News Release FOR IMMEDIATE RELEASE
Media Information Contact: Investor Relations Contacts:
Kim Doran Chuck Coppa, CFO
Quixote Group American Power Group Corporation
Porter, LeVay, & Rose, Inc.
American Power Group Corporation Reports Fourth Quarter and
Year-end Fiscal 2013 Results
Quarterly Revenue Increases 176 Percent; Fiscal 2012 Revenue Increases 166 Percent To $7 Million -
Lynnfield, MA - December 19, 2013 - American Power Group Corporation (OTCQB: APGI), today announced results for the three and twelve months ending September 30, 2013. Several areas of notable progress are as follows:
Q4 quarterly revenue of $2.1 million which increased 176 percent over the prior year quarter.
Glider kit/engine conversion order received for $800,000 from Clarke Power Services.
Fiscal 2013 North American vehicular revenue exceeded $1 million as compared to $268,000 in prior year. Over 300 vehicular conversion kits sold since 2011 which are spread equally between North America and International markets.
Oil and gas shipments during Q4 brings total oil and gas unit conversions in the field to over 230 units as of September 30th with several customers running over 30 dual fuel engines each.
Obtained 361 additional OUL EPA approvals during fiscal 2013. APG remains the dominant market leader in both the number of OUL approvals (449) and the diversity of different engine models (CAT, Cummins Detroit Diesel Mack, Mercedes Benz and Volvo).
Lyle Jensen, American Power Group Corporation’s Chief Executive Officer, stated, “Overall, we are very pleased with our fiscal 2013 results, both from the perspective of a 166 percent increase in revenue as well as a significant reduction in our net operating loss. Our growth in fiscal 2013 among both new and repeat customers stems from the durability, reliability and performance of our dual fuel solution, solidifying our leadership position in the dual fuel conversion market. As we enter fiscal 2014, we anticipate adding a significant number of new customers and seeing reorders grow.
He added, “The oil and gas business was a real stand-out for us. In fiscal 2013, we sold 165 units to oil and gas customers, and these sales accounted for $5.2 million or 74 percent of our total $7.0 million in revenue. This is a marked increase over fiscal 2012’s 60 units which accounted for $1.8 million of our 2012 total revenue of $2.6 million.
Mr. Jensen continued, “When you combine our entry this year into the Canadian Oil and Gas market with APG’s expanded EPA Memo 1A testing for both Caterpillar and MTU/Detroit Diesel stationary engine models, we expect continued growth in both the drilling and high-pressure fracturing business segments supported by strong follow orders and many new customers.”
With regard to the vehicular segment of the business, Mr. Jensen said, “We continue to make steady progress in the early-adoption phase of Class 8 fleet owners who are evaluating natural gas solutions for their fleets. During fiscal 2013, we began the successful transition from direct sales and regional dealers to being selected by the WheelTime Network, LLC to be the dual fuel partner of choice for their eighteen member companies. All eighteen members have signed authorized dealer and certified installer agreements and completed sales training earlier this year. Lead members are upgrading their facilities as needed and obtaining the necessary certificates of compliance. We anticipated that as the WheelTime dealer/installer network began to come on-line, we’d see a dramatic increase in vehicular revenue. WheelTime vehicular revenue was approximately $90,000 during the first half of calendar 2013 and over $900,000 so far in the last half of the calendar year. We believe the evolving WheelTime relationship will significantly
The following information was filed by American Power Group Corp (APGI) on Monday, December 23, 2013 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.