Active Power Announces Record Second Quarter Revenue; Revenue up 891% From Last Year and 32% Sequentially As ACPW Ships 25 Megawatts of Power Quality Equipment.Business Editors & High-Tech high-tech also hi-tech adj. Informal Of, relating to, or resembling high technology. high-tech Adjective same as hi-tech Adj. 1. 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)--July 19, 2001 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 second quarter ended June June: see month. 30, 2001. Revenues for the second quarter of fiscal 2001 were a record $6.7 million; up 891% from the same period the previous year and a 32% sequential increase from the preceding quarter. Net loss for the second quarter of 2001 was $6.9 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 $14.4 million, or $1.26 per share in the same period the previous year. The decrease in the net loss per share was primarily attributable 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 June 30, 2001 was $131 million. "Active Power continues to record solid sequential revenue growth amid a challenging economic environment," 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. , President and Chief Executive Officer. "We met all our operational and financial targets, despite the recent downturn Downturn The transition point between a rising, expanding economy to a falling, contracting one. downturn A decline in security prices or economic activity following a period of rising or stable prices or activity. in global capital spending capital spending Spending for long-term assets such as factories, equipment, machinery, and buildings that permits the production of more goods and services in future years. . In addition, we signed a distribution agreement with a leading maker of telecom power equipment, Marconi (Marconi Communications, Warrendale, PA, www.marconi.com) A leading manufacturer of networking equipment. Founded in 1990 as FORE Systems by four Carnegie Mellon University faculty members, the company name was derived from its founders' first names: Francois, Onat, Robert and Eric. , to distribute the DC version of our 6 kW High Inertia inertia (ĭnûr`shə), in physics, the resistance of a body to any alteration in its state of motion, i.e., the resistance of a body at rest to being set in motion or of a body in motion to any change of speed or change in direction of Turbine turbine, rotary engine that uses a continuous stream of fluid (gas or liquid) to turn a shaft that can drive machinery. A water, or hydraulic, turbine is used to drive electric generators in hydroelectric power stations. (HIT6) product." The HIT6 product will target over 400,000 existing wireless and wireline sites worldwide, where over 100,000 sites a year will require battery replacement. Highlights from the last quarter include: building momentum within the 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. channel with increased end-user installations in a variety of applications; excellent progress on new product development; and, securing the first distribution partner for the HIT6 product. Conference call: The company will host a conference call today (Thursday, July 19) at 11:00 a.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. 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 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; Active Power's 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; Active Power's inability to sufficiently increase manufacturing capacity and obtain key components from suppliers to meet rising 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; Active Power's inability to protect its intellectual property rights; inventory risks; and the volatility 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 Six
Months Ended Months Ended
June 30, June 30,
2001 2000 2001 2000
---- ---- ---- ----
(unaudited) (unaudited)
Revenue $ 6,732 $ 679 $ 11,839 $ 861
Cost of goods sold 7,272 1,176 13,785 1,697
----- ----- ------ -----
Gross profit (loss) (540) (497) (1,946) (836)
Operating expenses:
Research and development 4,015 2,195 7,559 3,658
Selling, general &
administrative 2,922 1,463 5,663 2,560
Amortization of deferred
stock compensation 985 1,859 2,271 3,140
--- ----- ----- -----
Total operating expenses 7,922 5,517 15,493 9,358
Loss from operations (8,462) (6,014) (17,439) (10,194)
Interest income 1,663 325 3,901 690
Change in fair value of
warrants 0 (520) 0 (1,562)
Other income (50) 0 (26) 0
--- --- --- ---
Total other income/
(expense) 1,613 (195) 3,875 (872)
Loss before income taxes (6,849) (6,209) (13,564) (11,066)
Provision for income taxes 0 0 0 0
Net loss $ (6,849) $ (6,209) $ (13,564) $ (11,066)
Preferred stock dividends,
accretion, & conversion 0 (8,179) 0 (15,410)
--- ------- --- --------
Net loss to common
shareholders $ (6,849) $ (14,388) $ (13,564) $ (26,476)
------ ------- ------- --------
Weighted average common
shares
outstanding 39,508,193 11,418,380 39,222,367 10,983,192
Net loss to common
shareholders per share -
basic & diluted $ (0.17) $ (1.26) $ (0.35) $ (2.41)
ACTIVE POWER INC.
BALANCE SHEETS
(thousands)
June 30, December 31,
2001 2000
---- ----
(unaudited)
Assets
Current assets:
Cash & investments $131,076 $146,209
Accounts receivable (net) 5,265 1,934
Inventories (net) 4,570 2,343
Prepaid expenses and other 948 1,177
-------- --------
Total current assets 141,859 151,663
Property and equipment (net) 8,494 4,469
-------- --------
Total assets $150,353 $156,132
======== ========
Liabilities and stockholders' equity
Current liabilities:
Accounts payable $ 5,696 $ 2,133
Accrued expenses 2,709 1,610
-------- --------
Total current liabilities 8,405 3,743
Stockholders' equity: 141,948 152,389
-------- --------
Total liabilities and
stockholders' equity $150,353 $156,132
======== ========
ACTIVE POWER INC.
STATEMENT OF CASH FLOWS
(thousands)
Six
Months Ended
June 30,
2001 2000
---- ----
(unaudited)
OPERATING ACTIVITIES:
Net loss $(13,564) $(11,065)
Depreciation and amortization 1,039 362
Warrants & deferred stock charges 2,272 4,702
Change in assets and liabilities (1,277) (660)
-------- --------
Net cash used in operating activities (11,530) (6,661)
Capital expenditures (5,064) (2,212)
-------- --------
Net cash used in operating activities
& capital expenditures (16,594) (8,873)
Net cash from financing activities 1,461 358
-------- --------
Net increase (decrease) in cash and
investments (15,133) (8,515)
======== ========
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