Axion Power International Inc. Reports Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended September 30, 2013
November 15, 2013 at 01:40 pm
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Axion Power International Inc. reported unaudited consolidated earnings results for the third quarter and nine months ended September 30, 2013. For the quarter, the company's net sales were $2,185,699 against $2,178,077 a year ago. Operating loss was $2,111,646 against $2,147,694 a year ago. Net loss was $4,681,847 or $0.04 basic and diluted per share against $2,136,002 or $0.04 basic and diluted per share a year ago.
For the nine months, the company's net sales were $7,111,812 against $6,690,502 a year ago. Operating loss was $5,777,344 against $6,378,117 a year ago. Net loss was $6,663,075 or $0.06 basic and diluted per share against $6,378,967 or $0.06 basic and diluted per share a year ago. Cash used by operating activities was $4,800,824 against $5,622,090 a year ago. Capital expenditures were $151,570 against $742,834 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.