Polar Power, Inc. Announces Unaudited Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2017; Provides Federal Tax Rate Guidance for 2018
March 07, 2018
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Polar Power, Inc. announced unaudited earnings results for the fourth quarter and full year ended December 31, 2017. For the quarter, the company reported net sales of $3,979,965 compared to $7,276,263 a year ago. Loss from operations was $414,741 compared to income of $3,043,334 a year ago. Loss before income taxes was $398,146 compared to income of $2,995,121 a year ago. Net loss was $611,424 or $0.06 per basic and diluted share compared to income of $1,682,802 or $0.22 per basic and diluted share a year ago.
For the year, the company reported net sales of $14,418,726 compared to $22,801,494 a year ago. Loss from operations was $721,960 compared to income of $7,403,923 a year ago. Loss before income taxes was $677,416 compared to income of $7,263,857 a year ago. Net loss was $777,576 or $0.08 per basic and diluted share compared to income of $4,402,810 or $0.58 per basic and diluted share a year ago. Net cash used in operating activities was $1,587,130 compared to net cash provided by operating activities of $627,056 a year ago. Acquisition of property and equipment was $342,121 compared to $165,088 a year ago. The decrease in net sales were primarily a result of a decline in sales of DC power systems to its prior largest Tier-1 wireless carrier customer, coupled with a price reduction in DC power systems that took effect in March 2017.
Outlook for 2018, the company expects to see tailwinds from the new effective federal tax rate of 21% from 35% as return to profitability.
Polar Power, Inc. is a provider of direct current (DC) advanced power and cooling systems. The Companyâs product portfolio includes products for telecom, military, renewable energy, marine, automotive, residential, commercial, oil field and mining applications. Its systems can be configured to operate on any energy source, including photovoltaics, diesel, LPG (propane and butane), and renewable fuels. Its telecom power solutions offer cost savings with installation, permitting, site leases, and operation. Its military solutions provide power solutions for robotics, drones, communications, hybrid propulsion, and other applications. Its mobile rapid battery charging technology enables on-demand roadside charging for electric vehicles. Its combined heat and power (CHP) residential systems offer vehicle charging and integrated home power systems via natural gas or propane feedstocks. Its micro/nano-grid solutions provide lower cost energy in bad-grid or no-grid environments.
Polar Power, Inc. Announces Unaudited Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2017; Provides Federal Tax Rate Guidance for 2018