18.10.02

18.10.2002: Meldung: Active Power, Inc. Announces Third Quarter Results Thursday

Austin, Texas, Oct. 17, 2002 - Active Power, Inc. (Nasdaq:ACPW) today announced results for its third quarter ended September 30, 2002. Revenues for the third quarter of fiscal 2002 totaled $3.2 million, up 3% sequentially, down 49% from the same period the previous year, and in-line with company revenue guidance. Net loss for the third quarter of 2002 was $6.4 million, or 15 cents per share, compared to a net loss of $6.7 million or 16 cents per share in the second quarter of 2002. This compares to a net loss of $7.4 million, or 18 cents per share, in the third quarter of 2001. Cash consumption for the quarter was $5.6 million. Cash and investments at September 30, 2002 were $94.0 million.
"Despite a challenging capital spending environment, we continue to expand our end user customer base and product line," said Joe Pinkerton, Chairman and CEO of Active Power. "We now have hundreds of satisfied customers in dozens of countries and the development of our new 1200 kVA UPS remains on track."

Highlights from Q3:

Demonstrated our 1200 kVA UPS product at full power. Completion of this milestone generated $1.0 million in development revenue in the third quarter. Reduced our cash burn rate by 43% for the first nine months of 2002 ($9.9M) compared to the same period in 2001 ($17.5M). Exceeded 3.75 million hours (about 430 years) of customer runtime. Received several repeat end user customer orders, including orders within the banking and broadcasting industries. Continued to increase the number of dedicated CleanSource® UPS OEM salespeople worldwide. Made significant progress on our product cost reduction efforts, with the second wave of reductions expected to hit the bottom line in the second half of 2003. Outlook:

Active Power expects fourth quarter revenue to be in the range of $3 million to $4 million, including $1 million in development funding, fourth quarter earnings per share to be a loss of 15 to 16 cents, and cash burn to be in the range of $5 million to $6 million. We believe the $94 million in cash and investments on hand as of September 30, 2002 will fully fund our current business plan for at least the next three to four years.
Conference call:

The Company will host a conference call today, Thursday, October 17, 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 October 31st. Access the live broadcast and replay through the corporate 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, Inc.

STATEMENT OF OPERATIONS

(thousands, except for share and per share amounts)
(unaudited)

Three Nine
Months Ended Months Ended
September 30, September 30,
2002 2001 2002 2001
----------- ----------- ----------- -----------

Revenues:
Product revenue 2,185 6,219 7,417 18,058
Development contract 1,000 0 3,000 0
----------- ----------- ----------- -----------
Total revenue 3,185 6,219 10,417 18,058

Operating expenses:
Cost of product
revenue 3,552 6,885 11,621 20,670
Cost of development
contract 888 0 2,432 0
Research,
development and
engineering 2,671 4,003 7,945 11,562
Selling, general &
administrative 3,178 2,908 9,405 8,571
Amortization of
deferred stock
compensation 109 926 1,197 3,197
----------- ----------- ----------- -----------
Total operating
expenses 10,398 14,722 32,600 44,000

Loss from operations (7,213) (8,503) (22,183) (25,942)

Interest income 786 1,266 2,520 5,167
Other income (expense) 12 (123) 2 (148)
----------- ----------- ----------- -----------
Total other income/
(expense) 798 1,143 2,522 5,019

Loss before income
taxes (6,415) (7,360) (19,661) (20,923)

Provision for income
taxes 0 0 0 0
----------- ----------- ----------- -----------

Net loss $(6,415) $(7,360) $(19,661) $(20,923)

Weighted average common
shares outstanding 41,415,333 40,153,164 41,132,381 39,532,822
Net loss per share of
common stock -- basic
& diluted $(0.15) $(0.18) $(0.48) $(0.53)


ACTIVE POWER, INC.
BALANCE SHEETS
(thousands)

September 30, December 31,
--------------- -------------
2002 2001
--------------- -------------
(unaudited)
Assets

Cash & investments 94,031 112,105
Accounts receivable (net) 1,740 1,723
Inventories (net) 8,172 7,869
Prepaid expenses and other 976 714
Property and equipment (net) 14,189 16,965


Total assets 119,108 139,376

Liabilities and stockholders" equity

Accounts payable 1,176 4,530
Accrued expenses 3,241 3,116
Stockholders" equity 114,691 131,730


Total liabilities and
stockholders" equity 119,108 139,376

Active Power Inc.
STATEMENT OF CASH FLOWS
(thousands)
(unaudited)

Nine
Months Ended
September 30,
2002 2001
-------- --------
OPERATING ACTIVITIES:
Net loss (19,661) (20,924)
Depreciation and amortization 2,896 1,705
Unrealized gain on available-for-sale investments 400 --
Warrants & deferred stock charges 1,197 3,197
Change in assets and liabilities (3,384) (709)
-------- --------

Net cash used in operating activities (18,552) (16,731)

Capital expenditures (548) (13,724)
-------- --------

Net cash used in operating activities & capital
expenditures (19,100) (30,455)

Net cash from financing activities 1,026 3,757

Net increase (decrease) in cash and investments (18,074) (26,698)


Contact:
Active Power, Inc., Austin

Investors:
Bob Gray, 512/744-9284
bgray@activepower.com
or
Corporate Communications:
Jennifer Z. Lozier, 512/744-9461
jlozier@activepower.com
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