Active Power Announces Third Quarter Results; Revenue Up 363% From the Prior Year as ACPW Ships 24 Megawatts of Power Quality Equipment.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)--Oct. 18, 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 third quarter ended September September: see month. 30, 2001. Revenues for the third quarter of fiscal 2001 were $6.2 million, up 363% from the prior year. Net loss for the third quarter of 2001 was $7.4 million, or 18 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 $9.5 million, or 35 cents per share in the same period the previous year. The decrease in the net loss per share 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 September 30, 2001 were $120 million. "Despite current economic conditions, Active Power and our battery-free power quality products continue to gain market acceptance, as evidenced by the growing number of end-use customers and distribution partnerships," 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. "Our recently completed agreements with 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. and Powerware enhance the scope and depth of our distribution channels to the power quality and reliability market. In addition, Cat(R) UPS customers continue to grow in a cross section of industries ranging from academic institutions to pharmaceuticals." Highlights from the last quarter include: release of the CleanSource2 product and completion of an associated distribution agreement with Powerware; a significant increase in end-use customers; the completion of a 127,000 square foot manufacturing facility; and a strengthening Cat(R) channel. Conference call: The company will host a conference call today (Thursday Thursday: see week. , October October: see month. 18) 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; 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
Months Ended
September 30,
2001 2000
---- ----
(unaudited)
Revenue $6,219 $1,343
Cost of goods sold 6,885 2,085
----- -----
Gross profit (loss) (666) (742)
Operating expenses:
Research and development 4,003 3,060
Selling, general & administrative 2,908 1,578
Amortization of deferred
stock compensation 926 1,881
--- -----
Total operating expenses 7,837 6,519
Loss from operations (8,503) (7,261)
Interest income 1,266 1,548
Change in fair value of warrants 0 0
Other income (123) (76)
----- ----
Total other income / (expense) 1,143 1,472
Loss before income taxes (7,360) (5,789)
Provision for income taxes 0 0
Net loss $(7,360) $(5,789)
Preferred stock dividends,
accretion, & conversion 0 (3,669)
- -------
Net loss to common shareholders $(7,360) $(9,458)
-------- --------
Weighted average common
shares outstanding 40,153,164 27,322,877
Net loss to common shareholders
per share - basic & diluted $(0.18) $(0.35)
Nine
Months Ended
September 30,
2001 2000
---- ----
(unaudited)
Revenue $18,058 $2,204
Cost of goods sold 20,670 3,782
------ -----
Gross profit (loss) (2,612) (1,578)
Operating expenses:
Research and development 11,562 6,718
Selling, general & administrative 8,571 4,138
Amortization of deferred
stock compensation 3,197 5,021
----- -----
Total operating expenses 23,330 15,877
Loss from operations (25,942) (17,455)
Interest income 5,167 2,243
Change in fair value of warrants 0 (1,562)
Other income (148) (80)
----- ----
Total other income / (expense) 5,019 601
Loss before income taxes (20,923) (16,854)
Provision for income taxes 0 0
Net loss $(20,923) $(16,854)
Preferred stock dividends,
accretion, & conversion 0 (19,079)
- --------
Net loss to common shareholders $(20,923) $(35,933)
--------- ---------
Weighted average common
shares outstanding 39,532,822 16,467,498
Net loss to common shareholders
per share - basic & diluted
$(0.53) $(2.18)
ACTIVE POWER, INC.
BALANCE SHEETS
(thousands)
Sept 30, December 31,
2001 2000
---- ----
(unaudited)
Assets
Current assets:
Cash & investments $119,511 $146,209
Accounts receivable (net) 3,415 1,934
Inventories (net) 6,153 2,343
Prepaid expenses and other 1,344 1,177
-------- --------
Total current assets 130,423 151,663
Property and equipment (net) 16,489 4,469
-------- --------
Total assets $146,912 $156,132
======== ========
Liabilities and stockholders' equity
Current liabilities:
Accounts payable $6,045 $2,133
Accrued expenses 3,057 1,610
-------- --------
Total current liabilities 9,102 3,743
Stockholders' equity: 137,810 152,389
-------- --------
Total liabilities and
stockholders' equity $146,912 $156,132
======== ========
ACTIVE POWER, INC.
STATEMENT OF CASH FLOWS
(thousands)
Nine
Months Ended
September 30,
2001 2000
---- ----
(unaudited)
OPERATING ACTIVITIES:
Net loss $(20,923) $(16,854)
Depreciation and amortization 1,704 708
Warrants & deferred stock charges 3,197 6,583
Change in assets and liabilities (709) (1,317)
--------- ---------
Net cash used in operating activities (16,731) (10,880)
Capital expenditures (13,724) (3,518)
--------- ---------
Net cash used in operating activities
& capital expenditures (30,455) (14,398)
Net cash from financing activities 3,757 139,886
--------- ---------
Net increase (decrease) in cash
and investments $(26,698) $125,488
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