Active Power Announces First-Quarter 2002 Results

April 21, 2002 by Jeff Shepard

Active Power Inc. (Austin, TX) announced results for its first quarter ended March 31, 2002. Revenues for the first quarter of fiscal 2002 totaled $4.1 million, down 19 percent from the same period the previous year. Net loss for the first quarter of 2002 was $6.5 million, or $0.16 per share, compared to a net loss of $6.7 million, or $0.17 per share, in the same period of the previous year, and a $7.0 million loss, or $0.17 per share, in the preceding quarter. Cash and investments at March 31, 2002, were $103.9 million.

"Market acceptance of our UPS and battery-free flywheel energy storage products continues to grow. End-user installations increased 21 percent sequentially and over 100 percent from Q1 of last year," said Joe Pinkerton, chairman and CEO of Active Power. "With an increasing base of reference sites, an expansion in the number of fully engaged OEM salespeople and the introduction of several new products over the next 12 months, Active Power is well-positioned for future growth."

Second-quarter revenue is expected to be up sequentially to approximately $5.0 million, with full-eyar 2002 revenue estimated to be $27.0 to $30.0 million, a 20 to 33 percent increase from 2001. Second-quarter earnings per share are expected to be a loss of $0.15 to $0.16 , with a full-year 2002 estimated loss of $0.57 to $0.62. Cash consumption is expected to decrease in the second quarter to approximately $2.5 million per month, with full-year 2002 cash consumption of approximately $30.0 million.