28.07.08

Active Power: Second Quarter 2008 Results

Active Power, Inc. announced results for its second quarter ended June 30, 2008. Revenue for the second quarter was $6.8 million, a 10 percent decrease from the previous quarter and a decrease of 26 percent from the same period last year. For the six months ended June 30, 2008, revenues were $14.3 million compared to $15.2 million in 2007. The net loss for the quarter was $4.4 million, or 7 cents per share, compared to a net loss of $4.5 million or 7 cents per share in the prior quarter and a loss of $4.6 million, or 9 cents per share, for the same period last year.

For the quarter, Active Power reported a gross profit margin of 14 percent compared to 10 percent in the previous quarter and compared to 17 percent in the same period last year. The decrease in cash and investments during the quarter was $3.2 million compared to a decrease of $5.1 million in the previous quarter and a decrease of $4.4 million in the same period last year. Cash and investments on June 30, 2008, were $14.2 million.

“Our quarterly results were achieved within the guidance provided,” said Jim Clishem, president and CEO of Active Power. “As we advised at the beginning of second quarter, we anticipated delays in receiving orders and recognizing revenue due to a higher mix of large systems and containerized product opportunities that typically have longer sales cycles. As anticipated, we have seen a significant increase in new orders. Since April, we have received orders valued at more than $15 million, positioning us for a strong second half of the year. We believe our key differentiators of efficient, reliable and green are becoming even more attractive to major data center operators who are struggling in an environment of economic uncertainty and increasing energy demand and cost.”

Business Highlights

    * Announced multiple sales orders for Megawatt Class CleanSource UPS systems and PowerHouse solutions from global customers including Tesco and a Chinese utility, one of the largest subsidiaries of the China National Power Grid.

    * Announced relationship with Sun Microsystems where Active Power’s PowerHouse containerized solution will complement Sun’s Modular Datacenter.
    * Received multiple product certifications from China Ministry of Information Industry for CleanSource® UPS 300 Series product line which will allow Active Power to sell UPS solutions in China.
    * Direct sales accounted for 50 percent of total second quarter sales while indirect channels contributed 50 percent.
    * Service revenues for first half of 2008 were 15 percent higher compared to 2007 levels, which continue to reflect benefits of having a direct sales model in place and selling full solutions.
    * Shipped equipment to eight countries outside the U.S. in second quarter, which represented 39 percent of revenue.

Outlook

Active Power expects third quarter 2008 revenues to be between $9 and $12 million. Third quarter earnings per share are expected to be a loss of approximately 4 to 6 cents. Active Power expects its cash and investments balance to decrease in the third quarter by $3 and $4 million as we fund an anticipated increase in working capital due to the expected higher business levels.

Conference Call Details

Active Power will host a conference call today, Friday, July 25, 2008, at 11:00 a.m. (ET), to further review second quarter 2008 results. Interested parties can listen via Web cast at http://www.videonewswire.com/event.asp?id=49404. A replay of the Web cast will be available until August 8, 2008. Investors may access the live broadcast and replay via Active Power’s Web site at www.activepower.com.

About Active Power

Active Power (NASDAQ: ACPW - News) provides efficient, reliable and green critical power solutions and uninterruptible power supply (UPS) systems to enable business continuity in the event of power disturbances. Founded in 1992, Active Power’s flywheel-based UPS systems protect critical operations in data centers, healthcare facilities, manufacturing plants, broadcast stations and governmental agencies in more than 40 countries. Active Power also offers CoolAir, the only solution that provides both backup power and backup cooling. With expert power system engineers and worldwide services and support, Active Power ensures organizations have the power to perform. For more information, please visit www.activepower.com.

Cautionary Note Regarding Forward-Looking Statements

This release may contain forward-looking statements that involve risks and uncertainties. Any forward-looking statements and all other statements that may be made in this news release that are not historical facts are subject to a number of risks and uncertainties, and actual results may differ materially. Specific risks include delays in new product development, product performance and quality issues and the acceptance of our current and new products by the power quality market. Please refer to Active Power filings with the Securities and Exchange Commission for more information on the risk factors that could cause actual results to differ.

Active Power, CleanSource and CoolAir are registered trademarks of Active Power, Inc. The Active Power logo, PowerHouse and PowerCentre are trademarks of Active Power, Inc. All other trademarks are the properties of their respective companies.

ACTIVE POWER, INC.
CONDENSED STATEMENTS OF OPERATIONS
(Thousands, except per share amounts)

(unaudited)
                                            
        

Three

Months Ended

June 30,
        

Six

Months Ended

June 30,
        2008         

2007
        

2008
        

2007
                                
Product revenue         $     5,592             $     7,725             $     11,840             $     12,996     
Service and spares revenue               1,196                     1,457                     2,486                     2,159     
Total revenue             6,788                 9,182                 14,326                 15,155     
                                
Cost of product revenue             4,765                 6,469                 10,422                 11,380     
Cost of service and spares revenue               1,081                     1,166                     2,179                     1,891     
Total cost of revenue             5,846                 7,635                 12,601                 13,271     
                                
Gross profit             942                 1,547                 1,725                 1,884     
                                
Operating expenses:                                 
Research and development             1,304                 1,326                 2,706                 2,910     
Selling and marketing             3,055                 2,621                 6,005                 5,246     
General & administrative               1,186                     2,456                     2,368                     5,207     
Total operating expenses               5,545                     6,403                     11,079                     13,363     
Operating loss             (4,603     )             (4,856     )             (9,354     )             (11,479     )
                                
Interest income             91                 159                 254                 360     
Other income (expense)               

85
                    51                     204                     49     
Net loss         $     (4,427     )         $     (4,646     )         $     (8,896     )         $     (11,070     )
                                
Net loss per share, basic & diluted         $     (0.07     )         $     (0.09     )         $     (0.15     )         $     (0.22     )
Shares used in computing net loss per share, basic & diluted             60,124                 50,090                 60,124                 50,089     
                                
Comprehensive loss:                                 
Net loss         $     (4,427     )         $     (4,646     )         $     (8,896     )         $     (11,070     )
Translation loss on subsidiaries in foreign currencies             152                 38                 322                 (106     )
Unrealized gain (loss) on investments in marketable securities             (5     )             5                 (2     )             17     
Comprehensive loss         $     (4,280     )         $     (4,603     )         $     (8,576     )         $     (11,159     )
                                                                
ACTIVE POWER, INC.
CONDENSED BALANCE SHEETS
(In thousands)
                          
        June 30,         December 31,
        2008         2007
Assets         (unaudited)         
                
Current assets:                 
Cash and cash equivalents         $     12,298             $     15,504     
Short-term investments in marketable securities             655                 6,581     
Accounts receivable, net             5,934                 5,177     
Inventories             8,678                 9,198     
Prepaid expenses and other               593                     540     
Total current assets             28,158                 37,000     
Property and equipment, net             5,191                 5,530     
Long-term investments             1,241                 407     
Deposits and other               439                     389     
Total assets         $     35,029               $     43,326     
                
Liabilities and stockholders' equity                 
                
Current liabilities:                 
Accounts payable         $     2,526             $     2,342     
Accrued expenses             4,681                 5,793     
Deferred revenue               2,351                     1,918     
Total current liabilities             9,558                 10,053     
                
Long-term liabilities             25                 25     
Stockholders' equity:                 
Common stock             60                 60     
Treasury stock             (59     )             (5     )
Additional paid-in capital             259,458                 258,630     
Accumulated deficit             (234,297     )             (225,401     )
Other accumulated comprehensive income (loss)               284                     (36     )
Total stockholders’ equity               25,446                     33,248     
Total liabilities and stockholders’ equity         $     35,029               $     43,326     
                                


Contact:

Active Power
Investor Relations:
John Penver, Chief Financial Officer, 512-744-9234
jpenver@activepower.com

Source: Active Power, Inc.
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