Active Power Reports Third Quarter 2009 Results.Revenues Increase 29% Over Previous Quarter Driven by Sales of PowerHouse A fourth-generation language from Cognos that was introduced in the late 1970s for midrange computers. It supports both character-oriented, terminal-based applications as well as Windows clients. Applications developed under PowerHouse can be imported into Cognos' Axiant client/server environment. AUSTIN, Texas -- Active Power, Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : ACPW ACPW Asymmetrical Coplanar Waveguide ACPW Advisory Committee of the Purity of Water (Australia) ) announced results for its third quarter ended Sept. 30, 2009. Revenue for the quarter increased 29% to $8.5 million from $6.6 million in the previous quarter and decreased 31% from $12.4 million in the same period last year. For the nine-month period ended Sept. 30, 2009, revenue decreased 2% to $26.3 million from the same period in 2008. For the quarter, net loss was $3.0 million, or $0.04 per share compared to a net loss of $3.5 million or $0.06 per share in the previous quarter and a net loss of $4.1 million, or $0.07 per share in the same period a year ago. The gross profit margin Gross profit margin Gross profit divided by sales, which is equal to each sales dollar left over after paying for the cost of goods sold. gross profit margin A measure calculated by dividing gross profit by net sales. in the third quarter of 2009 was 22%, which was unchanged from the previous quarter. This compares to a gross profit margin of 9% in the third quarter of 2008. Cash and investments totaled $8.0 million at Sept. 30, 2009, compared to $11.7 million at June 30, 2009. The decrease of $3.7 million during the quarter includes $1.4 million of increased inventory levels. "We are cautiously optimistic op·ti·mist n. 1. One who usually expects a favorable outcome. 2. A believer in philosophical optimism. op about the improvement in revenue we experienced this quarter," said Jim Clishem, president and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. , Active Power. "We are beginning to see customers execute on their infrastructure plans, which is a positive sign for Active Power. In fact, we recorded more than $15 million in bookings since July 2009 including additional orders for PowerHouse. Efforts to broaden our sales channels and propagate prop·a·gate v. 1. To cause an organism to multiply or breed. 2. To breed offspring. 3. To transmit characteristics from one generation to another. 4. messaging around our key product differentiators - energy efficiency, reliability and green - position Active Power as an attractive and compelling alternative to conventional technologies." Highlights for Third Quarter 2009 * Increased total revenues by 29% over second quarter of 2009 while maintaining gross margins at 22% * Revenue from direct channels increased 87% compared to the second quarter of 2009, primarily driven by growth in Europe * Announced multiple orders in excess of $5 million for PowerHouse product sales * PowerHouse revenues represented approximately 22% of revenue for the third quarter * Increased service revenue by 12% compared to the second quarter of 2009, providing both increasing margin contribution and valuable annuity revenue, a benefit of direct sales initiatives * Received and shipped orders for 56 flywheels to 21 countries, resulting in domestic revenues of 40% versus 60% international * Reduced quarterly net loss by 28% to $3.0 million from $4.1 million loss in third quarter of 2008 and by 15% from $3.5 million loss in second quarter of 2009 * Secured product listing on The Carbon Trust Energy Technology List which is managed by UK government, providing 100% first year capital allowance on customer's 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. ) investment against taxable profits - only UPS product currently listed * Published whitepaper comparing energy efficiency differences among the most common UPS topologies in both the lab setting and actual field tests. Analysis concludes flywheel based UPS technology achieves higher efficiencies as compared to conventional systems across all load factors. * Secured repeat order from Data Cave, Inc., a U.S. collocation collocation - co-location datacenter facility for additional flywheel modules, with a total deployment of 2.4 megawatts of CleanSource UPS systems Outlook Active Power expects fourth quarter 2009 revenues to range between $12 million and $15 million and fiscal 2009 revenues to be between $38 million and $41 million. Conference Call Details Active Power will host a conference call today, Friday, Oct. 23, 2009, at 11:00 a.m. (ET), to further review third quarter 2009 results. Interested parties can listen via Web cast by clicking here. A replay of the Web cast will be available until Nov. 6, 2009. Investors may access the live broadcast and replay via Active Power's Web site at www.activepower.com. About Active Power Active Power (NASDAQ: ACPW) provides efficient, reliable and green critical power solutions and uninterruptible power supply (UPS) systems to enable business continuity in the event of power disturbances. Founded in 1992, Active Power's flywheel-based UPS systems protect critical operations in data centers, healthcare facilities, manufacturing plants, broadcast stations and governmental agencies in more than 40 countries. With expert power system engineers and worldwide services and support, Active Power ensures organizations have the power to perform. For more information, please visit www.activepower.com. 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, including statements relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc Active Power's current expectations of operating results for the third quarter of 2009, its future operating results and customers' current intentions. Any forward-looking statements and all other statements that may be made in this news release that are not historical facts are subject to a number of risks and uncertainties, and actual results may differ materially. Factors that could cause the actual results to differ materially from the results predicted include, among others, the completion of the accounting close and review of the third quarter financial results and the completion of an audit of the fiscal year 2009 financial results. Specific risks and uncertainties include the deferral deferral - Waiting for quiet on the Ethernet. or cancellation of sales commitments as a result of general economic conditions or uncertainty, risks related to our international operations Internal Operations (I.O., IO or I/O) is a fictional American Intelligence Agency in Wildstorm comics. It was originally called International Operations. I.O. first appeared in WildC.A.T.S. volume 1 #1 (August, 1992) and was created by Brandon Choi and Jim Lee. , and product performance and quality issues. Please refer to Active Power filings with the Securities and Exchange Commission, including its annual report on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. for the most recent year ended December 31 and its Quarterly Reports on Form 10-Q Form 10-Q See 10-Q. and Current Reports on Form 8-K Form 8-K The form required by the SEC when a publicly held company incurs any event that might affect its financial situation or the share value of its stock. Form 8-K See 8-K. filed since such year ended, for more information on the risk factors that could cause actual results to differ. Active Power assumes no obligation to update any forward-looking statements or information which are in effect as of their respective dates. Active Power, CleanSource and CoolAir are registered trademarks of Active Power, Inc. The Active Power logo, PowerHouse and PowerCentre are trademarks of Active Power, Inc. All other trademarks are the properties of their respective companies. [TABLE OMITTED] [TABLE OMITTED] |
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