Active Power Reports Third Quarter 2009 Results
Active Power, Inc. announced results for its third quarter ended Sept. 30, 2009. Revenue for the quarter increased 29% to $8.5 million from $6.6 million in the previous quarter and decreased 31% from $12.4 million in the same period last year.
For the nine-month period ended Sept. 30, 2009, revenue decreased 2% to $26.3 million from the same period in 2008. For the quarter, net loss was $3.0 million, or $0.04 per share compared to a net loss of $3.5 million or $0.06 per share in the previous quarter and a net loss of $4.1 million, or $0.07 per share in the same period a year ago.
The gross profit margin in the third quarter of 2009 was 22%, which was unchanged from the previous quarter. This compares to a gross profit margin of 9% in the third quarter of 2008.
Cash and investments totaled $8.0 million at Sept. 30, 2009, compared to $11.7 million at June 30, 2009. The decrease of $3.7 million during the quarter includes $1.4 million of increased inventory levels.
"We are cautiously optimistic about the improvement in revenue we experienced this quarter," said Jim Clishem, President and CEO, Active Power. "We are beginning to see customers execute on their infrastructure plans, which is a positive sign for Active Power. In fact, we recorded more than $15 million in bookings since July 2009 including additional orders for PowerHouse. Efforts to broaden our sales channels and propagate messaging around our key product differentiators – energy efficiency, reliability and green – position Active Power as an attractive and compelling alternative to conventional technologies."