Axion Power International Inc. Reports Unaudited Consolidated Earnings Results for the Second Quarter and Six Months June 30, 2013
August 15, 2013 at 05:00 pm IST
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Axion Power International Inc. reported unaudited consolidated earnings results for the second quarter and six months June 30, 2013. Net sales were $2.7 million in 2013 compared to $2.8 million in 2012. The decrease in net sales in 2013 compared to 2012 is principally due to the timing of shipments. Net income for 2013 was $0.1 million or $0.00 per basic and diluted share compared to a net loss of $1.9 million or $0.02 per basic and diluted share in 2012. The change to a net income in 2013 from a net loss in 2013 of $2.0 million resulted from a decrease in operating loss of $0.3 million and an increase in non - operating income of $1.7 million. The decrease in operating loss was due to an increase in other income resulting from the sale of R&D tax credits to generate cash. The increase in non--operating income related primarily to the accounting for the issuance on May 8, 2013 of private placement senior notes and warrants and had an almost entirely non cash impact on operating results and cash flow for the second quarter of 2013. Operating loss was $1.601 million against $1.939 million a year ago.
Net sales for the first half of 2013 were $4.9 million compared to $4.5 million for the first half of 2012, an increase of $0.4 million or 9%. The increase in net sales resulted from the sale of specialty lead-acid batteries to a single customer which will sell these batteries under its brand, as well as carry the cost of inventory and provide the raw materials for production of these batteries. Net loss for the first half of 2013 was $2.0 million or $0.02 per basic and diluted share compared to a net loss of $4.2 million or $0.04 per basic and diluted share in the first half of 2012. The decrease in net loss of $2.2 million resulted from a decrease in operating loss of $0.6 million and an increase in non- operating income of $1.6 million. The decrease in the operating loss resulted from equal increases in gross profit and other income. The increase in non - operating income relates primarily to the accounting for the issuance on May 8, 2013 of private placement senior notes and warrants and had an almost entirely non cash impact on operating results and cash flow for the first half of 2013. Operating loss was $3.665 million against $4.230 million a year ago. Basic and diluted per share was $0.02 against $0.04 a year ago. Cash used by operating activities was $2.56 million against $3.817 million a year ago. Capital expenditures were $120,164 against $452,544 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.