A preferred shares of NxtPhase T&D Corporation, a company with which Beacon has entered into an agreement for the acquisition of NxtPhase, subject to various closing conditions.
"At the mid-way point of the year, we"re proceeding on schedule with the two Smart Energy Matrix(TM) demonstration systems we"re building for installation in California and New York," said Bill Capp, Beacon Power president and chief executive officer. "In less than one year, our engineering team has been able to design, develop, assemble and integrate the world"s first flywheel matrix to demonstrate how responsive energy storage can provide grid frequency regulation. The result of their efforts is that the system was successfully tested and approved for shipment to California later this month, pending completion of installation site preparations."
Capp added, "With field testing of the first prototype Smart Energy Matrix imminent, and the expected shipment of our second system to New York in the fall, we"re beginning to see interest in this demonstration from energy officials and experts around the country. With the Energy Bill now becoming law, including new standards for grid reliability, we believe that our cleaner, better-performing technology will represent an appealing alternative for grid operators and utilities."
"We continue to meet with potential investors and other industry supporters. We believe that we will be able to raise sufficient funds to continue operations and begin development of the flywheel system for the Smart Energy Matrix," said James Spiezio, CFO of Beacon Power.
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
SOURCE: Beacon Power Corporation
Beacon Power Corporation
James Spiezio, 978-694-9121