Active Power Announces Third-Quarter 2002 Results

October 20, 2002 by Jeff Shepard

Active Power Inc. (Austin, TX) announced results for its third quarter ended September 30, 2002. Revenues for the third quarter of fiscal 2002 totaled $3.2 million, up three percent sequentially, down 49 percent from the same period the previous year, and in-line with company revenue guidance.

Net loss for the third quarter of 2002 was $6.4 million, or $0.15 per share, compared to a net loss of $6.7 million, or $0.16 per share, in the second quarter of 2002. This compares to a net loss of $7.4 million, or $0.18 per share, in the third quarter of 2001. Cash consumption for the quarter was $5.6 million. Cash and investments at September 30, 2002, were $94.0 million.

"Despite a challenging capital spending environment, we continue to expand our end-user customer base and product line," said Joe Pinkerton, chairman and CEO of Active Power. "We now have hundreds of satisfied customers in dozens of countries and the development of our new 1,200kVA UPS remains on track."