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Active Power's CEO Discusses Q2 2012 Results - Earnings Call Transcript

As we have consistently stated our key priority is to get the business profitable by focusing on returning our UPS and continuous power systems to growth. We continue to see an increase in UPS opportunities as we execute our go to market strategy and as our sales organization gains experience and traction in the market. UPS revenues were 90% higher than the prior quarter and increased 61% versus the prior year.

We are pleased with the progress that we’ve shown. These factors combined with the introduction of our new UPS product platform later in the year lead us to be optimistic about the future of this important part of our business. Now I’d like to turn the call over to John to take us through the details of our Q2 results. I’ll then come back to provide more commentary on the quarter and discuss our priorities moving forward. We’ll then open the call to your questions. John?

John Penver

Thank you, Doug. Good afternoon, everyone. Thank you for joining us on the call today. Revenue for Q2 2012 was $21.7 million, increasing sequentially by 9% and increasing by 13% compared to Q2 2011. For the first six months of 2012, our revenue totaled $41.5 million, or up by 13% from $36.5 million in the first half of 2011. Revenue in the quarter included $9.4 million of infrastructure solutions and services which was 43% of our revenues.

Looking at our product revenues of $17.5 million, they were split as follows: UPS systems, $9.6 million; infrastructure solutions, $7.9 million. Based on the timing of customer demand we did not have any continuous power solution product revenue in Q2. Compared to a year ago, this quarter reflected significant changes in the composition of revenue. This reflects the inherent variability of our continuous power and infrastructure business lines where large value and low volumes of transactions can quickly cause large fluctuations in quarterly revenue. Our continuous power solutions revenues were down by $9.1 million but offset by an increase of $7.1 million from the sale of infrastructure solutions and services and an increase of $4.5 million from UPS revenues.

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