27.1.2005: Meldung: Active Power, Inc.: Fourth Quarter Results
Wednesday January 26, 6:45 am ET
AUSTIN, Texas-- Jan. 26, 2005--Active Power, Inc. (NASDAQ: ACPW - News) today announced results for its fourth quarter ended December 31, 2004. Revenues for the fourth quarter of fiscal 2004 were $4.8 million, up 98% from the same period last year, and 17% sequentially. Revenues for the full year 2004 were $15.8 million, up 78% from 2003.
Net loss for the fourth quarter of 2004 was $5.1 million, or 12 cents per share, compared to a net loss of $4.4 million, or 10 cents per share, for the same period last year and a net loss of $10.9 million, or 26 cents per share in the third quarter of 2004. Third quarter 2004 net loss included $4.8 million in litigation settlement charges.
Cash and investments usage for the quarter was $10.8 million, as compared to $4.0 million for the same period last year. The increase in cash and investment usage was due primarily to the final $3.8 million payment toward the recent litigation settlement, legal and professional fees associated with the lawsuit, and changes in our working capital balances. Cash and investments at December 31, 2004 were $45.7 million.
"We achieved two critical milestones during the fourth quarter," said Joe Pinkerton, Chairman and CEO of Active Power. "First, we achieved positive gross margin. For the year, our gross margin increased 43 percentage points relative to 2003. Second, we shipped our first CleanSource? XR product. This new extended runtime product opens up several large markets, including the midrange UPS, telecom backup and utility load-shifting segments. We plan to ship additional CleanSource XR evaluation units to customers over the next few months and start production shipments in the second half of this year."
* Grew revenue 17% from Q3 2004 due to increased UPS sales, primarily to international customers. Full year revenue increased 78% in 2004 as compared to 2003 driven primarily by new product sales and the expansion of our direct sales channels.
* Increased revenues, including the recognition of $560 thousand of previously deferred revenue that had no associated costs in Q4, allowed us to reach positive gross margin in Q4.
* Shipped the first unit of our extended runtime product -- CleanSource XR -- to a large utility company in North America. This unit will be evaluated in UPS and utility load-shifting applications.
* Installed a 1000 kVA UPS in Europe during Q4. The system is currently protecting a critical load at a medical facility in Italy.
* Shipped three 1000 kVA UPS systems in Q4. We have now shipped nine of these high power systems.
* Continued our success in the healthcare industry by shipping eight systems to healthcare or hospital facilities in Q4. We also shipped several systems to customers in other traditionally strong markets, such as airports and broadcasting.
* Placed an additional system with a leading semiconductor manufacturer, to be used in their Austin, Texas facility to protect critical semiconductor processing equipment.
* Continued our strong international presence with shipments of six UPS systems to the Czech Republic, three systems to Puerto Rico and our first end-user UPS system to a customer in India.
* Continued operational improvements resulted in a 12% decrease in inventory levels and increased inventory turnover in Q4 compared to the same period last year.
Active Power expects Q1 2005 revenue to be approximately $4.0 to $4.5 million, and Q1 earnings per share to be a loss of approximately 11 to 13 cents. We believe the potential sequential decline in Q1 2005 revenues is due to typical seasonality. For the full year 2005, we expect revenues to increase 50 to 75% over 2004. We expect cash and investments usage in Q1 to be in the range of $4 to $5 million.
The Company will host a conference call today, Wednesday, January 26, at 11:00 a.m. Eastern Time, to further review the Company"s fiscal Q4 results. A replay of the webcast will be available until February 9th. 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.
Michael Chibib, 512-744-9453
Derek Jones, 512-744-9210
Source: Active Power, Inc.