3.2.2006: Meldung: Active Power, Inc.: Fourth Quarter Results
AUSTIN, Texas, Feb. 1 / Active Power, Inc. today announced results for its fourth quarter ended December 31, 2005. Revenue for the fourth quarter of fiscal 2005 was $5.2 million, up 9% from the same period last year and 14% from the previous quarter. Revenue for the year ended December 31, 2005 was $17.8 million, up 13% from the 2004 total of $15.8 million.
Net loss for the fourth quarter of 2005 was $6.8 million, or 14 cents per share, compared to a net loss of $5.1 million, or 12 cents per share, for the same period last year and a net loss of $5.2 million, or 11 cents per share in the third quarter of 2005. Net loss for the current quarter was affected by $2.1 million in charges for technology impairments related to license agreements signed in 2000 and 2001 for third party technologies that we have decided not to commercialize and by an increase in our provision for doubtful accounts relating to certain foreign customer receivables.
Cash and investments usage for the quarter was $6.4 million, as compared to $10.8 million for the same period last year and $6.8 million for the previous quarter. The fourth quarter"s cash and investment usage was greater than expected due to lower than anticipated collections from certain foreign customers. Cash and investments at December 31, 2005 were $42.0 million.
"We continue to see growth in our megawatt-class UPS business, with five systems shipping during the fourth quarter and the receipt of our largest megawatt-class UPS order to date earlier this week," said Joe Pinkerton, Chairman and CEO of Active Power. "We have also made significant progress on our newest product, CoolAir(TM) DC, with its public launch and the first sale during the quarter. Our company enters 2006 with the broadest offering of three-phase UPS and energy storage systems on the market. We are making significant investments in sales and marketing to increase our market penetration with these products. To that end, we promoted Jim Clishem to be our President and COO. Jim is focusing our sales teams by geography and has hired two industry veterans to run these groups."
Recent Business Highlights: * Announced this week the receipt of an 11 Megawatt UPS order from Caterpillar that will be used to protect a large datacenter in the United States. This order is our largest single megawatt-class UPS order received to date. We believe this order will be shipped over the first half of this year. * Launched our new battery-free extended runtime product, CoolAir(TM) DC, at the 7 x 24 Exchange Fall Conference in November. We followed up this launch with the first sale of a CoolAir(TM) DC product in December. The sale followed a detailed evaluation process over several months in which a leading utility company tested the unit in a number of different applications. * Completed the enlistment and training of manufacturer"s representative firms that will sell our CoolAir(TM) DC product throughout North America. We now have over 25 representative firms engaged, trained and ready to sell our equipment. * Shipped 1.8 MVA of UPS systems to protect the runway lights at the largest airport in Mexico, Aeropuerto Internacional de la Ciudad de Mexico. We shipped an additional 1 MVA of UPS equipment to an airport in the Middle East. * Entered into an early adopter agreement with a multi-billion dollar corporation and UPS systems manufacturer to test and evaluate our CoolAir(TM) DC at one of its test facilities in Europe. * Shipped multiple DC and UPS flywheel units to seven separate datacenter customers in Q4. We believe equipment sales will continue to increase with the resurgent growth of the datacenter market. * Continued our strong international presence with shipments to seven countries. International sales constituted 36% of revenue in Q4. * Received the 2005 Award for Customer Development Leadership from Frost&Sullivan, a leading backup power industry analyst. * Announced the appointment of Jim Clishem as President and Chief Operating Officer of the Company. Mr. Clishem will run the day-to-day operations of the company, with a particular focus on sales, marketing and operating expense reduction. * Announced Ian Bitterlin as the new Vice President of Sales for the European, Middle East, and African (EMEA) markets. Mr. Bitterlin brings a wealth of international UPS sales experience to Active Power. His appointment reinforces our strategy to dramatically grow our global power quality solutions business. * Promoted industry veteran John Rodenhausen to be our Vice President of Sales for the Americas. Mr. Rodenhausen had been serving as our Director of Static UPS Business, focusing primarily on the establishment of a North American manufacturer"s representative sales channel selling our double conversion UPS line and new CoolAir(TM) DC product. Outlook:
Active Power expects Q1 2006 revenue to be approximately $4.5 to $5.5 million, and Q1 earnings per share to be a loss of approximately 13 to 15 cents, which includes approximately 2 cents per share for stock compensation expenses pursuant to FAS 123R. We expect cash and investments usage in Q1 to be in the range of $5.0 to $6.0 million.
The Company will host a conference call today, Wednesday, February 1, 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 15th. 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(R), 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.
Active Power Contacts: Michael Chibib, Investors, 512.744.9453,