Active Power Releases 4th Quarter and Full Year 2010 Financial Results
Critical backup power systems and continuous infrastructure solutions provider Active Power, Inc. announced results for its fourth quarter and fiscal year ended Dec. 31, 2010.
Revenues in the fourth quarter of 2010 were a record $19.3 million, an increase of 5% from the previous quarter and an increase of 38% from the fourth quarter of 2009. For the year ended Dec. 31, 2010, total revenues were a record $65 million, a 61% increase compared to $40.3 million in 2009.
Gross profit margin in the fourth quarter was 28%, compared to 30% in the previous quarter and 19% in the fourth quarter of 2009. For the full year of 2010, the gross profit margin was 28% compared to 23% in 2009.
Net income for the quarter was $145,000, or 0 cents per share. This compares to a net income of $55,000, or 0 cents per share, in the previous quarter and a net loss of $2.2 million, or 3 cents per share, in the fourth quarter of 2009. For the full year, net loss decreased 64% to $3.9 million, or 5 cents per share compared to a net loss of $11.0 million, or 17 cents per share, in 2009.
Cash and investments increased by $1.1 million during the quarter and $8.1 million during the year to $15.6 million at Dec. 31, 2010.
"2010 was a year of substantial growth and achievement for Active Power in revenue, margin and profit," said Jim Clishem, President and CEO, Active Power. "Our solution sales will continue as a positive driver for future growth in revenue and profit. The adoption of our products and solutions is gaining momentum with a growing number of repeat orders and conversion of many new clients throughout the year. These factors position Active Power as a well-known and trusted solutions provider in the global market for power quality and mission critical infrastructure."
"Our financial results reflect significant progress in our commercialization strategy to grow distribution; reduce costs; offer solutions; and build brand equity across the globe," continued Clishem. "Over the last several years, we have repositioned Active Power from a technology-based niche UPS supplier into an efficient, reliable and green power quality and continuous infrastructure solutions provider. We have extended our capabilities in systems level design, deployment and service for mission critical clients with a diverse set of datacenter applications, requiring the highest level of uptime. We expect the positive momentum to continue into 2011."