A123 Systems Announces Fourth Quarter and Full Year 2009 Financial Results
WATERTOWN, Mass., March 9, 2010 (GLOBE NEWSWIRE) -- A123 Systems (Nasdaq:AONE), a developer and manufacturer of advanced Nanophosphate™ lithium ion batteries and battery systems, today announced financial results for the fourth quarter and full year ended December 31, 2009.
David Vieau, CEO of A123 Systems, said, "The fourth quarter capped off a record year for A123 Systems and our momentum is strong entering 2010. In recent months we signed new or expanded relationships with Fisker Automotive and SAIC Motor in the passenger vehicle market, as well as Navistar in the heavy duty vehicle market. We also shipped battery systems to Southern California Edison Company (SCE) during the fourth quarter, and SCE and DTE energy won DOE awards for projects that were designed based on A123's advanced lithium ion batteries."
Vieau added, "With our IPO proceeds in place and the closure of our DOE grant during the fourth quarter, we are investing aggressively in worldwide sales, R&D and manufacturing capacity. We recently announced a 120 megawatt-hour capacity expansion to our Livonia, Michigan facility. We are today announcing a further capacity increase of 200 megawatt-hours, which is expected to increase A123's final cell manufacturing capacity to approximately 560 megawatt-hours when the new capacity moves into production. Demand is strong across our expanded portfolio of customers, and 2010 will be a year of focus on execution and establishing the foundation to support significant growth in 2011 and 2012 as customer programs are expected to move into full scale production."
Financial Highlights
Revenue: Total revenue for the fourth quarter of 2009 was $24.5 million, compared to $23.6 million for the fourth quarter of 2008. Within total revenue, product revenue was $19.9 million, compared to $21.4 million in the fourth quarter of 2008, and research and development services revenue was $4.7 million, compared to $2.3 million in the year ago period.
Total revenue for the year ended December 31, 2009, was $91.0 million, an increase of 33% compared to the year ended 2008. Product revenue for the year ended 2009 of $76.5 million increased 43% compared to the year ended 2008, and research and development services revenue of $14.5 million decreased from $15.0 million over the same time period.
Gross Profit/(Loss): Gross loss was ($48,000) in the fourth quarter of 2009, compared to ($8.5) million in the fourth quarter of 2008. For the year ended December 31, 2009, gross loss was ($2.7) million, compared to ($12.2) million for the full year 2008.
Net Income/(Loss): Net loss attributable to A123 Systems common stockholders was ($22.3) million, or ($0.22) per share, based on 102.5 million weighted average common shares outstanding in the fourth quarter of 2009. This compared to a net loss attributable to A123 Systems common stockholders of ($28.5) million in the fourth quarter of 2008, or ($3.08) per share based on 9.2 million weighted average common shares outstanding.
For the year ended December 31, 2009, net loss attributable to A123 Systems common stockholders was ($85.8) million, or ($2.55) per share based on 33.7 million weighted average common shares outstanding. This compares to a net loss attributable to A123 Systems common stockholders of ($80.5) million for the full year 2008, or ($9.04) based on 8.9 million weighted average common shares outstanding.
Adjusted EBITDA: Adjusted EBITDA, a non-GAAP financial measure, was ($17.4) million in the fourth quarter of 2009, compared to ($25.3) million in the fourth quarter of 2008. For the year ended December 31, 2009, Adjusted EBITDA was ($63.7) million, compared to ($66.9) million for the full year 2008.
A reconciliation of GAAP to non-GAAP results has been provided in the financial statement tables included at the end of this press release. An explanation of these measures is also included below under the heading "Non-GAAP Financial Measures."
Cash: A123 Systems had cash and cash equivalents of $457 million at December 31, 2009, a decrease from $494 million at the end of the prior quarter.
Other Fourth Quarter and Full Year Business Metrics
Revenue Mix: During the fourth quarter of 2009, transportation revenue was $11.3 million, electric grid revenue was $4.8 million and consumer revenue was $3.8 million, compared to a revenue mix of $7.6 million, $2.9 million and $10.9 million, respectively, in the fourth quarter of 2008.
For the full year 2009, transportation revenue grew 359% to $45.3 million, electric grid revenue grew 282% to $11.1 million and consumer revenue decreased 51% to $20.1 million, each compared to the full year 2008.
Product shipments: During the fourth quarter of 2009, A123 Systems recorded product shipments equivalent to 21.7 million watt hours, compared to 13.3 million in the year ago quarter. For the full year 2009, product shipments were equivalent to 66.5 million watt hours, compared to 44.9 million for the full year 2008.
Non-GAAP Financial Measures
This press release contains a non-GAAP financial measure under the rules of the U.S. Securities and Exchange Commission for adjusted EBITDA. This non-GAAP information supplements and is not intended to represent a measure of performance in accordance with disclosures required by generally accepted accounting principles. Non-GAAP financial measures are used internally to manage the business, such as in establishing an annual operating budget. Non-GAAP financial measures are used by A123 Systems management in its operating and financial decision-making because management believes these measures reflect ongoing business in a manner that allows meaningful period-to-period comparisons. Accordingly, A123 Systems believes it is useful for investors and others to review both GAAP and non-GAAP measures in order to (a) understand and evaluate current operating performance and future prospects in the same manner as management does and (b) compare in a consistent manner the company's current financial results with past financial results. The primary limitations associated with the use of non-GAAP financial measures are that these measures may not be directly comparable to the amounts reported by other companies and they do not include all items of income and expense that affect operations. A123 Systems management compensates for these limitations by considering the company's financial results and outlook as determined in accordance with GAAP and by providing a detailed reconciliation of the non-GAAP financial measures to the most directly comparable GAAP measures in the tables attached to this press release.
A123 Systems defines "Adjusted EBITDA" as operating loss plus depreciation and amortization of tangible and intangible assets, and stock-based compensation expense.
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http://ir.a123systems.com/releasedetail.cfm?ReleaseID=450645
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Eigentlich ziemlich miserable zahlen. Aber ich kaufe trotzdem nach.
Interessieren würde mich warum der umsatz im consumer bereich derart eingebrochen ist. Wird etwa dewalt nicht mehr beliefert ?
Weiß wer von euch mehr ?