Axion Power International Inc. Announces Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended September 30, 2014
November 14, 2014 at 07:30 am EST
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Axion Power International Inc. announced unaudited consolidated earnings results for the third quarter and nine months ended September 30, 2014. For the quarter, the company announced net sales of $319,463 compared to $2,185,699 for the same period a year ago. Operating loss was $2,018,189 compared to $2,111,647 for the same period a year ago. Loss before income taxes was $2,642,897 compared to $4,681,848 for the same period a year ago. Net loss was $2,642,897 compared to $4,681,848 for the same period a year ago. Net loss per share, basic and diluted was $0.55 compared to $2.00 for the same period a year ago. Revenues decreased significantly during the third quarter due to the discontinuance of contract manufacturing of flooded lead-acid batteries for a large international battery company. The decrease in sales will impact the comparability of 2014 third and fourth quarter and full year reporting period, compared with the same periods in 2013 for the sale of lead-acid batteries.
For the nine months, the company announced net sales of $4,529,387 compared to $7,111,812 for the same period a year ago. Operating loss was $6,377,624 compared to $5,777,340 for the same period a year ago. Loss before income taxes was $11,281,589 compared to $6,663,075 for the same period a year ago. Net loss was $11,281,589 compared to $6,663,075 for the same period a year ago. Net loss per share, basic and diluted was $2.55 compared to $3.00 for the same period a year ago. Cash used in operating activities was $3,984,854 compared to $4,800,824 for the same period a year ago. Capital expenditures were $107,180 compared to $151,570 for the same period a year ago.
Axion Power International, Inc. is an energy solutions company. The Company has developed carbon/lead batteries, and integrates its batteries into energy storage systems, renewable energy systems, off-grid applications, automotive and other applications. The Company sells batteries, energy storage systems and engineering services as part of its product offerings, and can assist battery end users to adapt its batteries to various applications. The Company's lead carbon (PbC) batteries and battery components have application in a range of energy storage systems. It focuses on various areas, such as power grid stabilization, micro-hybrid vehicles, hybrid commercial trucks, automated guided vehicles, and off-grid and renewable energy storage. Its PbC battery technology is a hybrid asymmetric energy storage device. The Company manufactures lead-acid batteries for sale under the Axion brand name at its Clover Lane facility in New Castle, Pennsylvania. The Company also offers the PoweCube.