AUSTIN, Texas, Jan. 24, 2002 — Active Power, Inc., a provider of battery-free power quality solutions, today 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% from the same period the previous year. For fiscal 2001, revenues totaled $22.6 million, up $17.7 million or 363% from 2000.
Net loss for the fourth quarter of 2001 was $7.0 million, or 17 cents per share, compared to a net loss of $6.3 million, or 16 cents 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.
Highlights from the last quarter include: a 4.75 megawatt order from an industrial manufacturer, completion of key development milestones on the new Cat® high power electronics platform, solid field performance and rapid market acceptance of our newly released CleanSource2® products.
“With our strengthened distribution agreements, 900% increase in manufacturing capacity, 2 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 Chief Executive Officer of Active Power. “With hundreds of installations and an expanding product line, we have built a strong foundation for growth in 2002.”
Conference call: The company will host a conference call today (Thursday, January 24) at 5:00 p.m. Eastern Time. A live broadcast and replay of the conference call will be available on the Internet by accessing our corporate web site at http://www.activepower.com/investor_relations/index.html.
About Active Power:
Active Power, Inc. (www.activepower.com) designs, manufactures and markets battery-free power quality products that provide the consistent, reliable electric power required by today’s digital economy. Active Power is the first company to commercialize a flywheel energy storage system, CleanSource® that provides a highly reliable, low-cost and non-toxic replacement for lead-acid batteries used in conventional power quality installations. Through a strategic alliance, Active Power and Caterpillar Inc. jointly developed a battery-free uninterruptible power supply (UPS), which is marketed under the Caterpillar brand name.