This increase in revenue reflects continued market acceptance for the Company’s battery-free power quality products, and growing momentum within the Company’s primary OEM sales channel.
Net loss for the first quarter of 2001 was $6.7 million, or 17 cents per share, compared to a net loss of $4.9 million, or $1.15 per share in the same period the previous year. The decrease in the net loss per share was primarily attributable to the Company no longer incurring charges for accretion and dividends on preferred stock. Cash and investments at March 31, 2001 were $137 million
Customer demand for battery-free power quality solutions continues to grow, particularly in California, said Joe Pinkerton, President and Chief Executive Officer. During the first quarter, Active Power shipped over 24 megawatts of power quality equipment to a broad array of end user customers, including industrial manufacturers, television broadcast stations and financial institutions.
Momentum continues to build with our main OEM channel partner Caterpillar.
This traction, coupled with the steady progress in the development of several new products, including our 6 kilowatt continuous power system, positions the Company well for future growth.
