Beacon Power Announces First-Quarter 2004 Results and Files Form 10-K/A.Business Editors WILMINGTON, Mass.--(BUSINESS WIRE)--May 14, 2004 Beacon Beacon, city (1990 pop. 13,243), Dutchess co., SE N.Y., on the E bank of the Hudson River; settled 1663, inc. in 1913 when Fishkill Landing and Matteawan villages were united. Power Corporation (Nasdaq: BCON BCON Broadcast Cross Connect (AT&T) ), a development stage company that designs, develops, configures and offers for sale, sustainable energy
Sustainable energy sources are energy sources which are not expected to be depleted in a timeframe relevant to the human race, and which storage and power conversion systems that provide highly reliable, high-quality, environmentally friendly Environmentally friendly, also referred to as nature friendly, is a term used to refer to goods and services considered to inflict minimal harm on the environment.[1] , uninterruptible electric power, today announced that it has filed its quarterly report on Form 10Q its financial results for the first quarter ended March 31, 2004 and an amended 2003 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. on Form 10-K/A with the Securities and Exchange Commission. For the first quarter of 2004, the Company reported revenue of $57,408 and a net loss of $2.1 million, or ($0.05) per share, compared with a net loss in the first quarter of 2003 of $2.2 million, or ($0.05) per share. During the first quarter of 2004, the Company incurred costs of $1.0 million in R&D, $1.1 million in SG&A and recorded depreciation of $46,587. At March 31, 2004 the Company had $7.1 million in cash and cash equivalents. The Company's working capital was $7.1 million. The Company also filed a Form 10-K/A to reflect accounting adjustments to its balance sheet. The balance sheets for the years ending December 31, 2003, 2002 and 2001 were adjusted. The adjustments did not affect the net losses reported on the Consolidated Statement of Operations See Income statement. and did not have a material affect on the balance sheet as a whole. "We are very pleased to report revenue for the first time on sales of our Smart Power M5 power conversion systems. We are optimistic op·ti·mist n. 1. One who usually expects a favorable outcome. 2. A believer in philosophical optimism. op about the continued and increasing sales prospects of this product as we continue our installer certification program along with expanded sales and marketing efforts," said Bill Capp, 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. . "We are also encouraged by the consistent record of trouble free installations and by repeat orders from distributors. "In addition to our photovoltaic The generation of voltage by a material that is exposed to light in the visible and invisible ranges. See photoelectric and photovoltaic cell. products, we are excited by the positive reaction we are receiving to the Smart Energy Matrix product opportunity. Beacon Power recently became a member of the PJM PJM Pacific Journal of Mathematics PJM Project Manager PJM Puerto Jimenez, Costa Rica (Airport code) PJM Pennsylvania New Jersey Maryland Interconnection LLC (Mid-Atlantic region power pool) Regional Transmission Organization  This August 2006 is in need of attention from an expert on the subject.Please help recruit one or [ improve this article] yourself. See the talk page for details. as a step towards providing regulation services. Regulation services are critical to the stable operation of the North American North American named after North America. North American blastomycosis see North American blastomycosis. North American cattle tick see boophilusannulatus. electrical grid, and reached a record high market price in 2003. We believe that the Smart Energy Matrix, with its low operating costs operating costs npl → gastos mpl operacionales and uniquely fast response can become an important participant in this critical and growing market." About Beacon Power Corporation Beacon Power Corporation designs and develops sustainable energy storage and power conversion solutions that provide reliable electric power for the renewable energy Renewable energy utilizes natural resources such as sunlight, wind, tides and geothermal heat, which are naturally replenished. Renewable energy technologies range from solar power, wind power, and hydroelectricity to biomass and biofuels for transportation. , telecommunications Communicating information, including data, text, pictures, voice and video over long distance. See communications. , distributed generation Distributed generation generates electricity from many small energy sources. It has also been called also called on-site generation, dispersed generation, embedded generation, decentralized generation, decentralized energy or and UPS markets. Beacon's latest product is the Smart Power M5, a 5-kilowatt power conversion system for grid-connect solar power applications. The Smart Power M5 is a UL-approved, "all-in-one" power conversion system incorporating multiple high-performance components in one unit that delivers instantaneous in·stan·ta·ne·ous adj. 1. Occurring or completed without perceptible delay: Relief was instantaneous. 2. power in the event of a grid outage out·age n. 1. A quantity or portion of something lacking after delivery or storage. 2. A temporary suspension of operation, especially of electric power. . Beacon is also known for its advanced flywheel-based Smart Energy systems, designed to provide reliable, environmentally friendly power quality solutions for electric utility transmission and distribution and other applications. For more information, please contact James Spiezio, Chief Financial Officer at Beacon Power Corporation, tel. 978.694.9121; fax 978.694.9127; email spiezio@beaconpower.com,or send mail to 234 Ballardvale Street, Wilmington, MA 01887. Visit Beacon Power on the Internet at www.beaconpower.com Safe Harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. Statements under the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995: Material contained in this press release may include statements that are not historical facts and are considered "forward-looking" within the meaning of the Private Securities Litigation Reform Act of 1995. These 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. reflect Beacon Power Corporation's current views about future events and financial performances. These forward-looking statements are identified by the use of terms and phrases such as "believe," "expect," "plan," "anticipate," and similar expressions identifying forward-looking statements. Investors should not rely on forward-looking statements because they are subject to a variety of risks, uncertainties, and other factors that could cause actual results to differ materially from Beacon Power Corporation's expectation. These factors include: a short operating history; a history of losses and anticipated continued losses from operations; a need to raise additional capital combined with a questionable ability to do so; conditions in target markets; no experience manufacturing any product on a commercial basis; the company has only recently entered into the renewable energy market through its inverter (1) A logic gate that converts the input to the opposite state for output. If the input is true, the output is false, and vice versa. An inverter performs the Boolean logic NOT operation. (2) A circuit that converts DC current into AC current. Contrast with rectifier. products, and hence, has only limited experience in this sector; the dependence of sales on the achievement of product development and commercialization milestones; the uncertainty of the political and economic climate of any foreign countries into which Beacon hopes to sell, including the uncertainty of enforcing contracts and the potential substantial fluctuation Fluctuation A price or interest rate change. in currency exchange rates in those countries; significant technological challenges to successfully complete product development; dependence on third-party suppliers; intense competition from companies with greater financial resources; possible government regulation that would impede im·pede tr.v. im·ped·ed, im·ped·ing, im·pedes To retard or obstruct the progress of. See Synonyms at hinder1. [Latin imped the ability to market products; possible product liability claims and the negative publicity which could result; any failure to protect intellectual property; the possible need in the future to hire and retain key executives; the recent volatility in the stock price of companies operating in the same sector; the power of controlling shareholders and the limited ability of others to influence the outcome of matters put to the vote of shareholders. These factors are elaborated upon and other factors may be disclosed from time to time in Beacon Power Corporation's filings with the Securities and Exchange Commission. Beacon Power Corporation expressly does not undertake any duty to update forward-looking statements.
BEACON POWER CORPORATION AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF OPERATIONS
Three months ended March 31,
2004 2003
-------------- ------------
Revenue $57,408 $-
Cost of goods sold 75,779 -
-------------- ------------
Gross profit (18,371) -
Operating expenses:
Selling, general and administrative 1,076,262 1,218,648
Research and development 1,048,240 958,907
Depreciation and amortization 46,587 99,689
-------------- ------------
Total operating expenses 2,171,089 2,277,244
-------------- ------------
Loss from operations (2,189,460) (2,277,244)
Other income(expense), net 40,733 47,869
-------------- ------------
Loss to common shareholders $(2,148,727) $(2,229,375)
============== ============
Loss per share, basic and diluted $(0.05) $(0.05)
============== ============
Weighted-average common shares outstanding 43,121,702 42,812,897
============== ============
BEACON POWER CORPORATION AND SUBSIDIARY
CONSOLIDATED BALANCE SHEETS
March 31, December 31,
2004 2003
------------- -------------
Assets
Current assets:
Cash and cash equivalents $7,096,242 $8,909,261
Accounts receivable, trade 97,972 128,133
Inventory 606,786 238,684
Prepaid expenses and other current
assets 594,339 773,226
Investments 1,187,500 1,163,758
------------- -------------
Total current assets 9,582,839 11,213,062
Property and equipment, net 342,940 357,180
Restricted cash 405,232 405,232
Other assets 73,060 91,325
------------- -------------
Total assets $10,404,071 $12,066,799
============= =============
Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable $365,159 $148,075
Accrued compensation and benefits 216,563 156,000
Other accrued expenses 582,664 664,527
Restructuring reserve 1,320,305 1,406,191
------------- -------------
Total current liabilities 2,484,691 2,374,793
Stockholders' equity:
Common stock 431,375 431,075
Deferred stock compensation (451,669) (832,639)
Additional paid-in-capital 133,791,498 133,796,667
Deficit accumulated during the
development stage (125,752,164) (123,603,437)
Less: treasury stock, at cost (99,660) (99,660)
------------- -------------
Total stockholders' equity 7,919,380 9,692,006
Total liabilities and stockholders' equity $10,404,071 $12,066,799
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