Active Power Reports Fourth-Quarter 2001 Results
Active Power Inc. (Austin, TX) announced results for the fourth quarter ended December 31, 2001. Revenues for the fourth quarter of fiscal 2001 totaled $4.5 million, including $1.0 million in development funding, up 69 percent from the same period the previous year. For fiscal 2001, revenues totaled $22.6 million, up $17.7 million or 363 percent from 2000.
Net loss for the fourth quarter of 2001 was $7.0 million, or $0.17 per share, compared to a net loss of $6.3 million, or $0.16 per share in the same period the previous year, and a $7.4 million loss in the preceding quarter. Net loss for fiscal 2001 was $28.0 million, compared to a net loss of $42.2 million for 2000. The year-over-year decrease in net loss was primarily attributable to the company no longer incurring charges for accretion and dividends on preferred stock. Cash and investments at December 31, 2001, were $112.1 million.
“With our strengthened distribution agreements, 900-percent increase in manufacturing capacity, two million hours of reliable product operation in the field and successful launch of our new CleanSource2 line, we were able to grow customer installations by ten-fold during the past year,” said Joe Pinkerton, chairman and CEO of Active Power. ”With hundreds of installations and an expanding product line, we have built a strong foundation for growth in 2002.”