Beacon Power Announces Q4, 2006 Financial Results
Beacon Power Corp. (NASDAQ: BCON) announced its financial results for the fourth quarter and fiscal year ended December 31, 2006. For 2006, the company reported higher losses – $12.3 million, or ($0.21) per share, compared with $9.3 million, or ($0.20) per share for 2005. Beacon says the increased loss is primarily attributable to a non-cash charge of $2.3 million for stock compensation expense recorded upon the adoption of Statement of Financial Accounting Standards No. 123R (SFAS 123R) during 2006. They also increased spending on research and development of its Smart Energy 25 flywheel. Still, net cash used in operating activities was lower year over year, from $8.9 million in 2005 to $8.4 million in 2006. For the fourth quarter, the net loss was $2.9 million, or ($0.04) per share, compared to $3.2 million, or ($0.07) per share for the previous year. This was due to nonrecurring expenses of $1.3 million relating to a proposed acquisition that was terminated, partially offset by increases in stock compensation expense and research and development spending in 2006. At the end of 2006, Beacon had $5.3 million in cash and cash equivalents, with working capital of $3.3 million. On February 15, 2007, the Company raised […]