Active Power, Inc. announced results for its second quarter ended June 30, 2008. Revenue for the second quarter was $6.8 million, a 10% decrease from the previous quarter and a decrease of 26% from the same period last year. For the six months ended June 30, 2008, revenues were $14.3 million compared to $15.2 million in 2007. The net loss for the quarter was $4.4 million, or 7 cents per share, compared to a net loss of $4.5 million or 7 cents per share in the prior quarter and a loss of $4.6 million, or 9 cents per share, for the same period last year.
For the quarter, Active Power reported a gross profit margin of 14% compared to 10% in the previous quarter and compared to 17% in the same period last year. The decrease in cash and investments during the quarter was $3.2 million compared to a decrease of $5.1 million in the previous quarter and a decrease of $4.4 million in the same period last year. Cash and investments on June 30, 2008, were $14.2 million.
"Our quarterly results were achieved within the guidance provided," said Jim Clishem, President and CEO of Active Power. "As we advised at the beginning of second quarter, we anticipated delays in receiving orders and recognizing revenue due to a higher mix of large systems and containerized product opportunities that typically have longer sales cycles. As anticipated, we have seen a significant increase in new orders. Since April, we have received orders valued at more than $15 million, positioning us for a strong second half of the year. We believe our key differentiators of efficient, reliable and green are becoming even more attractive to major data center operators who are struggling in an environment of economic uncertainty and increasing energy demand and cost."
