Active Power Reports Fourth-Quarter 2004 Results
Active Power Inc. (Austin, TX), a developer of battery-free, power quality products, announced results for its fourth quarter ended December 31, 2004. Revenues for the fourth quarter of fiscal 2004 were $4.8 million, up 98% from the same period last year, and 17% sequentially. Revenues for the full-year 2004 were $15.8 million, up 78% from 2003.
Net loss for the fourth quarter of 2004 was $5.1 million, or $0.12 per share, compared to a net loss of $4.4 million, or $0.10 per share, for the same period last year and a net loss of $10.9 million, or $0.26 per share, in the third quarter of 2004. Third-quarter 2004 net loss included $4.8 million in litigation settlement charges.
Cash and investments usage for the quarter was $10.8 million, as compared to $4.0 million for the same period last year. The increase in cash and investment usage was due primarily to the final $3.8 million payment toward the recent litigation settlement, legal and professional fees associated with the lawsuit, and changes in our working capital balances. Cash and investments at December 31, 2004, were $45.7 million.