A123 Systems (AONE) to File 10-Q Late; Sees Q1 Revs Far Below Views; Cuts FY12 Revs Outlook
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A123 Systems, Inc. (Nasdaq: AONE) announced it has filed a Notification of Late Filing on Form 12b-25 with the Securities and Exchange Commission requesting a 5-day extension to file its Quarterly Report on Form 10-Q for the period ended March 31, 2012. The company plans to file its Quarterly Report on Form 10-Q as soon as practicable.
In conjunction with this filing, the company also provided preliminary financial results for the first quarter of 2012. Revenue for the first quarter of 2012 is expected to be approximately $10.9 million. The Street is looking for revs of $18.40 million.
Net loss in the first quarter of 2012 is expected to be approximately ($125.0) million. Anticipated net loss for the first quarter includes an estimated $51.6 million warranty expense related to the previously announced field campaign to replace battery modules and packs that may contain defective prismatic cells produced at the Company's Livonia, Mich. manufacturing facility. Also included in the anticipated net loss for the first quarter is an estimated $15.2 million increase in inventory reserves related to battery packs, modules and cells manufactured in Livonia, Mich. that may be defective. Net cash used in operating activities is expected to be ($46.5) million in the first quarter of 2012. Cash and cash equivalents are anticipated to be $113.1 million at the end of March 31, 2012.
The Company anticipates that capacity for prismatic cell production will be constrained for the foreseeable future due to the field campaign, a deliberate manufacturing ramp-up and continued demand for prismatic cell-based products. As a result, the company anticipates that revenue in 2012 will be in the range of $145 million to $175 million, compared to prior expectations of $230 million to $300 million. The Street was looking for revs of $229.6 million.
In conjunction with this filing, the company also provided preliminary financial results for the first quarter of 2012. Revenue for the first quarter of 2012 is expected to be approximately $10.9 million. The Street is looking for revs of $18.40 million.
Net loss in the first quarter of 2012 is expected to be approximately ($125.0) million. Anticipated net loss for the first quarter includes an estimated $51.6 million warranty expense related to the previously announced field campaign to replace battery modules and packs that may contain defective prismatic cells produced at the Company's Livonia, Mich. manufacturing facility. Also included in the anticipated net loss for the first quarter is an estimated $15.2 million increase in inventory reserves related to battery packs, modules and cells manufactured in Livonia, Mich. that may be defective. Net cash used in operating activities is expected to be ($46.5) million in the first quarter of 2012. Cash and cash equivalents are anticipated to be $113.1 million at the end of March 31, 2012.
The Company anticipates that capacity for prismatic cell production will be constrained for the foreseeable future due to the field campaign, a deliberate manufacturing ramp-up and continued demand for prismatic cell-based products. As a result, the company anticipates that revenue in 2012 will be in the range of $145 million to $175 million, compared to prior expectations of $230 million to $300 million. The Street was looking for revs of $229.6 million.
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