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Active Power's CEO Discusses Q1 2012 Results - Earnings Call Transcript

Active Power’s experienced tremendous growth over the last several years by sticking to a simple value proposition and by taking an entrepreneurial approach to emerging business opportunities. However, the missing piece has been consistent profitability. We believe this can a remedied by getting back to basics, improving our execution and driving productivity within the business. As my predecessor Jan Lindelow spoke openly about we need a more consistent focus on our core UPS business along with improvement in the overall execution of our infrastructure solutions business. I’ll speak about that in more detail later.

Now I’d like to turn the call over to John to take us through our first quarter financial results then I’ll come back to talk more in depth about our priorities and strategies moving ahead including our outlook for the second quarter of 2012. We’ll then open the call up to you questions. John?

John Penver

Thank you, Doug. Good afternoon everyone. Thank you for joining us on our call today. Revenue for the first quarter of 2012 was $19.8 million increasing sequentially by 8% an increasing by 14% compared to the first quarter of 2011. This is the highest first quarter revenue we recorded and the first time our first quarter has sequentially increased from the prior quarter.

Revenue in the quarter included $13.6 million of PowerHouse and infrastructure solutions and services which was 68% of our revenues with our largest quarterly revenue ever from infrastructure solutions in the first quarter.

Looking at our product revenues of $16.4 million, that was split as follows, UPS systems $4.2 million, continuous power solutions $4.9 million and infrastructure solutions $7.3 million. While our UPS systems business was down by 14% from the prior quarter which reflects pass seasonal trends we have seen an increase in orders in our pipeline and believe that this will result in an increase in our UPS systems revenue as a remainder of 2012.

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