A123 Systems (AONE) Affirms Q4 Net Loss; Issues FY12 Revs Outlook
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A123 Systems, Inc. (Nasdaq: AONE), sees a Q4 net loss of $85 million in the quarter.
Anticipated net loss for the fourth quarter includes a non-cash fair value impairment charge of $11.6 million to its existing investment in Fisker Automotive, Inc. The company elected not to participate in a subsequent round of financing for Fisker. Also included in anticipated net loss are additional warranty charges of $10.6 million related to a joint campaign to repair and update packaging and electronics for one customer program, and costs associated with repairing battery packs for a separate, previously announced customer program, and $10.1 million related to greater than anticipated scrap rates in the fourth quarter. Net cash used in operating activities is expected to be ($53.6) million in the fourth quarter of 2011. Cash and cash equivalents are anticipated to be $186.9 million at the end of 2011.
The company anticipates that revenue in 2012 will be in the range of $230 million to $300 million, representing 67% growth from 2011 at the midpoint. The Street sees revs of $290.8 million. Within revenue, the company anticipates revenue from the transportation market to be in the range of $130 million to $160 million and revenue from the electric grid, commercial and government markets to be in the range of $100 million to $140 million. Based on this outlook, no single customer is expected to represent more than 15% of revenue in 2012.
Anticipated net loss for the fourth quarter includes a non-cash fair value impairment charge of $11.6 million to its existing investment in Fisker Automotive, Inc. The company elected not to participate in a subsequent round of financing for Fisker. Also included in anticipated net loss are additional warranty charges of $10.6 million related to a joint campaign to repair and update packaging and electronics for one customer program, and costs associated with repairing battery packs for a separate, previously announced customer program, and $10.1 million related to greater than anticipated scrap rates in the fourth quarter. Net cash used in operating activities is expected to be ($53.6) million in the fourth quarter of 2011. Cash and cash equivalents are anticipated to be $186.9 million at the end of 2011.
The company anticipates that revenue in 2012 will be in the range of $230 million to $300 million, representing 67% growth from 2011 at the midpoint. The Street sees revs of $290.8 million. Within revenue, the company anticipates revenue from the transportation market to be in the range of $130 million to $160 million and revenue from the electric grid, commercial and government markets to be in the range of $100 million to $140 million. Based on this outlook, no single customer is expected to represent more than 15% of revenue in 2012.
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