Seeking Alpha
We cover over 5K calls/quarter
Profile| Send Message|
( followers)  

Active Power Inc. (NASDAQ:ACPW)

Q3 2013 Earnings Conference Call

November 18, 2013; 05:00 p.m. ET

Executives

Mark Ascolese - President & Chief Executive Officer

Steve Fife - Chief Financial Officer & Vice President of Finance

Analysts

JinMing Liu - Ardour Capital Investments

Jeff Osborne - Stifel Nicolaus

Carter Driscoll - Ascendiant Capital Markets

Operator

Good afternoon everyone. Thank you for participating in today’s conference call to discuss Active Power’s financial results for the third quarter ended September 30, 2013. With us today is Mr. Mark Ascolese, President and Chief Executive Officer of Active Power and Mr. Steve Fife, Chief Financial Officer and Vice President of Finance.

Following their remarks we will open up the call for questions. Then before the conclusion of today’s call, I’ll provide the necessary cautions regarding forward-looking statements made by management during this call. I would like to remind everyone this call will be available for replay via Active Power’s website at www.activepower.com.

I would now like to turn the call over to the President and Chief Executive Officer of Active Power Mr. Mark Ascolese. Sir, please go ahead.

Mark Ascolese

Good afternoon everyone and thank you for joining us today. We issued a press release earlier announcing our results for the third quarter of 2013. In addition we also announced the appointment of Jay Powers as CFO and Vice President of Finance effective December 4, 2013.

Jay brings to Active Power more than 30 years of finance, accounting and operations, including ABB, Invensys PLC and Xerium Technologies. I believe his deep and relevant experience and expertise will add value to our business.

Steve Fife our current CFO and Vice President of Finance will remain with the company till the end of the year to assist in a smooth transition of responsibilities. I want to recognize Steve for his hard work and contribution to Active Power during his time here. We thank him for agreeing to stay on till the year-end and wish him well in his future endowers.

And now to the quarter. For the third quarter we generated revenues of $13.2 million with product revenues contributing $8 million. Our product revenues this quarter is down $8.6 million compared to the third quarter of 2012, primarily driven by a reduction in UPS sales. However service revenues continue to improve increasing 73% or by $2.2 million compared to the same year ago quarter, totaling $5.1 million.

Having spent 12 years with General Electric in their service organization early in my career, I understand how important our global professional services group is and its role in helping drive top line growth and growth margin productivity gains.

Before I turn the call over to Steve to take us through the quarters financial details, I’d like to share how excited I am to be back at Active Power and leading the company.

I see opportunity for this business moving ahead, but understand that the path to get where I believe Active Power can be will take hard work, personal accountability and attention to detail. I also believe that it will take setting new priorities, improving our global distribution strategy and our overall execution.

I spent in total more than 20 years in various leadership roles at Powerware, a global provider of power quality products. I was asked in 2002 to return to Powerware, to turn the business around which I did through a number of initiatives, including the creating and execution of a new product roadmap, the rollout of a global brand strategy and cost containment measures. Powerware was subsequently acquired by Eaton Corporation in 2004.

I returned to Active Power for some of the very same reasons I went back to Powerware in 2002, and while I expected the role of Senior Vice President of Business Development for Active Power back in 2000, I saw an opportunity, an upside for a business that had two key ingredients already in place, excellent people and technology.

Active Power has a very elegant technology that works and delivers tangible operational advantages to our customers. Because of this we are chosen by some of the most visible brands in the world that entrust us to protect their most mission critical applications.

I’m also impressed with the talent and commitment of our employees, executive team and our broad. These groups have shown results in the phase of revenue adversity. They are highly motivated and want to see the business succeed.

Now I’d like to turn the call over to Steve to take us through our third quarter results and speak to the issues we are currently facing as a business. I’ll then come back to provide more perspective on the business, the market and my priorities for Active Power moving ahead. Steve.

Steve Fife

Thank you Mark and good afternoon everyone and thanks for joining us today. Just prior to this call we filed amended quarterly reports of Form 10-Q/A, included restated financial statements for the period ending March 31, 2013 and June 30, 2013. It is because of these restatements we delayed our third quarter 2013 call. So we appreciate your patients on this.

As we disclosed on From 8-K filed on November 7, the restatements were made primarily due to the fact revenue recognized in the quarter ended March 31, 2013 from Qiyuan Network System Limited was not reasonable assured to be collectable at the date of shipment and at March 31, 2013. For more details on the restatements, please refer to amended quarterly reports filed on Form 10-Q/A.

We are taking steps to now move past this issue with Qiyuan and are working to put in place a more effective and a robust sales strategy for the China market. To-date we have taken the follow steps: First we terminated our agreement with Qiyuan and the employee who intentionally misrepresented the relationship between Qiyuan and Digital China no longer works for the company. We have also successfully completed a return and received payment on substantially all products shipped to Qiyuan.

Second, as we mentioned on our last quarterly call on July 30, we hired a General Manager for the Asia Pacific region. This individual is working to further develop and diversify our distribution channels in the region.

Lastly the audit committee of our Board of Directors with support of independent counsel has initiated an investigation into the facts and circumstances around our agreement and transactions with Qiyuan. We also have a pending SEC investigation, including matters related to the Qiyuan transaction.

As disclosed on our SEC reports, the company and certain and former officers and directors have been sued by certain shareholders. As of today we are aware of one class action complain and two separate stockholder complains that have been filed. We have engaged legal council to defend us in these matters and the SEC investigating. We are limited at this point in time as to what else we can say about this process.

Now I’d like to highlight a few metrics from the income statement and balance sheet. UPS revenue increased sequentially to $6.5 million, but decreased $8.3 million compared to the third quarter of 2012. This decrease was primarily due to a single large deployment in EMEA in 2012. Looking at the nine months period, ending September 30, 2013 UPS revenue is down $11.8 million to $16.7 million, compared to the first nine months in 2012.

Sluggish UPS revenues over the last few quarters can be attributed to delays in customer deployment schedules and a cautious economic climate worldwide. We are generally not seeing project cancellations, but rather customers are placing infrastructural projects on hold until additional capital comes available, which makes product revenues a bit difficult to forecast. This is consistent with what others in the industry are reporting.

All though we anticipate the near term to remain sluggish, the demand for our products and solutions is not waning, as our pipeline of opportunities for both our UPS and MIS products continues to strengthen pointing to an improved 2014. MIS revenue decreased $11 million sequentially to $1.5 million and was relatively flat year over year. We expected the sequential decrease in MIS revenue.

Service revenue increased $300,000 sequentially and $2.2 million year-over-year to $5.1 million. Gross margin this quarter was 30% compared to 34.3% in the previous quarter and 28.6% in the third quarter of 2012. Overall product gross margin decreased sequentially and year-over-year, primarily due to lower product revenues in the third quarter of 2013 and higher unabsorbed cost.

Higher service revenues, which have a higher gross margin and gross margin on product revenues in the third quarter of 2013 versus the prior year, was the primary driver for year-over-year gross margin improvement.

Total operating expenses were $6.9 million for the quarter, up $497,000 compared to the second quarter of 2013, but down $446,000 versus the third quarter of 2012. The increase from the previous quarter was attributed to investments in R&D and an increase in G&A expenses, due to bad debt expenses associated with customers in China.

Our operating cash flow was negative $558,000 compared to negative $196,000 in the second quarter of 2013. Year-over-year third quarter operating cash flow improved slightly from negative $587,000. For the first nine months, operating cash flow was a positive $934,000 compared to a negative $5.2 million in the first nine months of 2012.

Finally I’d like to address revenue guidance. While we’ve had a practice in providing quarterly guidance we do not plan to provide quarterly or annual guidance. The primary reason for this is the continued variability in our business. However, we plan to continue to provide commentary on industry’s trend that affect our business and impact our growth prospects.

As I mentioned, the demand for our products and solutions in our pipeline of opportunities for both UPS and MIS product continues to grow. This outlook is supported by the long anticipated rollout of our CSHD product line and a growing global market place, which is very much in need of products that deliver unmatched power density, reliability and total cost of ownership.

This completes the financial portion of our presentation. I’d now like to turn the call back over to Mark.

Mark Ascolese

Thank you Steve. Prior to coming board, I reached out to a number of our large customers as well as industry experts to solicit their input on Active Power and get their take on our company and products. Their responses were consistent and were focused two key things; Active Power products great service and field support and its products are engineered extremely well and are very reliable. In fact I had a number of individuals that express interest in wanting to join Active Power to help move the business forward.

We are glad to hear these comments as they help establish the foundation from which to drive improvement in the business. Our view, and unique flywheel technology in associated power electronics has a hub from which to leverage and g row our three revenue streams; UPS, modular infrastructure solution or MIS and service.

To build on the operational improvements the company has made over the last 18 months, and to propel the business forward. We have put in place three near term priorities. First we need to drive consistent sales performance through smart investing and allocation of resources in our sales organization and distribution channels to continue to build our backlog.

To lead this charge we recently announced the appointment of Randy Adleman as Vice President of Global Sales and Marketing. Randy brings more than 20 years of sales and marketing leadership to the business, with deep experience in power quality, energy storage and enterprise software. His track record has demonstrated time and again his ability to turnaround sales organizations, to help drive profitable growth and increase customer satisfaction.

We will continue to identify and recruit highly skilled professionals to support our efforts. We are also working with Caterpillar with whom we have a 14-year relationship, to further leverage our unique deal and network structure and brand recognition worldwide.

At Steve mentioned earlier, we are working quickly to put the circumstances with Qiyuan behind us, as we see the 50Hz in China and elsewhere as a significant opportunity. With an experienced general manger for Asia Pacific in place, we will identify well-respected highly skilled distributors in the region to help us sell into China’s mission critical and energy storage markets. As a side note, Active Power has been selling its products and solutions successfully in China for more than 10 years.

Second, we need to take a calculated approach to growing the business with the products and solutions we currently have in place. We are taking steps now to enhance our energy storage capability and associated power electronics. We will leverage our flywheel energy storage technology to address other large and growing markets such as the Smart Grid and Microgrid markets that have a need for the features and benefits we can deliver.

In fact we are looking at a federal initiative to fill in these inside the US government, to support mission critical and energy storage applications with clean, green solutions. The US government alone has allocated more than $3 billion as part of the Environmental Security Technology Certification Program. The purpose of this Department of Defense and Department of Energy joint venture is to identify and demonstrate innovative cost effective technologies that address these departments’ environmental standards while meeting presidential mandates on approached energy efficiency.

I mentioned earlier how elegant our technology is, and that is certainly demonstrated in our CleanSource HD product platform. CleanSource HD is one of the only power quality solutions offered at the 750 kVA power rating that, fully integrates UPS power and control electronics with flywheel energy storage technology in one complete package. CleanSource HD is in its final stage of product release and we are excited about what the future holds for this platform as we continue to build a healthy pipeline of opportunities.

To quantify this, we have 100s of flywheels in our funnels, specifically to CleanSource HD. While we already have some orders in hand now, we don’t anticipate generating any meaningful sales until 2014.

With a more diversified UPS product line in place, now that CleanSource HD is available, we believe we are highly competitive in the above 500 kVA power segment, which has a total addressable market size of nearly $800 million.

This particular segment is one of the fastest growing, with a forecasted compound annual growth rate of 8% in 2013 to 2017 according to the report from IHS Research published in the late September.

Lastly, I believe we need to return to our roots. We needed to position ourselves as an energy storage company with unique patented flywheel technology and power electronics capability, unmatched in today’s market.

We have a successful track record of incorporating our core technology in unique integrated solutions that are accepted by the market and bring value to our customers. This is evidence impart by the more than 3,900 flywheels in UPS systems installations and more than 70 power house systems we have shipped worldwide.

I believe the future is bright for Active Power and execution and delivery on these three priorities will enable us to achieve consistent and sustainable profitability.

Now with that, we will be happy to open the call to your questions.

Question-and-Answer Session

Operator

Thank you. (Operator Instructions) And the first question comes from JinMing Liu with Ardour Capital.

JinMing Liu - Ardour Capital Investments

Thanks for talking my question. First, related to the issue with the Chinese relationship with Qiyuan. If my number is right, I think it looks like Active Power still has about $2 million uncollected from them. So what’s the chance you can collect that amount of cash?

Steve Fife

Yeah JinMing, this is Steve. We actually agreed to and have received product returned to us from them. So we accepted a return from them of about $1.6 million and also received payments subsequent to the quarter ended June 30 as well. So we still have a little bit of cash outstanding from them, but its substantially more than addressed at this point in time.

JinMing Liu - Ardour Capital Investments

Okay, good to know. In terms of that relationship, did you make any forward purchase arrangements, because you were thinking of higher sales?

Steve Fife

No, we didn’t touch anything at all.

JinMing Liu - Ardour Capital Investments

Okay, okay good.

Steve Fife

The transaction was in U.S. dollars.

JinMing Liu - Ardour Capital Investments

I mean, did you make any forward purchase agreement to buy parts and buy products.

Steve Fife

No, oh no, no.

JinMing Liu - Ardour Capital Investments

Okay.

Steve Fife

No, do you mean from a supplier standpoint?

JinMing Liu - Ardour Capital Investments

Yes.

Steve Fife

No, we did not.

JinMing Liu - Ardour Capital Investments

Okay. My next question is related to your future strategy. Its not like you guys move more toward the large capacity application like any stores in Microgrid applications. Can you give us more color on that?

Mark Ascolese

Sure. First of all we are going to clearly stay focused on the UPS business and the MIS business with or PowerHouse products and service. That’s where we are going to be focused today.

What I was saying was if our core technology lends itself to application, specifically for energy storage and transition activity in the Microgrid space and to some extent in the Smart Grid space, we do not have to design a new flywheel to do that. We may have to modify our power electronics to go into those applications.

And so the first thing we are going to do is understand that market and the opportunities in the market and what changes if any we have to make to the Power Electronics to address that market.

JinMing Liu - Ardour Capital Investments

Okay. So you are not going to look at the – we did large capacity application like a (inaudible) low step up applications, okay.

Mark Ascolese

Not with our current technology, no.

JinMing Liu - Ardour Capital Investments

Okay, got that. Lastly related to the ongoing legal actions against you, what kind of expense do you expect to incur in the next few periods.

Mark Ascolese

You know we expect our part of the increase in our G&A as well. We had some offsets there, but part of it was related to legal expenses. We don’t expect significant increases from our current run rate, in part because we do have D&O instance in place and once we get our retention levels, those costs are really covered by our insurance. So we won’t see any appreciable increase in our G&A levels.

JinMing Liu - Ardour Capital Investments

Okay, got that. Thanks a lot.

Mark Ascolese

You’re welcome.

Operator

And moving on to Jeff Osborne with Stifel.

Jeff Osborne - Stifel Nicolaus

Great, thanks guys. Just a couple of question on my end. Steve I was wondering on the Chinese bad debt that you called out for G&A, if you could just quantify that and mention if that was affiliated with Qiyuan or was that some other customer.

Steve Fife

It was actually another customer and it was about $400,000.

Jeff Osborne - Stifel Nicolaus

Okay. And then how do you think about internally with the change in sales, new management, both at the finance and the top level in terms of the budgeting process for 2014.

Where I am going with this is, I understand your not given guidance for next year on this call or any future calls, but I’m just trying to get a sense of, is this the right OpEx level in your minds for where you want to take the business or with the change in the sales force, should we expect a bit of a blurredness here in the first half of the year, of the up-coming calendar year with the minimal sales success.

And then as you kind of have that six to nine month teething process of getting the direct sales channel and then the indirect channel built out, seeing a bit of an inflection out in the middle of next year. Is that a decent cadence to the thought process of how you think it will pay out or is that channel, the sale funnel growing and so strong that you think you will be able to execute that with relatively junior people.

Mark Ascolese

I guess first of all, let me be very clear that the number one objective we have here, number one goal is bookings. We need more orders and more bookings to generate a healthy backlog, to help us run an efficient manufacturing operation.

Jeff Osborne - Stifel Nicolaus

That I recognize, but for the new added sales I’m trying to get a sense of the people underneath them, what’s the level of change in terms of the direct sales funnel, given that the indirect channel is a bit challenged at the moment.

Mark Ascolese

I guess I don’t quite understand the question, but if you look at our sales productively…

Jeff Osborne - Stifel Nicolaus

Is half the sales force changing over with the change in the head of sales or are you doing a complete overhaul of the sales force or no?

Mark Ascolese

No. What we are doing is looking at the productive of the sales force and the sales teams and we are going to look very hard at where they are deployed and what they are doing. The part what we have to here is to give more productivity of the resources we have to generate bookings and so we will be looking at that and we will be as I mentioned looking to leverage relationships that we already have in place with large companies like Caterpillar and HP and others, who have an interest in working with us and helping us move these products to market.

Jeff Osborne - Stifel Nicolaus

Okay. Should we think about maybe distribution arrangements, because those have been in place for a while and I think prior management teams have tried to get those going with somewhat muted success, they’ve been kind of flattish.

Is there something different that you envisioned that would be able to play out or should we think about those maybe steady and then with a little bit of helping push, maybe some growth, but the more important factor would be new distribution arrangements both in China and outside of China.

Mark Ascolese

Okay, so the first part of your question, I have been to visit five of our largest customers already, including Caterpillar and HP and I would say that there’s a healthy appetite at both those companies and the other customers that I visited, to do more business with us and to make more use of the technology and products that we have, and so I am feeling pretty good at this point that there is an opportunity within our existing base to increase sales there.

In terms of China and new relationships we’re obviously opened to new relationships and would hope that we would be able to identify new opportunities to take the existing products that we have in place. As we look to expand into some of these other markets like Microgrids, obviously we’re going to be looking at different relationships from different partners to get into those markets. you enter those markets and is ditto in China.

Well we need to identify good solid distributors there to work with and through all of Asia by the way. We talk a lot about China here, but there’s a large market in Asia, including India and Australia and other markets over there. So when I talk about China, I’m thinking about the Asia Pacific region and the opportunity in that region which is substantial.

Jeff Osborne - Stifel Nicolaus

No, I would agree and its great to hear the existing partners, in sounds like the funnel maybe is a little bit opened up. Just three other quick ones here, on the Microgrid side, is the application that you are going after, the frequency regulation market in particular and if so who would actually be buying the flywheel.

Would it be an independent owner that then is selling frequency regulation services into grid stability or I’m just trying to understand or visualize what’s the actual application that you’re solving in Microgrids. Its kind of a broad term.

Mark Ascolese

So the one you mentioned is obviously a market that I believe there is an opportunity for us to go address. We have to look at the technology we’ve got in our power electronics and see what we have to do to address that. But there is also need in the Microgrid for momentary transitions and mostly this is going to be for end users.

Specifically I’m thinking now the military, department of defense. Where they are transitioning and have a stated mission to kind of control their own future with Microgrid capabilities that would include anything from the grid, it would include cyber security and other activities.

Today there are many energy storage technologies out there that address this need, mostly in the area of batteries. We believe that with the size of our current platforms and with the power electronics that we have, that we would be a viable alternative to them.

Until we get out into the market and actually sit down and talk to people, you know belly to belly and find out what they want to purchase and how we stack up, we won’t know exactly how that’s going to play out and anybody that’s engaged today in the Smart Grid or Microgrid market is well aware that most of money being spent is coming from the federal government for development and demonstration projects and that’s where we will initially focus and look for opportunities.

Jeff Osborne - Stifel Nicolaus

Okay, two other quick ones here. On the credit commentary obviously IBM and Cisco have made similar comments. From what you are saying, is it a regional basis or I just want to get a sense of scope on credit availability. Is it something domestically that your seeing or more in the international markets?

Mark Ascolese

I think its world wide actually.

Jeff Osborne - Stifel Nicolaus

Okay, and then was it an acute situation this quarter that kind of popped up that you think will impact the upcoming quarter or is it just delayed budgets. There is no budget flush at the end of the year and maybe Q1 when budgets are opened up that things will surface back or percolate back up. I’m just trying to get a sense of what conversations your having with the customers, given that you’re not giving any kind of guidance. Thank you.

Steve Fife

I don’t think this is an acute thing. I think its been with us for a couple of quarters. We clearly experienced it last quarter, we had very strong MIS revenues in Q2, but our underlying demand for our UPS products were down last quarter as well. So its been lingering with us a little while and I don’t think we anticipated that its turning around quickly. Its probably not until 2014 where we see some softening up.

Jeff Osborne - Stifel Nicolaus

Okay, and sorry one last one. Steve have your received the EC and UL certifications for all the products that were introduced over the past six to nine months. Just want to make sure those are all kind of ready to go and that’s not a gating factor here in the near term.

Mark Ascolese

That is a correct statement.

Jeff Osborne - Stifel Nicolaus

Alright, thank you.

Steve Fife

Alright, thanks Jeff.

Operator

(Operator Instructions). And we’ll take the next question from Carter Driscoll with Ascendiant Capital Markets.

Carter Driscoll - Ascendiant Capital Markets

Good afternoon guys. Following up on one of your earlier questions, you talk about your sales strategy, Europe used to be a much larger percentage of sales just several quarters ago and probably going through its own macroeconomic issues.

Do you anticipate any change in the approach to Europe? And then, as a follow-on to that, if I recall correctly the first iteration of the CleanSource product is gear to China, and I don’t think there is many modifications to make it addressable, either Europe or the US. Can you talk about what those modifications might be? And if that is playing into kind of a delay until really, the first half of 2014 to recognize any sales from that product? And then I have a follow up. Thank you.

Mark Ascolese

Yes, okay let me answer the second question first. In my prepared remarks I talked about the 50 Hz market. The China market is 50 Hz by and large, as is the European market and most of the markets outside the United States. So the product that we developed and certified and have available to ship outside the United States is 50 Hz and it will address all those markets and we don’t have to make any modifications to it, for it to be able to operate in those markets.

I think your first question had to do with how we saw the European market relative to other markets in its strength. I would say, when you look at a market research it talks about where the market is and where the data centers are that we’re focused on right now, the U.S. market is the single largest market and the market outside the US is pretty much secondary to that.

So what we have to do is focus initially on this domestic marketplace and get some solid traction here. We have actually good traction, good pipeline in Europe today. We don’t have a lot of activity, lets say in Asia Pacific given what’s been going on for the last three months there, but we will.

There is a lot of activity and interest in the 750, in the 625 and we expect to see that pipeline continuing to grow and then its again as I said earlier, it’s a matter of focus and is a matter of calling on the folks that need the technology to make sure they understand what the features and benefits are and what the total cost of ownership benefit is for them buying the technology.

Carter Driscoll - Ascendiant Capital Markets

Okay. Yes, obviously a very good service revenue quarter. Typically it’s a lumpy business though, and its obviously a priority to get that more consistent as your commentary talked about earlier.

Is there one program or another you could highlight as to why you had particular strength in this quarter, because it does typically tend to fall on some of the product sales, which have been extremely lumpy as of late, could you just add a little color to service business at least pertaining to this particular quarter?

Mark Ascolese

Yes, a couple of items. One is, there was some systems integration work that we did as part of the quarters activity that is showing up. But John and his team have been focused for the better part of this year on penetrating our installed base, getting serviced contracts sold into the installed base and I believe we’re seeing some fruits of that labor as we continue to execute on a plan that was put together last year and rolled out earlier this year. I think that’s what we’re seeing in this quarter.

Steve Fife

And that’s true. In just adding onto that, you know a lot of times we had very high MIS revenue in Q2 and the installation of that and work that was performed by our service organization, a fair amount of that was done during Q3 and we recognize revenue on that and so…

Carter Driscoll - Ascendiant Capital Markets

Okay. I think that’s it for me. I’ll jump back in queue. Thanks gentlemen.

Mark Ascolese

All right. Thanks Carter.

Operator

And this concludes our question-and-answer session. I would now like to turn the call back over to Mr. Ascolese.

Mark Ascolese

Thank you all for being on the call this afternoon. On behalf of the entire senior management team, our employees and our board, I would like to express our appreciation for your interest in Active Power. Thank you for your continued support and looking forward to speaking with you again next quarter.

Operator

Thank you. Before we end today’s call, I would like to take a moment to read the company’s safe harbor statement. On this call the company’s management made forward-looking statements that involve risks and uncertainties, including statements relating to our product plans, our strategy, our market position and our priorities.

Any forward-looking statements and all other statements made on this call that are not historical facts are subject to a number of risks and uncertainties and actual results may differ materially.

Factors that could cause the actual results to differ materially from the results predicted include among others our dependence on our relationships with Hewlett-Packard, Caterpillar, other original equipment manufacturers, OEM, other strategic IT partners and on our distributors, our increased emphasis on larger and more complex system solutions, the success of our product development efforts and our ability to manufacture and deliver products in a timely manner, the level of acceptance of our current and future products in the market, the deferral or cancellation of sales commitments as a result of general economic conditions or uncertainty, risks related to our international operations and product performance and quality issues.

For more information on the risk factors that could cause actual results to differ from these forward looking statements, please refer to Active Power’s filings with the Securities and Exchange Commission, including its Annual Report on Form 10-K for the year ended December 31, 2012; its Quarterly Reports on Form 10-Q, and its current reports on the Form 8-K filed since then. Active Power assumes no obligation to update any forward-looking statements or information, which are in effect as of their respective dates.

This now concludes today’s call. Thank you for joining us. You may now disconnect.

Copyright policy: All transcripts on this site are the copyright of Seeking Alpha. However, we view them as an important resource for bloggers and journalists, and are excited to contribute to the democratization of financial information on the Internet. (Until now investors have had to pay thousands of dollars in subscription fees for transcripts.) So our reproduction policy is as follows: You may quote up to 400 words of any transcript on the condition that you attribute the transcript to Seeking Alpha and either link to the original transcript or to www.SeekingAlpha.com. All other use is prohibited.

THE INFORMATION CONTAINED HERE IS A TEXTUAL REPRESENTATION OF THE APPLICABLE COMPANY'S CONFERENCE CALL, CONFERENCE PRESENTATION OR OTHER AUDIO PRESENTATION, AND WHILE EFFORTS ARE MADE TO PROVIDE AN ACCURATE TRANSCRIPTION, THERE MAY BE MATERIAL ERRORS, OMISSIONS, OR INACCURACIES IN THE REPORTING OF THE SUBSTANCE OF THE AUDIO PRESENTATIONS. IN NO WAY DOES SEEKING ALPHA ASSUME ANY RESPONSIBILITY FOR ANY INVESTMENT OR OTHER DECISIONS MADE BASED UPON THE INFORMATION PROVIDED ON THIS WEB SITE OR IN ANY TRANSCRIPT. USERS ARE ADVISED TO REVIEW THE APPLICABLE COMPANY'S AUDIO PRESENTATION ITSELF AND THE APPLICABLE COMPANY'S SEC FILINGS BEFORE MAKING ANY INVESTMENT OR OTHER DECISIONS.

If you have any additional questions about our online transcripts, please contact us at: transcripts@seekingalpha.com. Thank you!

Source: Active Power's CEO Discusses Q3 2013 Results - Earnings Call Transcript
This Transcript
All Transcripts