28.7.2006: Meldung: Active Power, Inc.: Second Quarter Results

Active Power Announces Second Quarter Results
Wednesday July 26, 6:45 am ET
Year-to-Date Revenue Up 36%. EMEA Revenue Growth Over 100%

AUSTIN, Texas, July 26 -- Active Power, Inc. today announced results for its second quarter ended June 30, 2006. Revenue for the second quarter of fiscal 2006 was $5.5 million, up 17% from the same period last year and down 2% from the previous quarter. For the six-month period ended June 30, 2006 revenues were $11.0 million compared to $8.1 million in 2005, an increase of 36%.

Net loss for the second quarter of 2006 was $6.0 million, or 12 cents per share, compared to a net loss of $5.6 million, or 12 cents per share, for the same period last year and a net loss of $6.0 million, or 12 cents per share in the previous quarter. Net loss for this quarter includes $787,000, or 2 cents per share, for stock-based compensation. Excluding the effects of stock-based compensation expense, which we began reporting in 2006, our loss for the quarter was 7% lower than the $5.6 million loss recorded in the second quarter of 2005.

Cash and investments usage for the quarter was $4.0 million, as compared to $4.5 million for the same period last year and $5.0 million for the previous quarter. Cash and investments at June 30, 2006 were $33.0 million.

"In the second quarter we began to see positive results from the sales resources that we"ve placed in our Europe, Middle East and Africa (EMEA) sales team," said Jim Clishem, President and CEO of Active Power. "International sales were up over 100% in Q2 as compared to the previous quarter. Bookings for this region look strong for Q3 and the remainder of 2006 as the expanding global data center market continues to value the small footprint and energy efficiency of our flywheel systems."

"We are transitioning the business to place emphasis and apply resources to higher margin sales of equipment and services, while also reducing expenses that don"t directly correlate to this goal. We believe that the cost reduction measures we took this week will allow us to realign our resources and better position Active Power for profitable growth in the future."

Recent Business Highlights:

* Shipped equipment to eight countries in Q2. International sales
accounted for 46% of our total revenue in Q2, and we believe that
sales through our EMEA channel will continue to be a growth driver for
the remainder of 2006. We have already received bookings in July for
over 11 MW of flywheel equipment from this channel, including a 4 MW
order for a major airport in Asia that we expect to ship in Q3.
* Announced an order from TNT Express ICS for a 1650 kVA turnkey power
system that includes UPS, generator, switchgear and related
components, services and installation. The system has been shipped
and installed and is currently providing increased power protection
for TNT Express ICS"s Worldwide Data Centre in Atherstone,
Warwickshire, UK.
* Shipped the final three megawatt-class UPS systems against the
11-megawatt order from Caterpillar announced at the end of January.
These flywheel UPS systems will be used to protect a large datacenter
in the United States. Installation of these systems is on-going. We
continue to see an increase in sales activity for our megawatt-class
UPS systems.
* Promoted Jim Clishem to be our President and CEO. Jim brings a wealth
of management experience, particularly in the sales and marketing
disciplines, to help complete our transition to a more commercially
directed company.
* This week we took actions to reduce operating expenses in order to
strengthen our financial position while remaining focused on
increasing higher margin sales. We also realigned resources to
harvest our technologies and provide support for a more focused multi-
channel sales strategy with an increased commitment to selling the
Active Power branded products and services. As part of this effort,
we implemented cost reduction measures, including a headcount
reduction across the entire company, that we believe will result in
approximately $1 million of savings per quarter beginning in Q4. We
expect to incur approximately $500 thousand in expenses in Q3 related
to this initiative.
* Grew service revenue 22% over the same period last year. We continue
to focus our efforts on expanding our Active Power branded sales
channel. Not only does this channel yield better margin on our
equipment, but it provides us with a better relationship with end-user
customers and the ability to capture service contracts and revenue.
Our Active Power branded sales channel accounted for 63% of total
revenue in Q2 as compared to 34% in Q1 of 2006.
* Signed the first CoolAir(TM) UPS usage plan agreement with Georgia
State University (GSU). The usage agreement, in contrast to a
standard purchase agreement, eliminates a large upfront capital
expenditure for our customers and allows them to use the CoolAir
equipment at a fixed, predictable price that includes extended
warranty and maintenance coverage.
* Continued our success in traditionally strong markets for our
products. In Q2 we shipped systems to seven data centers around the
world, seven healthcare or hospital facilities, six industrial
processing customers and four broadcast entities.
* Received an order and shipped a production-level CoolAir DC unit to
one of the leading producers of photovoltaic modules in Europe.
* Received Electrical Construction & Maintenance (EC&M) magazine"s
Product of the Year Award in the Power Conditioning Equipment category
for CoolAir DC. The honor was given to CoolAir DC by a panel of
industry experts that reviews the premier products based on innovation
and commercial availability.


Active Power expects Q3 2006 revenue to be approximately $5.5 to $6.5 million, and Q3 earnings per share to be a loss of approximately 12 to 14 cents, which includes approximately 2 cents per share for stock-based compensation expenses. We expect cash and investments usage in Q3 to be in the range of $6.0 to $7.0 million due in part to the increase in CoolAir related inventory, and that our cash usage will decrease significantly from these levels in Q4.

Conference call:

The Company will host a conference call today, Wednesday, July 26, at 11:00 a.m. Eastern Time, to further review the Company"s fiscal Q2 results. A replay of the webcast will be available until August 9th. Investors may access the live broadcast and replay through our web site: http://www.activepower.com .

About Active Power:

Active Power, Inc. (http://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 has also recently developed a new battery-free extended runtime product line (CoolAir(TM)) based on its proprietary thermal and compressed air storage technology.

Source: Active Power, Inc.
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