Active Power Announces Third Quarter Results.Business Editors 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. 19, 2000 Active Power, Inc. (Nasdaq:ACPW ACPW Asymmetrical Coplanar Waveguide ACPW Advisory Committee of the Purity of Water (Australia) ) today announced results for the third quarter ended Sept. 30, 2000. Product revenues for the third quarter of fiscal 2000 totaled $1.3 million, up significantly from the $103,000 recorded in the same period the previous year and a 98% sequential One after the other in some consecutive order such as by name or number. increase from the preceding quarter. Net loss for the third quarter of 2000 was $5.8 million, compared to a net loss of $2.2 million in the same period the previous year and a $6.2 million loss in the preceding quarter. "We are extremely pleased with the progress made during the quarter," 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. "In August, we completed a successful financing, raising $151 million in our initial public offering. Sales momentum continued to build 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. (NYSE NYSE See: New York Stock Exchange :CAT), our primary 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 channel partner. We shipped 25 units during the quarter to 13 Caterpillar dealers in 11 countries. We also significantly expanded our manufacturing capacity to meet the strong demand for our products. "Customer and partner discussions during the quarter have provided further validation See validate. validation - The stage in the software life-cycle at the end of the development process where software is evaluated to ensure that it complies with the requirements. that the digital economy is driving market demand for power quality solutions to a new level," Pinkerton noted. "This demand is even more pronounced for our compact battery-free solutions, particularly in the internet data center and industrial segments of the market." Conference call: The company will host a conference call today (Thursday Thursday: see week. , Oct. 19) at 11:00 a.m. Eastern Time. A live broadcast and replay of the conference call will be available on the Internet by accessing our corporate web site at http://www.activepower.com. Active Power Solutions Active Power designs, manufactures and markets power quality products that provide the consistent, reliable electric power required by today's digital economy. Targeting a large segment of the $11 billion power quality market, Active Power's battery-free power quality solutions are designed to eliminate power disturbances, which cost US industry $30 billion annually in lost data and productivity (Source: Electric Power Research Institute, 1999). 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 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. Leveraging its expertise in flywheel technology, and by partnering with Caterpillar Inc., the company has also 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 This release may contain 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. which involve risks and uncertainties. Among the important factors which could cause actual results to differ materially from those in the forward-looking statements are: our ability to accurately forecast our revenue; inability to sufficiently increase manufacturing capacity and obtain key components from suppliers to meet rising demand; overall market performance and the performance of the market for power quality products; our dependence on one primary customer; delays in new product development; inventory risks; the ability to protect our intellectual property; concentration of ownership; and other factors detailed in the Company's filings with the Securities and Exchange Commission.
ACTIVE POWER, INC.
STATEMENT OF OPERATIONS
(thousands)
Three Nine
Months Ended Months Ended
September 30, September 30,
2000 1999 2000 1999
---- ---- ---- ----
(unaudited) (unaudited)
Revenue $1,343 $103 $2,204 $577
Cost of Goods Sold 2,085 682 3,782 2,042
---- ---- ---- ----
Gross Profit (Loss) (742) (579) (1,578) (1,465)
Development Funding 0 2,000 0 5,000
Operating Expenses:
Research and development 3,060 1,091 6,718 3,165
Selling, general &
administrative 1,578 623 4,138 1,672
Amortization of Deferred
Stock Compensation 1,881 971 5,021 1,036
---- ---- ---- ----
Total Operating Expenses 6,519 2,685 15,877 5,873
Loss from Operations (7,261) (1,264) (17,455) (2,338)
Interest Income 1,548 72 2,243 234
Change in Fair value
of Warrants 0 (1,042) (1,562) (2,574)
Other Income (76) (1) (80) 4
---- ---- ---- ----
Total Other Income/(Expense) 1,472 (971) 601 (2,336)
Loss Before Income Taxes (5,789) (2,235) (16,854) (4,674)
Provision for Income Taxes 0 0 0 0
Net Loss $(5,789) $(2,235) (16,854) $(4,674)
Preferred Stock Dividends,
Accretion, & Conversion (3,669) (1,070) (19,079) (3,099)
Net Loss to Common
Shareholders $(9,458) $(3,305) $(35,933) $(7,773)
Weighted Average Common
Shares Outstanding 27,322,877 9,948,722 16,467,498 9,914,888
Net Loss to Common
Shareholders per
Share - Basic & Diluted $(0.35) $(0.33) $(2.18) $(0.78)
Pro forma Weighted Average
Shares Outstanding, Assuming
Conversion of Convertible
Preferred Stock to
Common, at beginning
of period 34,535,394 30,487,988
Pro forma Net Loss per Share
Assuming Conversion of
Convertible Preferred Stock $(0.17) $(0.55)
ACTIVE POWER, INC.
BALANCE SHEETS
(thousands)
September 30, December 31,
------------- ------------
2000 1999
---- ----
(unaudited)
Assets
Current Assets:
Cash & Cash Equivalents $151,753 $26,265
Accounts Receivable 918 38
Inventories (net) 2,016 934
Other current assets 1,031 5
----- -----
Total Current Assets 155,718 27,242
Property and equipment (net) 3,934 1,124
----- -----
Total Assets $159,652 $28,366
======== =======
Liabilities and stockholders' equity
Current Liabilities:
Accounts payable $1,643 $196
Accrued expenses 828 597
Other current obligations 0 55
----- -----
Total current liabilities 2,471 848
Non-current Liabilities:
Warrants with Redemption Rights 0 3,614
Other long-term liabilities 0 7
----- -----
Total non-current liabilities 0 3,621
Total redeemable preferred stock 0 54,235
Stockholders' (Deficit) Equity: 157,181 (30,338)
------- --------
Liabilities and stockholders'
equity $159,652 $28,366
======== =======
ACTIVE POWER, INC.
STATEMENT OF CASH FLOWS
(thousands)
Three Nine
Months Ended Months Ended
September 30, September 30,
2000 2000
---- ----
(unaudited)
OPERATING ACTIVITIES:
Net Loss $(5,789) $(16,854)
Depreciation and amortization 346 708
Warrants & Deferred Stock Charges 1,881 6,583
Change in Assets and Liabilities (656) (1,317)
----- -------
Net cash from operating activities (4,218) (10,880)
Capital Expenditures (1,306) (3,518)
------- -------
Net cash from operating activities
& capital expenditures (5,524) (14,398)
Net cash from financing activities 139,528 139,886
------- -------
NET INCREASE IN CASH
& SHORT TERM INVESTMENTS $134,004 $125,488
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