Active Power Announces First Quarter Results; Over 12 Megawatts of Power Protection Installed During the Quarter.Business Editors & High-Tech/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)--April 18, 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 its first quarter ended March 31, 2002. Revenues for the first quarter of fiscal 2002 totaled $4.1 million, down 19% from the same period the previous year. Net loss for the first quarter of 2002 was $6.5 million, or 16 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 $6.7 million, or 17 cents per share in the same period the previous year and a $7.0 million loss, or 17 cents per share in the preceding quarter. Cash and investments at March 31, 2002 were $103.9 million. "Market acceptance of our UPS and battery-free 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. products continues to grow. End user installations increased 21% sequentially se·quen·tial adj. 1. Forming or characterized by a sequence, as of units or musical notes. 2. Sequent. se·quen and over 100% from Q1 of last 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 an increasing base of reference sites, an expansion in the number of fully engaged 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 salespeople sales·peo·ple pl.n. Persons who are employed to sell merchandise in a store or in a designated territory. and the introduction of several new products over the next 12 months, Active Power is well positioned for future growth." Relative to the fourth quarter of 2001, sales of CleanSource(R) UPS increased 22% and there was three-fold increase in shipments of CleanSource(R)2 to one of our primary OEMs, Powerware. Second quarter revenue is expected to be up sequentially to approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. $5 million, with full year 2002 revenue estimated to be $27 to $30 million, a 20% to 33% increase from 2001. We expect second quarter earnings per share will be a loss of 15 to 16 cents, with a full year 2002 estimated loss of 57 to 62 cents. We believe our cash consumption will begin to decrease in the second quarter to approximately $2.5 million per month, with full year 2002 cash consumption of approximately $30 million. Conference call: The company will host a conference call today, Thursday Thursday: see week. , April 18th, at 11:00 a.m. Eastern Time, to discuss in more detail the highlights presented above and the Company's fiscal Q1 results. Access the live broadcast and replay through the 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 system 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. Two CleanSource(R) based product lines are available today: CleanSource(R) UPS (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. ) and CleanSource(R)2. These products are sold worldwide through 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., Powerware, and GE Digital Energy. 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: the potential for significant losses to continue; inability to accurately predict revenue and budget for expenses for future periods; fluctuations in revenue and operating results; overall market performance; a slowing global economy; limited product lines; inability to manufacture products of the quality necessary to be accepted in the power quality market; inability to expand our distribution channels; our dependence on our relationship with Caterpillar; inability to successfully integrate new OEM channel partners; competition; delays in research and development; inability to increase sales volumes to fully utilize our increased manufacturing capacity; inventory risks; risks of delay or poor execution from a variety of sources; limited resources; dependence upon key personnel; inability to protect our intellectual property rights; potential future acquisitions; 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 our stock price regardless of our actual financial performance; and other factors detailed in Active Power's filings with the Securities and Exchange Commission. Additional risks and uncertainties that we are unaware of or that we currently deem immaterial Not essential or necessary; not important or pertinent; not decisive; of no substantial consequence; without weight; of no material significance. immaterial adj. also may become important factors that affect us. CleanSource is a registered trademark of Active Power, Inc. All other trademarks are the properties of their respective companies.
ACTIVE POWER, INC.
STATEMENT OF OPERATIONS
(thousands, except for share and per share amounts)
Three
Months Ended
March 31,
2002 2001
---- ----
(unaudited)
Revenues:
Product Revenue $ 3,131 $ 5,107
Development Contract 1,000 0
----------- -----------
Total Revenue 4,131 5,107
Operating expenses:
Cost of product revenue 4,471 6,513
Cost of development contract 741 0
Research, development & engineering 2,611 3,543
Selling, general & administrative 3,143 2,741
Amortization of deferred stock compensation 628 1,287
----------- -----------
Total operating expenses 11,594 14,084
Loss from operations (7,463) (8,977)
Interest income 905 2,238
Other income / (expense) 19 24
----------- -----------
Total other income / (expense) 924 2,262
Loss before income taxes (6,539) (6,715)
Provision for income taxes 0 0
Net loss $ (6,539) $ (6,715)
Net loss to common shareholders $ (6,539) $ (6,715)
----------- -----------
Weighted average common shares outstanding 40,846,577 38,907,997
Net loss to common shareholders
per share -- basic & diluted $ (0.16) $ (0.17)
ACTIVE POWER, INC.
BALANCE SHEETS
(thousands)
March 31, Dec. 31,
2002 2001
---- ----
(unaudited)
Assets
Current assets:
Cash & investments $ 103,911 $ 112,105
Accounts receivable (net) 2,741 1,723
Inventories (net) 7,763 7,869
Prepaid expenses and other 1,002 714
----------- -----------
Total current assets 115,417 122,411
Property and equipment (net) 16,149 16,965
----------- -----------
Total assets $ 131,566 $ 139,376
=========== ===========
Liabilities and stockholders' equity
Current liabilities:
Accounts payable $ 2,228 $ 4,530
Accrued expenses 2,925 3,116
----------- -----------
Total current liabilities 5,153 7,646
Stockholders' equity: 126,413 131,730
----------- -----------
Total liabilities and stockholders' equity $ 131,566 $ 139,376
=========== ===========
ACTIVE POWER, INC.
STATEMENT OF CASH FLOWS
(thousands)
Three
Months Ended
March 31,
2002 2001
---- ----
(unaudited)
OPERATING ACTIVITIES:
Net loss $ (6,539) $ (6,715)
Depreciation and amortization 937 500
Unrealized gain on available-for-sale
investments 105 --
Warrants & deferred stock charges 628 1,287
Change in assets and liabilities (3,691) (2,813)
----------- -----------
Net cash used in operating activities (8,560) (7,741)
Capital expenditures (122) (1,549)
----------- -----------
Net cash used in operating activities
& capital expenditures (8,682) (9,290)
Net cash from financing activities 487 91
----------- -----------
Net increase (decrease) in cash $ (8,195) $ (9,199)
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