Beacon Power Announces First-Quarter 2006 Results.WILMINGTON Wilmington. 1 City (1990 pop. 71,529), seat of New Castle co., NE Del., on the Delaware River and tributary streams, the Christina and the Brandywine; settled 1638, inc. as a city 1832. , Mass. -- 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 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 : BCON BCON Broadcast Cross Connect (AT&T) ), a development stage company that designs and develops advanced products and services to support more stable and reliable electricity grid operation, announced its financial results for the first quarter ended March 31, 2006. For the first quarter of 2006, Beacon Power reported revenue of $289,000 and a net loss of $2,822,000, or ($0.05) per share, compared to revenue of $636,000 and a net loss of $2,245,000, or ($0.05) per share, in the first quarter of 2005. During the first quarter of 2006, Beacon Power incurred costs of $1,061,000 in research and development expense, compared to $486,000 in the first quarter of 2005. Selling, general and administrative expense was $1,930,000 during the first quarter of 2006, compared to $1,172,000 in the first quarter of 2005. At March 31, 2006, the Company had $12.5 million in cash and cash equivalents, with working capital of $11.2 million. On January January: see month. 1, 2006, Beacon Power adopted the provisions of Statement of Financial Accounting Standards No. 123(R) which requires the expensing of share-based awards. As a result, the Company recorded a non-cash charge Non-Cash Charge A charge off, made by a company against earnings, that does not require an initial outlay of cash. Notes: Non-cash charges are typically against the depreciation, amortization, and depletion accounts on a company's balance sheet. of $342,000 in the quarter ended March 31, 2006 to reflect share-based compensation expense, which is reflected in research and development expense and selling, general and administrative expenses. Beacon Power continues to make steady progress on its two installed Smart Energy Matrix demonstration systems in California California (kăl'ĭfôr`nyə), most populous state in the United States, located in the Far West; bordered by Oregon (N), Nevada and, across the Colorado River, Arizona (E), Mexico (S), and the Pacific Ocean (W). and New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of , which are expected to be commissioned and begin formal contract-specified testing periods in Q2 2006. Both systems have performed well thus far, and benefited from in-field improvements and upgrades made prior to the official testing. It is expected that both systems will complete their demonstrations and be formally evaluated by the respective energy authorities this year. The Company is also developing its fourth-generation 25-kWh flywheel system, which will be the core component of commercial-scale Smart Energy Matrix frequency regulation systems. The Smart Energy 25 development effort is on schedule, with a prototype Prototype A first or original model of hardware or software. Prototyping involves the production of functionally useful and trustworthy systems through experimentation with evolving systems. unit expected to be running in Q4 2006. In addition to being the core of the Smart Energy Matrix, this new "Gen 4" flywheel also has market potential for other electric power applications, such as oil and gas exploration, wind system integration, 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 several off-grid uses. About Beacon Power Corporation Beacon Power Corporation designs 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 solutions that would provide reliable electric power for the utility, 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. , and distributed generation markets. Beacon's Smart Energy Matrix is a design concept for a megawatt-level, utility-grade Adj. 1. utility-grade - used of beef; usable but inferior utility inferior - of low or inferior quality flywheel-based energy storage solution that would provide sustainable power quality services for frequency regulation, and support the demand for reliable, distributed electrical power. Beacon is a publicly traded company publicly traded company A company whose shares of common stock are held by the public and are available for purchase by investors. The shares of publicly traded firms are bought and sold on the organized exchanges or in the over-the-counter market. with its research, development and manufacturing facility in the U.S. For more information, please contact James James, person in the Bible James, in the Gospel of St. Luke, kinsman of St. Jude. The original does not specify the relationship. James, rivers, United States 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 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 for·ward-look·ing adj. Concerned with or making provision for the future: forward-looking educators; a forward-looking corporate plan. Adj. 1. " 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 or supplying frequency regulation services on a commercial basis; limited commercial contracts for sales to date; 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 or in which it operates, 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; retaining key executives and the possible need in the future to hire and retain key executives,; the recent 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 in the stock price of companies operating in the same sector. These factors are elaborated upon and other factors may be disclosed dis·close tr.v. dis·closed, dis·clos·ing, dis·clos·es 1. To expose to view, as by removing a cover; uncover. 2. To make known (something heretofore kept secret). 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
(unaudited)
Three months ended March 31,
2006 2005
------------- -------------
Revenue 288,595 636,134
Cost of goods sold 244,925 670,507
------------- -------------
Gross profit 43,670 (34,373)
Operating expenses:
Selling, general and administrative 1,929,532 1,172,379
Research and development 1,061,445 486,238
Loss on sales and contract commitments -- 547,707
Depreciation and amortization 21,229 18,191
------------- -------------
Total operating expenses 3,012,206 2,224,515
------------- -------------
Loss from operations (2,968,536) (2,258,888)
Other income, net 146,886 13,888
------------- -------------
Loss to common shareholders $(2,821,650) $(2,245,000)
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Loss per share, basic and diluted $(0.05) $(0.05)
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Weighted-average common shares
outstanding 58,700,036 43,792,791
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BEACON POWER CORPORATION AND SUBSIDIARY
CONSOLIDATED BALANCE SHEETS
(unaudited)
March 31, December 31,
2006 2005
------------- -------------
Assets
Current assets:
Cash and cash equivalents $12,546,304 $13,890,162
Accounts receivable, trade 358,822 588,440
Unbilled costs on government contracts 36,811 437,759
Prepaid expenses and other current
assets 679,480 777,385
------------- -------------
Total current assets 13,621,417 15,693,746
Property and equipment, net 191,067 212,296
Restricted cash 219,568 219,568
------------- -------------
Total assets $14,032,052 $16,125,610
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Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable $158,866 $137,290
Accrued compensation and benefits 396,371 151,318
Other accrued expenses 877,391 844,742
Advance billings on contracts 148,331 74,820
Accrued contract loss 193,280 548,614
Restructuring reserve 621,954 713,469
------------- -------------
Total current liabilities 2,396,193 2,470,253
Stockholders' equity:
Common stock 587,000 587,000
Deferred stock compensation (602,856) (1,063,145)
Additional paid-in-capital 153,431,705 153,089,842
Deficit accumulated during the
development stage (141,067,151) (138,245,501)
Less: treasury stock, at cost (712,839) (712,839)
------------- -------------
Total stockholders' equity 11,635,859 13,655,357
Total liabilities and stockholders'
equity $14,032,052 $16,125,610
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