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Active Power Reports Third Quarter 2011 Results

Active Power, CleanSource and CoolAir are registered trademarks of Active Power, Inc. The Active Power logo, PowerHouse and PowerCentre are trademarks of Active Power, Inc. All other trademarks are the properties of their respective companies.

ACTIVE POWER, INC.
CONDENSED STATEMENTS OF OPERATIONS
(Thousands, except per share amounts)

(unaudited)
       
Three Nine
Months Ended Months Ended
Sept. 30, Sept. 30,
2011     2010 2011     2010
 
Revenues:

Product revenue
$ 16,996 $ 16,663 $ 47,890 $ 39,356
Service and other revenue   3,612     1,793     9,262     6,264  
Total revenue 20,608 18,456 57,152 45,620
 
Cost of goods sold:

Cost of product revenue
13,112 11,287 35,625 28,323
Cost of service and other revenue   2,649     1,691     7,337     4,606  
Total cost of goods sold 15,761 12,978 42,962 32,929
 
Gross profit 4,847 5,478 14,190 12,691
 
Operating expenses:
Research and development 1,272 833 3,279 2,517
Selling and marketing 3,527 3,539 10,397 10,323
General & administrative   1,280     1,075     4,083     3,825  
Total operating expenses   6,079     5,447     17,759     16,665  
Operating profit (loss) (1,232 ) 31 (3,569 ) (3,974 )
 

Interest expense, net
(68 ) (30 ) (149 ) (82 )

Other expense, net
  .8     13     (34 )   .(55 )
Income (loss) before income taxes (1,292 ) 14 (3,752 ) (4,111 )
Income tax benefit   -     41     -     41  
Net income (loss) $ (1,292 ) $ 55   $ (3,752 ) $ (4,070 )
 
Basic net income (loss) per share $ (0.02 ) 0.00 $ (0.05 ) $ (0.05 )
Diluted net income (loss) per share $ (0.02 ) 0.00 $ (0.05 ) $ (0.05 )
Shares used in computing basic net income (loss) per share 80,119 79,674 79,990 76,982
Shares used in computing diluted net income (loss) per share 80,119 80,366 79,990 76,982
 
Comprehensive loss:
Net income (loss) $ (1,292 ) $ 55 $ (3,752 ) $ (4,070 )
Translation gain (loss) on subsidiaries in foreign currencies   (193 )   247     416     (12 )
Comprehensive income (loss) $ (1,485 ) $ 302   $ (3,336 ) $ (4,082 )
 
ACTIVE POWER, INC.
CONDENSED BALANCE SHEETS
(In thousands)
     
Sept. 30 December 31
2011 2010
Assets (unaudited)
 
Current assets:
Cash and cash equivalents $ 9,455 $ 15,416
Short-term investments in marketable securities - 134
Restricted cash 403 -
Accounts receivable, net 16,725 14,708
Inventories 10,731 6,430
Prepaid expenses and other   501     511  
Total current assets 37,815 37,199
Property and equipment, net 3,007 2,005
Deposits and other   404     314  
Total assets $ 41,226   $ 39,518  
 
Liabilities and stockholders' equity
 
Current liabilities:
Accounts payable $ 6,035 $ 6,022
Accrued expenses 5,379 7,068
Deferred revenue 4,566 2,492
Revolving line of credit   5,535     2,535  
Total current liabilities 21,515 18,117
 
Long-term liabilities 811 579
Stockholders' equity:
Common stock 80 80
Treasury stock (115 ) (103 )
Additional paid-in capital 276,233 274,807
Accumulated deficit (257,553 ) (253,801 )
Other accumulated comprehensive loss   255     (161 )
Total stockholders’ equity   18,900     20,822  
Total liabilities and stockholders’ equity $ 41,226   $ 39,518  
 
ACTIVE POWER, INC.
SUPPLEMENTAL FINANCIAL DATA
       

Three Months Ended

Sept. 30,

Nine Months Ended

Sept. 30,
$’000 2011     2010 2011     2010

Product Revenue:
UPS products $ 5,991 $ 8,358 $ 20,764 $ 23,210
Continuous Power Solutions 7,034 1,210 20,105 6,298
Infrastructure Solutions   3,971   7,095     7,021     9,848  
$ 16,996 $ 16,663   $ 47,890   $ 39,356  
 
MW of critical Power delivered

22.2MW

23.9MW

76.9MW

71.8MW
Revenue per MW of Critical Power ($’000) $ 585 $ 420 $ 575 $ 442
 
 

Selected Balance Sheet Data: ($’000)

Sept. 30, 2011

June 30, 2011

Dec. 31, 2010
 
Inventory:
Raw materials $ 6,859 $ 6,655 $ 5,243
Work in progress 3,452 5,461 2,382
Finished goods 2,246 1,750 1,148
Less reserves for obsolescence   (1,826 )   (1,815 )   (2,343 )
$ 10,731   $ 12,051   $ 6,430  
 
Receivables:
Americas $ 11,511 $ 10,132 $ 10,681
EMEA 1,947 4,866 4,020
Asia   3,267     2,807     7  
$ 16,725   $ 17,805   $ 14,708  

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