APG posts Q3 fiscal results

APG posts Q3 fiscal results

American Power Group Corporation posted results for the three and nine months ending June 30, 2014.

The company boasts a total vehicular conversion revenue growth of 500 percent over prior year’s quarter. YTD vehicular shipments are at over 160 units or almost 2X prior YTD.

Total stationary units shipments increased 57 percent over prior year’s quarter despite lower quarterly revenue which was due to full turnkey content mix of a 12 unit fracturing rig conversion last year, while year to date stationary shipments doubled to 170 units, compared to the same period last year.

The company is entering Q4 with a backlog of more than $785,000 all relating to vehicular dual fuel conversions.

Lyle Jensen, American Power Group Corporation’s Chief Executive Officer, stated, “The past 120 days have been very productive with new dealers, expanding regions, more early-adopter customers and optimizing field performance of our dual fuel solution with our existing customers. We have begun to open up Canada, the Caribbean and the America’s with several well-known multi-national vehicular customers who collectively operate thousands of vehicles. We now have over 240 dual fuel trucks operating in over 21 states in the United States with fueling infrastructure continuing to be the most significant hurdle facing accelerated Class 8 adoption. We are expanding our cooperative sales and marketing efforts with many of the major CNG and LNG fuel suppliers in the U.S. and Canada to identify potential customers who through our cost effective dual fuel solution can allow the suppliers to optimize existing locations and/or justify developing new locations.”

Jensen added, “So as we finish up our fourth quarter, fiscal 2014 will have been an important year of early-adopter evaluations, field validation of our dual fuel system and, most importantly, an increasing acceptance of dual fuel as a second mainstream fueling solution for natural gas vehicles. While we still have approximately 45 days to book and ship product, we believe the scheduled timing of approximately 150 follow-on dealer/customer vehicular deliveries will slip beyond September into the next fiscal year. This would put fiscal 2014 revenue in the $7 million to $8 million range, exclusive of backlog but with a growing number of early-adopter customers and follow-on customers entering fiscal 2015.”

 

Press Release, August 15, 2014; Image: APG