Beacon Power Corp. - Wilmington, Mass.
4th Quar Dec. 31:
2001 2000
Revenue $.... $50,000
Net income (6,455,741) (7,625,323)
Avg shrs 42,760,695 19,504,373
Shr earns
Net income (.15) a (2.10)
Year:
Revenue .... 50,000
Net income (26,145,668) (17,418,038)
Avg shrs 42,550,502 4,946,411
Shr earns
Net income (.61) b (10.77)
Figures in parentheses are losses.
a. Includes charges of $33.3 million for preferred stock dividends and $12,910 for accretion of convertible preferred stock. Excluding preferred stock dividends, the loss was 39 cents a share.
b. Includes charges of $35.8 million for preferred stock dividends and $64,435 for accretion of convertible preferred stock. Excluding preferred stock dividends, the loss was $3.52 a share.
Beacon Power Corp. (BCON), a maker of flywheel technology products, said the year was challenging, given the downturn in the telecommunications market, causing delays with many customers. The targeted customers became less willing to consider new, alternative energy technologies.
To ensure the availability of resources necessary to pursue its growth and to reduce cash burn, the company reduced its headcount by 33 employees, or about 37%. Based on its business plan and the reduced work force, the company expects to have sufficient cash on hand to fund its operations for the next 24 months.
At Dec. 31, Beacon Power had $34.6 million in cash and cash equivalents.
Company Web site: beaconpower.com |
