Active Power Announces 363% Increase in Revenues for 2001.Business Editors & Energy Writers AUSTIN Austin. 1 City (1990 pop. 21,907), seat of Mower co., SE Minn., on the Cedar River, near the Iowa line; inc. 1868. The commercial and industrial center of a rich farm region, it is noted as home to the Hormel meatpacking company, whose Spam Town museum , Texas--(BUSINESS WIRE)--Jan. 24, 2002 Active Power, Inc. (Nasdaq:ACPW ACPW Asymmetrical Coplanar Waveguide ACPW Advisory Committee of the Purity of Water (Australia) ), a leading provider of battery-free power quality solutions, today announced results for the fourth quarter ended December December: see month. 31, 2001. Revenues for the fourth quarter of fiscal 2001 totaled $4.5 million, including $1.0 million in development funding, up 69% from the same period the previous year. For fiscal 2001, revenues totaled $22.6 million, up $17.7 million or 363% from 2000. Net loss for the fourth quarter of 2001 was $7.0 million, or 17 cents per share Cents per share The amount of a mutual fund's dividend or capital gains distributions that a shareholder will receive for each share owned. , compared to a net loss of $6.3 million, or 16 cents per share in the same period the previous year and a $7.4 million loss in the preceding quarter. Net loss for fiscal 2001 was $28.0 million, compared to a net loss of $42.2 million for 2000. The year over year decrease in net loss was primarily attributable attributable emanating from or pertaining to attribute. attributable proportion see attributable risk (below). attributable risk to the Company no longer incurring in·cur tr.v. in·curred, in·cur·ring, in·curs 1. To acquire or come into (something usually undesirable); sustain: incurred substantial losses during the stock market crash. 2. charges for accretion The act of adding portions of soil to the soil already in possession of the owner by gradual deposition through the operation of natural causes. The growth of the value of a particular item given to a person as a specific bequest under the provisions of a will between the and dividends on preferred stock Stock shares that have preferential rights to dividends or to amounts distributable on liquidation, or to both, ahead of common shareholders. Preferred stock is given preference over common stock. Holders of preferred stock receive dividends at a fixed annual rate. . Cash and investments at December 31, 2001 were $112.1 million. Highlights from the last quarter include: a 4.75 megawatt meg·a·watt n. Abbr. MW One million watts. meg  a·watt order
from an industrial manufacturer, completion of key development
milestones on the new Cat(R) high power electronics platform, solid
field performance and rapid market acceptance of our newly released
CleanSource2(R) products."With our strengthened distribution agreements, 900% increase in manufacturing capacity, 2 million hours of reliable product operation in the field and successful launch of our new CleanSource2(R) line, we were able to grow customer installations by ten-fold Adj. 1. ten-fold - containing ten or ten parts denary, tenfold multiple - having or involving or consisting of more than one part or entity or individual; "multiple birth"; "multiple ownership"; "made multiple copies of the speech"; "his multiple during the past year," said Joe Pinkerton Pin·ker·ton , Allan 1819-1884. Scottish-born American detective. His agency was notorious for breaking strikes and disrupting labor efforts to unionize. , Chairman and Chief Executive Officer of Active Power. "With hundreds of installations and an expanding product line, we have built a strong foundation for growth in 2002." Conference call: The company will host a conference call today (Thursday Thursday: see week. , January January: see month. 24) at 5:00 p.m. Eastern Time. A live broadcast and replay of the conference call will be available on the Internet Internet Publicly accessible computer network connecting many smaller networks from around the world. It grew out of a U.S. Defense Department program called ARPANET (Advanced Research Projects Agency Network), established in 1969 with connections between computers at the by accessing our corporate web site at http://www.activepower.com/investor_relations/index.html. 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. Active Power is the first company to commercialize a flywheel energy storage Flywheel Energy Storage (FES) works by accelerating a rotor (flywheel) to a very high speed and maintaining the energy in the system as rotational energy. The energy is converted back by slowing down the flywheel. system, CleanSource(R) that provides a highly reliable, low-cost and non-toxic replacement for lead-acid batteries Noun 1. lead-acid battery - a battery with lead electrodes with dilute sulphuric acid as the electrolyte; each cell generates about 2 volts lead-acid accumulator used in conventional power quality installations. Through a strategic alliance, Active Power and Caterpillar caterpillar (kăt`əpĭl'ər, kăt`ər–), common name for the larva of a moth or butterfly. Caterpillars have distinct heads and are segmented and wormlike. Inc. jointly developed a battery-free uninterruptible power supply See UPS. (hardware) Uninterruptible Power Supply - (UPS) A battery powered power supply unit that is guaranteed to provide power to a computer in the event of interruptions in the incoming mains electrical power. (UPS), which is marketed under the Caterpillar brand name. Cautionary Note Regarding Forward-Looking Statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. This release may contain forward-looking statements that involve risks and uncertainties. Among the important factors that could cause actual results to materially differ from those in the forward-looking statements are: a potential decrease in the demand for power quality products; the acceptance of the new technology in our current and future products by the power quality market; product performance and quality issues; current reliance on one major OEM (Original Equipment Manufacturer) The rebranding of equipment and selling it. The term initially referred to the company that made the products (the "original" manufacturer), but eventually became widely used to refer to the organization that buys the products and customer; inability to successfully integrate new OEM partners; inability to obtain key components from suppliers to meet demand; potential fluctuations in Active Power's operating results; the extent of future operating losses operating loss The excess of operating expenses over revenue. As with operating income, operating losses exclude revenues and expenses from operations that are not considered a regular part of the business. Also called deficit. Compare operating income. and negative cash flow; dependence on limited product offerings; the need to expand distribution channels; the effect of competition; delays in new product development; inability to protect its intellectual property rights; inventory risks; and the volatility Volatility 1. A statistical measure of the tendency of a market or security to rise or fall sharply within a period of time. 2. A variable in option pricing formulas that denotes the extent to which the return of the underlying asset will fluctuate between now and the of Active Power's stock price regardless of Active Power's actual financial performance and other factors detailed in Active Power's filings with the Securities and Exchange Commission.
ACTIVE POWER, INC.
STATEMENT OF OPERATIONS
(thousands)
Three Twelve
Months Ended Months Ended
December 31, December 31,
2001 2000 2001 2000
---- ---- ---- ----
Revenues:
Product Revenue $ 3,504 $ 2,668 $ 21,562 $ 4,872
Development Contract 1,000 0 1,000 0
---------- ---------- ---------- ----------
Total Revenue 4,504 2,668 22,562 4,872
Operating expenses:
Cost of product
revenue 5,129 4,184 25,796 7,966
Cost of development
contract 283 0 283 0
Research, development
& engineering 3,367 3,145 14,930 9,864
Selling, general &
administrative 3,113 2,068 11,684 6,205
Amortization
of deferred
stock compensation 806 1,671 4,003 6,692
---------- ---------- ---------- ----------
Total operating
expenses 12,698 11,068 56,696 30,727
Loss from operations (8,194) (8,400) (34,134) (25,855)
Interest income 1,022 2,120 6,190 4,365
Change in fair
value of warrants 0 0 0 (1,562)
Other income/(expense) 131 30 (18) (52)
---------- ---------- ---------- ----------
Total other
income/(expense) 1,153 2,150 6,172 2,751
Loss before
income taxes (7,041) (6,250) (27,962) (23,104)
Provision
for income taxes 0 0 0 0
Net loss $ (7,041) $ (6,250) $ (27,962) $ (23,104)
Preferred stock
dividends, accretion,
& conversion 0 0 0 (19,079)
---------- ---------- ---------- ----------
Net loss to
common shareholders $ (7,041) $ (6,250) $ (27,962) $ (42,183)
---------- ---------- ---------- ----------
Weighted average
common shares
outstanding 40,520,511 38,433,072 39,781,031 21,928,874
Net loss to common
shareholders per
share -- basic
& diluted $ (0.17) $ (0.16) $ (0.70) $ (1.92)
ACTIVE POWER, INC.
BALANCE SHEETS
(thousands)
December 31, December 31,
2001 2000
---- ----
Assets
Current assets:
Cash & investments $112,105 $146,209
Accounts receivable (net) 1,723 1,934
Inventories (net) 7,869 2,343
Prepaid expenses and other 714 1,177
-------- --------
Total current assets 122,411 151,663
Property and equipment (net) 16,965 4,469
-------- --------
Total assets $139,376 $156,132
======== ========
Liabilities and stockholders' equity
Current liabilities:
Accounts payable $ 4,531 $ 2,133
Accrued expenses 3,116 1,610
Other current obligations 0 0
-------- --------
Total current liabilities 7,647 3,743
Total non-current liabilities 0 0
Stockholders' equity: 131,729 152,389
-------- --------
Total liabilities and
stockholders' equity $139,376 $156,132
======== ========
ACTIVE POWER, INC.
STATEMENT OF CASH FLOWS
(thousands)
Twelve
Months Ended
December 31,
2001 2000
--------- ---------
OPERATING ACTIVITIES:
Net loss $ (27,962) $ (23,104)
Depreciation and amortization 2,676 1,066
Warrants & deferred stock charges 4,003 6,692
Change in assets and liabilities (1,558) 28
--------- ---------
Net cash used in operating activities (22,841) (15,318)
Capital expenditures (15,171) (4,411)
--------- ---------
Net cash used in operating activities
& capital expenditures (38,012) (19,729)
Net cash from financing activities 3,910 139,673
--------- ---------
Net increase (decrease) in cash $ (34,102) $ 119,944
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