Delaware
|
000-30939
|
74-2961657
|
(State or other jurisdiction of incorporation)
|
(Commission File Number)
|
(IRS Employer Identification No.)
|
o | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
o | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
o | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
o | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Item 2.02.
|
Results of Operations and Financial Condition.
|
Item 9.01
|
Financial Statements and Exhibits.
|
99.1
|
Press Release of Active Power, Inc. dated February 18, 2014.
|
|
|
ACTIVE POWER, INC.
|
|
|
|
|
|
|
|
|
|
Date: February 18, 2014
|
By:
|
/s/ James A. Powers
|
|
|
|
James A. Powers
|
|
Chief Financial Officer
|
Exhibit No.
|
Description
|
Press Release of Active Power, Inc. dated February 18, 2014.
|
· | Full year 2013 revenue was $61.7 million compared to $76.3 million in 2012. |
· | Fourth quarter 2013 revenue increased $772,000 from the previous quarter to $13.9 million. |
· | Annual service revenue increased $3.3 million or 23% to $17.5 million compared to 2012, marking the 10th consecutive year service revenue has increased. |
· | Booked and shipped a large UPS order to IT partner IO, a global leader in software-defined data centers, for deployment at a world-class university’s high performance computing center on the east coast. |
· | Appointed Jay Powers as CFO and vice president of Finance, bringing to the company more than 30 years of broad and deep experience at both domestic and international organizations in a variety of industries including manufacturing, power quality, and energy storage. |
· | Appointed Randall J. Adleman as vice president of Global Sales and Marketing, bringing to Active Power more than two decades of sales and marketing leadership in the power quality, energy storage, and enterprise software sectors. |
|
Three Months Ended December 31,
|
Twelve Months Ended December 31,
|
||||||||||||||
|
(unaudited)
|
(unaudited)
|
||||||||||||||
|
2013
|
2012
|
2013
|
2012
|
||||||||||||
|
||||||||||||||||
|
||||||||||||||||
Revenues:
|
||||||||||||||||
Product revenue
|
$
|
9,300
|
$
|
11,497
|
$
|
44,158
|
$
|
62,031
|
||||||||
Service and other revenue
|
4,626
|
3,750
|
17,541
|
14,284
|
||||||||||||
Total revenue
|
13,926
|
15,247
|
61,699
|
76,315
|
||||||||||||
|
||||||||||||||||
Cost of goods sold:
|
||||||||||||||||
Cost of product revenue
|
7,452
|
6,902
|
32,825
|
42,510
|
||||||||||||
Cost of service and other revenue
|
2,298
|
2,325
|
9,478
|
9,091
|
||||||||||||
Total cost of goods sold
|
9,750
|
9,227
|
42,303
|
51,601
|
||||||||||||
Gross profit
|
4,176
|
6,020
|
19,396
|
24,714
|
||||||||||||
|
||||||||||||||||
Operating expenses:
|
||||||||||||||||
Research and development
|
1,850
|
1,395
|
7,430
|
5,440
|
||||||||||||
Selling and marketing
|
3,348
|
3,248
|
12,032
|
14,139
|
||||||||||||
General and administrative
|
2,792
|
1,686
|
7,551
|
6,861
|
||||||||||||
Total operating expenses
|
7,990
|
6,329
|
27,013
|
26,440
|
||||||||||||
Loss from Operations
|
(3,814
|
)
|
(309
|
)
|
(7,617
|
)
|
(1,726
|
)
|
||||||||
|
||||||||||||||||
Interest expense, net
|
(88
|
)
|
(81
|
)
|
(370
|
)
|
(327
|
)
|
||||||||
Other income (expense), net
|
(225
|
)
|
(28
|
)
|
(364
|
)
|
131
|
|||||||||
|
||||||||||||||||
Net Loss
|
$
|
(4,127
|
)
|
$
|
(418
|
)
|
$
|
(8,351
|
)
|
$
|
(1,922
|
)
|
||||
|
||||||||||||||||
Net Loss per share, basic and diluted
|
$
|
(0.21
|
)
|
$
|
(0.02
|
)
|
$
|
(0.44
|
)
|
$
|
(0.10
|
)
|
||||
|
||||||||||||||||
Shares used in computing net loss per share, basic and diluted
|
19,398
|
19,134
|
19,193
|
18,584
|
|
December 31, 2013
|
December 31, 2012
|
||||||
|
(unaudited)
|
|||||||
|
||||||||
|
||||||||
ASSETS
|
||||||||
|
||||||||
Current assets:
|
||||||||
Cash and cash equivalents
|
$
|
12,261
|
$
|
13,524
|
||||
Restricted cash
|
520
|
-
|
||||||
Accounts receivable, net of allowance for doubtful accounts of $313 and $488 at December 31, 2013 and December 31, 2012, respectively
|
9,075
|
17,862
|
||||||
Inventories, net
|
12,020
|
11,079
|
||||||
Prepaid expenses and other
|
680
|
567
|
||||||
Total current assets
|
$
|
34,556
|
$
|
43,032
|
||||
Property and equipment, net
|
3,056
|
2,458
|
||||||
Deposits and other
|
295
|
309
|
||||||
Total assets
|
$
|
37,907
|
$
|
45,799
|
||||
|
||||||||
LIABILITIES AND STOCKHOLDERS' EQUITY
|
||||||||
|
||||||||
Current liabilities:
|
||||||||
Accounts payable
|
$
|
2,993
|
$
|
4,036
|
||||
Accrued expenses
|
5,583
|
4,948
|
||||||
Deferred revenue
|
2,749
|
4,568
|
||||||
Revolving line of credit
|
5,535
|
5,535
|
||||||
Total current liabilities
|
$
|
16,860
|
$
|
19,087
|
||||
Long-term liabilities
|
741
|
713
|
||||||
Stockholders' equity
|
||||||||
Preferred stock - $0.001 par value; 2,000 shares authorized
|
-
|
-
|
||||||
Common stock - $0.001 par value; 30,000 shares authorized; 19,452 and 19,171 issued and 19,388 and 19,125 outstanding at December 31
2013 and 2012, respectively
|
19
|
19
|
||||||
Treasury stock
|
(215
|
)
|
(144
|
)
|
||||
Additional paid-in capital
|
290,964
|
288,619
|
||||||
Accumulated deficit
|
(271,168
|
)
|
(262,817
|
)
|
||||
Other accumulated comprehensive income
|
706
|
322
|
||||||
Total stockholders' equity
|
$
|
20,306
|
$
|
25,999
|
||||
Total liabilities and stockholders' equity
|
$
|
37,907
|
$
|
45,799
|
Revenue by Product
|
3 Months Ended
|
12 Months Ended
|
||||||||||||||||||||||||||||||
|
December 31,
|
December 31,
|
||||||||||||||||||||||||||||||
|
2013
|
% of total
|
2012
|
% of total
|
2013
|
% of total
|
2012
|
% of total
|
||||||||||||||||||||||||
UPS
|
$
|
5,889
|
42
|
%
|
$
|
6,811
|
44
|
%
|
$
|
22,620
|
37
|
%
|
$
|
35,366
|
46
|
%
|
||||||||||||||||
MIS
|
3,411
|
25
|
%
|
4,686
|
31
|
%
|
21,538
|
35
|
%
|
26,665
|
35
|
%
|
||||||||||||||||||||
Total Product Revenue
|
9,300
|
67
|
%
|
11,497
|
75
|
%
|
44,158
|
72
|
%
|
62,031
|
81
|
%
|
||||||||||||||||||||
Service
|
4,626
|
33
|
%
|
3,750
|
25
|
%
|
17,541
|
28
|
%
|
14,284
|
19
|
%
|
||||||||||||||||||||
Total Revenue
|
$
|
13,926
|
100
|
%
|
$
|
15,247
|
100
|
%
|
$
|
61,699
|
100
|
%
|
$
|
76,315
|
100
|
%
|
||||||||||||||||
|
||||||||||||||||||||||||||||||||
Revenue by Geography
|
||||||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||
Americas
|
$
|
11,278
|
81
|
%
|
$
|
11,632
|
76
|
%
|
$
|
50,365
|
82
|
%
|
$
|
48,190
|
63
|
%
|
||||||||||||||||
EMEA
|
1,448
|
10
|
%
|
2,338
|
16
|
%
|
6,941
|
11
|
%
|
21,917
|
29
|
%
|
||||||||||||||||||||
Asia
|
1,200
|
9
|
%
|
1,277
|
8
|
%
|
4,393
|
7
|
%
|
6,208
|
8
|
%
|
||||||||||||||||||||
Total Revenue
|
$
|
13,926
|
100
|
%
|
$
|
15,247
|
100
|
%
|
$
|
61,699
|
100
|
%
|
$
|
76,315
|
100
|
%
|
|
Three
|
Twelve
|
||||||||||||||
|
Months Ended
|
Months Ended
|
||||||||||||||
|
December 31,
|
December 31,
|
||||||||||||||
|
2013
|
2012
|
2013
|
2012
|
||||||||||||
Net Income (Loss)
|
$
|
(4,127
|
)
|
$
|
(418
|
)
|
$
|
(8,351
|
)
|
$
|
(1,922
|
)
|
||||
Interest Expense
|
88
|
81
|
370
|
327
|
||||||||||||
Depreciation Expense
|
280
|
327
|
1,084
|
1,282
|
||||||||||||
Stock Based Compensation
|
784
|
279
|
1,700
|
1,410
|
||||||||||||
Impairment of Long-Lived Assets
|
(3
|
)
|
218
|
99
|
218
|
|||||||||||
Adjusted EBITDA
|
$
|
(2,978
|
)
|
$
|
487
|
$
|
(5,098
|
)
|
$
|
1,315
|