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Today's hot alert includes :- Beacon Power Corporation (NASDAQ: BCON - News) -
Press Release Source: Beacon Power Corporation On 3:33 pm EST, Wednesday November 4, 2009
Beacon Power Announces Third Quarter 2009 Results
Recent Highlights In July, the Company began operating a second megawatt (MW) of flywheel-based frequency regulation capacity at its facility in Tyngsboro, Massachusetts. This is in addition to its first MW, which has been in operation since November, 2008.
In 2009, $11.9 million net of expenses was raised from the sale of stock.
The New York State Public Service Commission granted the Company a Certificate of Public Convenience and Necessity (CPCN) for its proposed 20 MW flywheel frequency regulation plant in Stephentown, NY, and approved the project's overall financing.
Net loss from operations for the third quarter of 2009 was 27% lower than in the third quarter of 2008.
Beacon Power Corporation, a development-stage company that designs and develops advanced products and services to support more stable, reliable and efficient electricity grid operation, announced its financial results for the third quarter ended September 30, 2009.
Financial Results For the third quarter of 2009, Beacon Power reported revenue of $273,000 and a net loss of $4,092,000, or ($0.03) per share, compared to revenue of $4,000 and a net loss of $5,621,000, or ($0.06) per share, in the third quarter of 2008. For the nine months ended September 30, 2009, the Company reported revenue of $666,000 and a net loss of $14,399,000, or ($0.12) per share, compared to revenue of $53,000 and a net loss of $16,340,000, or ($0.18) per share, for the same period ended September 30, 2008.
During the first nine months of 2009, Beacon earned revenue from frequency regulation service provided through an ISO New England pilot program that began in November 2008, and from its research and development contracts. Revenue earned during the equivalent period of 2008 was primarily derived from the sale of solar inverters and related products and from its research and development contracts. Cost of goods sold increased from approximately $10,000 in the first nine months of 2008 to approximately $705,000 during the equivalent period of 2009. Beacon's average gross margin for frequency regulation services during the third quarter of 2009 was 22.2% on revenue of $63,000. Cost of energy during that period totaled $49,000, of which $35,000, or 71%, represents retail transmission and distribution charges. Pro forma gross margin calculated without transmission or distribution charges would be approximately 80%. Because the Company's proposed Stephentown facility will be connected to the grid at the transmission level, it will not incur such charges.
During the first quarter of 2009, Beacon began to classify as "Operations and Maintenance" on its income statement expenses related to the manufacturing, materials handling and procurement functions, Smart Energy Matrix operations, and expensed non-fungible costs associated with its flywheel installations. Prior to 2009, such expenses were included under "Research and Development." On a combined basis, Operations and Maintenance and Research and Development expenses for the quarter ended September 30, 2009, were $2,247,000, compared to $3,535,000 in the third quarter of 2008, a decrease of $1,288,000 or 36.4%. For the nine months ended September 30, 2009, Operations and Maintenance and Research and Development costs were $7,470,000, as compared to $9,571,000 in the comparable period in 2008. This represents a decrease of $2,101,000, or 22%, on a year-to-date basis. The reduction in costs was attributable to greater absorption of overhead, lower legal and occupancy and other costs, as well as lower stock-based compensation expense, partially offset by higher labor and contractor costs in certain areas.
Selling, general and administrative expenses were $1,463,000 during the third quarter of 2009, compared to $1,805,000 in the third quarter of 2008, a decrease of $342,000, or approximately 19%. For the nine month period ended September 30, 2009, selling, general and administrative expenses decreased by $753,000, or 12%, from $6,109,000 in 2008 to $5,356,000 in 2009. This decrease is due primarily to lower stock-based compensation, legal, consulting and other costs, partially offset by higher public company expenses and labor costs. Additionally, depreciation expense in the third quarter of 2009 increased by $145,000 compared to the third quarter of 2008, and by $419,000 year to date. This increase is primarily from capital expenditures relating to leasehold improvements at our new manufacturing and office facility in Tyngsboro, the purchase of machinery and equipment required to begin commercial production, and depreciation on the two MW of frequency regulation capacity in service as of the end of the third quarter of 2009.
At September 30, 2009, the Company had $4.3 million in cash and cash equivalents.
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