Active Power Reports 2009 Fourth Quarter and Full Year Results
Active Power, Inc. announced results for its fourth quarter and fiscal year ended Dec. 31, 2009. Revenue for the fourth quarter increased 64% from the previous quarter to $14.0 million, and decreased 14% from the fourth quarter of 2008. Revenue for the full year was $40.3 million, a decrease of 6% from $43.0 million in 2008.
Fourth quarter net loss was $2.2 million or 3 cents per share. This compares to a net loss of $3.0 million or 4 cents per share in the third quarter, and a net loss of $431,000 or 1 cent per share in the same year-ago period. Net loss for the year was $11.0 million or 17 cents per share, a reduction of 18% from the net loss of $13.4 million or 22 cents per share in 2008.
Fourth quarter gross profit margin was 19%, as compared to 22% in the prior quarter and 32% in the fourth quarter of 2008. For the full year, gross profit margin was 23%, compared to 19% in 2008.
Cash and investments decreased by $0.5 million during the fourth quarter to $7.5 million at Dec. 31, 2009. This compares to a decrease in cash and investments balance of $3.7 million during the third quarter of 2009, and a decrease of $0.6 million during the fourth quarter of 2008.
"Our strong sequential quarterly revenue growth reflects the expansion of our direct sales business, which grew by 20% in 2009," said Jim Clishem, President and CEO of Active Power. "This expansion included introducing a new IT channel business, which offset the decline in our industrial OEM channel. These efforts allowed us to achieve a 54% sequential quarterly increase in flywheel unit sales at a 15% higher average selling price and helped us reach the higher end of our stated expectations for the fourth quarter and full year. In 2010, we believe our continued aggressive marketing efforts and unique product offerings will grow our market share across all geographies and further improve our financial results. As the cost and demand for energy increases and with datacenter floor space at a premium, Active Power is well positioned to leverage these trends, offering compelling solutions that improve our customer’s overall efficiencies and reduce operating expenses."
