Online Power Supply, Inc. Announces First Quarter Results;
Company Reports Increasing Shipments of PFC Modules
DENVER, May 3, 2001 /PRNewswire via COMTEX/ -- OnLine Power Supply, Inc.
(OTC Bulletin Board: OPWR) today announced results for its first quarter
ended March 31, 2001.
The Company reported a net loss of $1,200,700, or $.06 per share, on revenue of
$202,400 in the quarter as compared with a net loss of $798,500, or $.05 per
share, on revenue of $12,400 in the same quarter a year ago. At March 31, the
Company had $7.0 million in cash equivalents and investments, $6.9 million in
working capital and $8.0 million in shareholders' equity.
After shipping 400 test units in the fourth quarter of 2000, OnLine Power
shipped 1,000 units in the first quarter of 2001 as the Company began
transitioning to commercial production mode to fill orders from its major
customer in the wireless communications industry. Shipments in the second
quarter, now underway, are expected to approach 7,000 units as the customer
accelerates its demand for the Company's small, lightweight and ultra-efficient
power supplies.
Kris Budinger, president and CEO, said initial test and commercial units were
produced at a loss due to expedited delivery costs and small quantity pricing of
certain components as well as up-front costs associated with starting the
contract manufacturer's production line.
"We are pleased with the progress of our transition to commercial production
mode and with the confidence our initial customer has shown in our ability to
deliver high-performance power supplies in support of their infrastructure
expansion efforts," said Budinger. "We expect our gross margin performance to
improve as our manufacturing processes mature and as higher volume production
runs enable us to reduce our raw materials costs and improve overall operating
efficiencies."
OnLine Power's unique, patent-pending PFC Module converts AC power to DC power
suitable for use in sensitive electronics applications. The Company believes the
product is the smallest, lightest, most efficient power supply in its industry
representing the first appreciable technological advancement in the last 20
years.
OnLine Power Supply, headquartered in Englewood, Colorado, develops,
manufactures and markets AC to DC power conversion products and supplies for
telecommunications, data communications, networking and industrial applications.
For additional information, visit www.onlinepowersupply.com, or call
800-445-4824.
Statement of Operations Three months ended
(Unaudited) March 31,
2001 2000
Revenue $202,400 $12,400
Gross profit (loss) (12,500) 5,000
Loss from operations (1,340,300) (881,300)
Net loss available to
common shareholders (1,200,700) (798,500)
Basic earnings (loss) per share $(0.06) $(0.05)
Diluted earnings (loss) per share $(0.06) $(0.05)
Basic weighted average
shares outstanding 21,243,155 16,353,688
Diluted weighted average
shares outstanding 21,243,155 16,353,688
Balance Sheet Summary
March 31, December 31,
2001 2000
(unaudited)
Current assets $7,643,800 $9,226,800
Property and other assets 1,176,400 739,800
Total assets 8,820,250 9,966,600
Current liabilities 678,400 610,600
Long-term liabilities $43,000 $56,600
Total liabilities $721,500 $667,200
Total shareholders' equity $8,098,800 $9,299,450
Total liabilities and
shareholders' equity $8,820,250 $9,966,600
MAKE YOUR OPINION COUNT - Click Here
tbutton.prnewswire.com
SOURCE OnLine Power Supply, Inc.
CONTACT: Kris Budinger, CEO of OnLine Power Supply, Inc., 303-741-5641,
kbudinger@onln.net; or Jay Pfeiffer or John Dowdy, johnd@pfeifferhigh.com, of
Pfeiffer High Public Relations, Inc., 303-393-7044, for OnLine Power Supply,
Inc.
URL: onlinepowersupply.com |
