Active Power Provides Preliminary Second Quarter 2009 Results

Fri Jul 10, 2009 4:30pm EDT
 
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AUSTIN, Texas--(Business Wire)--
Active Power, Inc. (NASDAQ: ACPW) announced today that it expects to report
revenues between $6.2 million to $6.7 million for its second quarter ended June
30, 2009, compared to previously provided guidance of $8 million to $12 million.
In addition, Active Power expects to report cash used in operating activities in
second quarter 2009 of $2 million to $2.5 million compared, to previous guidance
of $1 million. This change in cash and investments does not include the proceeds
of $3 million from the company`s recent direct sale of shares. 

"We believe that a number of orders we anticipated closing and shipping during
the second quarter have been deferred to later in the year, particularly in our
European markets," said Jim Clishem, president and CEO, Active Power. "These
anticipated orders and shipments resulted in the company increasing the amount
of its inventory by approximately $1.5 million which led to the increase in cash
used compared to our previous guidance. While overall our funnel of prospects is
growing, we believe customers are taking more time when investing capital in
their infrastructure due to the macroeconomic conditions at play. We have not
had any order cancellations during the quarter and orders received during the
second quarter were in excess of $9 million. However, the uncertainty around
timing of orders has limited our revenue visibility in future periods." 

Active Power expects to announce second quarter 2009 earnings and provide more
detail via conference call scheduled for Friday, July 24, 2009, at 10:00 a.m.
(CDT). A live, audio only Web cast and replay of the call will be made available
on the Investor Relations section of the company`s Web site at
www.activepower.com. 

About Active Power

Active Power (NASDAQ: ACPW) provides efficient, reliable and green critical
power solutions and uninterruptible power supply (UPS) systems to enable
business continuity in the event of power disturbances. Founded in 1992, Active
Power`s flywheel-based UPS systems protect critical operations in datacenters,
healthcare facilities, manufacturing plants, broadcast stations and governmental
agencies in more than 40 countries. With expert power system engineers and
worldwide services and support, Active Power ensures organizations have the
power to perform. For more information, please visit www.activepower.com. 

Cautionary Note Regarding Forward-Looking Statements

This release may contain forward-looking statements that involve risks and
uncertainties, including statements relating to Active Power`s current
expectations of operating results for the second quarter of 2009, its future
operating results and customers current intentions. 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 the completion
of the accounting close and review of the second quarter financial results and
the completion of an audit of the fiscal year 2009 financial results. Specific
risks and uncertainties include the deferral or cancellation of sales
commitments as a result of general economic conditions or uncertainty, risks
related to our international operations, and product performance and quality
issues. Please refer to Active Power filings with the Securities and Exchange
Commission, including its annual report on Form 10-K for the most recent year
ended December 31, and its Quarterly Reports on Form 10-Q and Current Reports on
Form 8-K filed since such year ended, for more information on the risk factors
that could cause actual results to differ. Active Power assumes no obligation to
update any forward-looking statements or information which are in effect as of
their respective dates. 

Active Power, CleanSource and CoolAir 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 respective companies. 



Active Power
Investor Contact:
John K. Penver, 512-744-9234
Chief Financial Officer
jpenver@activepower.com
or
Media Contact:
Lee Higgins, 512-744-9488
Public Relations Manager
lhiggins@activepower.com

Copyright Business Wire 2009

 

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