Active Power Reports Preliminary Revenue and Net Loss Results for the Fourth
Quarter and Full Year 2012
AUSTIN, TX -- (Marketwire) -- 02/11/13 -- Active Power (NASDAQ:
ACPW), manufacturer of uninterruptible power supply (UPS) systems and
modular infrastructure solutions, has reported preliminary results
for the fourth quarter and full year ended Dec. 31, 2012.
The ability of the company to achieve its expected fourth quarter
2012 results will be adversely impacted by the inability to recognize
revenue from a single multimillion dollar order. As a result, the
company expects to report fourth quarter revenues of $14 million to
$16 million and a net loss of between $0.4 million and $0.8 million,
or between $0.02 and $0.04 per share, adjusted for the company's
recent 5-for-1 reverse stock split. This compares to revenues of
$18.3 million and a net loss of $3.3 million or $0.21 per share in
the fourth quarter of 2011, adjusted for the 5-for-1 reverse split.
The company expects revenues for the full year 2012 to be between $75
million and $77 million compared to $75.5 million for the full year
2011. Net loss for 2012 is expected to be between $1.9 million and
$2.3 million, or between $0.10 and $0.12 per share. The company
reported a net loss of $0.44 per share for the full year 2011,
adjusted for the company's recent 5-for-1 reverse split.
"While unfortunate, we believe the proper
accounting treatment of this transaction was to not recognize the
revenue in the fourth quarter based upon changes in the deployment
schedule for our products on this particular project," said Doug
Milner, president and CEO, of Active Power. "We are certainly
disappointed as, absent this issue, we were on track to achieve our
guidance for the fourth quarter and for 2012."
Conference Call and Webcast
Active Power will host a conference call
on Tuesday, Feb. 19, 2013, at 4:30 p.m. (ET) to discuss its fourth
quarter and full year 2012 results.
Interested parties can dial into the call at the time of the event at
(866) 963-1214. For callers outside the United States, please dial
For parties wanting to listen live via the web, a webcast button is
located on Active Power's investor relations website at
About Active Power
Founded in 1992, Active Power (NASDAQ: ACPW)
designs and manufactures continuous power solutions and critical
backup power systems that enable data centers and other mission
critical operations to remain 'on' 24 hours a day, seven days a week.
Active Power solutions are intelligently efficient, inherently
reliable, and economically green, providing environmental benefits
and energy and space efficiencies to customers' financial benefit.
The company's products and solutions are built with pride in Austin,
Texas, at a state-of-the-art, ISO 9001:2008 registered manufacturing
and test facility. Global customers are served via Austin and three
regional operations centers located in the United Kingdom, Germany,
and China, supporting the deployment of systems in more than 50
countries. For more information, visit www.activepower.com.
Cautionary Note Regarding Forward-Looking Statements
may contain forward-looking statements that involve risks and
uncertainties, including statements relating to Active Power's
preliminary revenue and net loss for the fourth quarter of 2012 and
full year 2012. Any forward-looking statements and all other
statements that may be made in this news release that are not
historical facts are subject to a number of risks and uncertainties,
and actual results may differ materially. Factors that could cause
the actual results to differ materially from the results predicted
include, among others, our dependence on our relationships with
Hewlett Packard and Caterpillar, our increased emphasis on larger and
more complex system solutions, the deferral or cancellation of sales
commitments as a result of general economic conditions or
uncertainty, our ability to satisfy customer requirements and ship
products on a timely basis, risks related to our international
operations, and product performance and quality issues. In addition,
the financial results in this press release are preliminary and are
subject to adjustment as we complete our closing procedures and
year-end audit process. For more information on the risk factors that
could cause actual results to differ from these forward looking
statements, please refer to Active Power filings with the Securities
and Exchange Commission, including its annual report on Form 10-K for
the year ended December 31, 2011, its Quarterly Reports on Form 10-Q
and its Current Reports on Form 8-K filed since then. Active Power
assumes no obligation to update any forward-looking statements or
information which are in effect as of their respective dates.
Active Power and CleanSource are registered trademarks of Active
Power, Inc. The Active Power logo and PowerHouse are trademarks of
Active Power, Inc. All other trademarks are the properties of their
SOURCE: Active Power, Inc.
Liolios Group, Inc.
Senior Public Relations Manager
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