Active Power (ACPW) Sees Q4 Loss, Light Revs

February 11, 2013 9:03 AM EST Send to a Friend
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Active Power (NASDAQ: ACPW) has reported preliminary results for the fourth quarter and full year ended Dec. 31, 2012.

The ability of the company to achieve its expected fourth quarter 2012 results will be adversely impacted by the inability to recognize revenue from a single multimillion dollar order. As a result, the company expects to report fourth quarter revenues of $14 million to $16 million and a net loss of between $0.4 million and $0.8 million, or between $0.02 and $0.04 per share, adjusted for the company's recent 5-for-1 reverse stock split. This compares to revenues of $18.3 million and a net loss of $3.3 million or $0.21 per share in the fourth quarter of 2011, adjusted for the 5-for-1 reverse split.

*** The Street is modeling revs of $18.3 million and break even profit.

The company expects revenues for the full year 2012 to be between $75 million and $77 million compared to $75.5 million for the full year 2011. Net loss for 2012 is expected to be between $1.9 million and $2.3 million, or between $0.10 and $0.12 per share. The company reported a net loss of $0.44 per share for the full year 2011, adjusted for the company's recent 5-for-1 reverse split.

*** The Street sees a loss of 5 cents per share and revs of $79.4 million in FY12.

Management Commentary "While unfortunate, we believe the proper accounting treatment of this transaction was to not recognize the revenue in the fourth quarter based upon changes in the deployment schedule for our products on this particular project," said Doug Milner, president and CEO, of Active Power. "We are certainly disappointed as, absent this issue, we were on track to achieve our guidance for the fourth quarter and for 2012."


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