Digital Power Corp (DPW, Financial) filed Quarterly Report for the period ended 2010-03-31.
Digital Power Corp has a market cap of $7.9 million; its shares were traded at around $1.18 with and P/S ratio of 0.9. DPW is in the portfolios of Jim Simons of Renaissance Technologies LLC.
Revenues from our U.S. operations decreased by 9.6% to $1,002,000 for the three months ended March 31, 2010, from $1,108,000 for the three months ended March 31, 2009. Revenues from our European operations of DPL decreased 26.5% to $965,000 for the three months ended March 31, 2010, from $1,313,000 for the three months ended March 31, 2009. The decrease in our revenues from our U.S. and European operations is mainly attributable to a decline in sales of our standard commercial products.
Engineering and product development expenses were $172,000, or 8.7% of revenues, for the three months ended March 31, 2010, compared to $136,000, or 5.6% of revenues, for the three months ended March 31, 2009. This increase is primarily due to an increase in salary expenses related to an increase in headcount.
On March 31, 2010, we had cash and cash equivalents of $2,627,000 and working capital of $3,195,000. This compares with cash and cash equivalents of $3,051,000 and working capital of $3,487,000 at December 31, 2009. The decrease in cash and cash equivalents is due mainly to the net loss for the three months ended March 31, 2010 and an increase in inventories, offset by increases in accounts payable and related parties-trade payables and deferred revenues and other current liabilities. The decrease in working capital is mainly due to a decrease in cash and cash equivalents, offset partially by an increase in inventory.
For the three months ended March 31, 2010, we had an operating loss of $172,000 and net loss of $132,000, and for the year ended December 31, 2009, we had an operating loss of $102,000 and net loss of $148,000. Although we have actively taken steps to reduce our costs, we may continue to incur operating and net losses in the future until we increase revenues by selling current and custom design products, transitioning to production stage of our custom design products and decreasing manufacturing costs through a greater use of contract manufacturers in Asia and other strategic locations.
Our common stock is listed on the NYSE Amex and is thinly traded. In the past, our trading price has fluctuated widely, depending on many factors that may have little to do with our operations or business prospects. The exercise of outstanding options and warrants may adversely affect our stock price and a shareholder s percentage of ownership. As of March 31, 2010, we had outstanding options to purchase an aggregate of 606,840 shares of common stock, with a weighted average exercise price of $0.99 per share, exercisable at prices ranging from $0.48 to $3.03 per share.
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Digital Power Corp has a market cap of $7.9 million; its shares were traded at around $1.18 with and P/S ratio of 0.9. DPW is in the portfolios of Jim Simons of Renaissance Technologies LLC.
Highlight of Business Operations:
Total revenues for the Company decreased by 19% to $1,967,000 for the three months ended March 31, 2010, from $2,421,000 for the three months ended March 31, 2009. The decrease in revenues is mainly due to a decline in sales of our standard commercial products. Revenues from the military products of the Company decreased by 30.2% to $547,000 for the three months ended March 31, 2010, from $784,000 for the three months ended March 31, 2009. Revenues from the commercial products of the Company decreased by 13.6% to $1,420,000 for the three months ended March 31, 2010, from $1,637,000 for the three months ended March 31, 2009.Revenues from our U.S. operations decreased by 9.6% to $1,002,000 for the three months ended March 31, 2010, from $1,108,000 for the three months ended March 31, 2009. Revenues from our European operations of DPL decreased 26.5% to $965,000 for the three months ended March 31, 2010, from $1,313,000 for the three months ended March 31, 2009. The decrease in our revenues from our U.S. and European operations is mainly attributable to a decline in sales of our standard commercial products.
Engineering and product development expenses were $172,000, or 8.7% of revenues, for the three months ended March 31, 2010, compared to $136,000, or 5.6% of revenues, for the three months ended March 31, 2009. This increase is primarily due to an increase in salary expenses related to an increase in headcount.
On March 31, 2010, we had cash and cash equivalents of $2,627,000 and working capital of $3,195,000. This compares with cash and cash equivalents of $3,051,000 and working capital of $3,487,000 at December 31, 2009. The decrease in cash and cash equivalents is due mainly to the net loss for the three months ended March 31, 2010 and an increase in inventories, offset by increases in accounts payable and related parties-trade payables and deferred revenues and other current liabilities. The decrease in working capital is mainly due to a decrease in cash and cash equivalents, offset partially by an increase in inventory.
For the three months ended March 31, 2010, we had an operating loss of $172,000 and net loss of $132,000, and for the year ended December 31, 2009, we had an operating loss of $102,000 and net loss of $148,000. Although we have actively taken steps to reduce our costs, we may continue to incur operating and net losses in the future until we increase revenues by selling current and custom design products, transitioning to production stage of our custom design products and decreasing manufacturing costs through a greater use of contract manufacturers in Asia and other strategic locations.
Our common stock is listed on the NYSE Amex and is thinly traded. In the past, our trading price has fluctuated widely, depending on many factors that may have little to do with our operations or business prospects. The exercise of outstanding options and warrants may adversely affect our stock price and a shareholder s percentage of ownership. As of March 31, 2010, we had outstanding options to purchase an aggregate of 606,840 shares of common stock, with a weighted average exercise price of $0.99 per share, exercisable at prices ranging from $0.48 to $3.03 per share.
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