Active Power, Inc. (ACPW)
Q2 2012 Earnings Call
July 30, 2012 04:30 pm ET
Doug Milner – President & Chief Executive Officer
John Penver – Chief Financial Officer & Vice President, Finance
Jeff Osborne – Stifel Nicolaus
Carter Driscoll – Capstone Investments
Jim McIlree – Collins Stewart
Carter Dunlap – Dunlap Equity Management
Good afternoon, everyone. Thank you for participating in today’s conference call to discuss Active Power’s financial results for Q2 and the six months ended June 30, 2012. With us today is Mr. Doug Milner, President and Chief Executive Officer of Active Power; and Mr. John Penver, the company’s Chief Financial Officer.
Following their remarks we will open up the call for questions. Then, before the conclusion of today’s call I’ll provide the necessary cautions regarding forward-looking statements made by management during this call. I would like to remind everyone that this call will be available for replay via Active Power’s website at
. I would now like to turn the call over to the President and Chief Executive Officer of Active Power, Mr. Doug Milner. Sir, please go ahead.
Thank you, Operator. Good afternoon, everyone, and thank you for joining us today. Earlier today we issued a press release announcing our results for Q2 and six months ended June 30, 2012. We’re pleased to report record revenues this quarter of $21.7 million but more importantly did we achieve these revenues profitably. Net income for the quarter was $490,000 representing the bet quarterly profit in company history. Volume increase, mix, operational improvements and favorable timing on shipments of certain customer orders drove improvements in gross margins which increased to 36% from 27% in the previous quarter and 24% in the prior year.