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<P style="MARGIN-TOP: 3px; MARGIN-BOTTOM: 0px" align=center><FONT size=5 face="Times New Roman"><B>UNITED STATES </B></FONT></P>
<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px" align=center><FONT size=5 face="Times New Roman"><B>SECURITIES AND EXCHANGE COMMISSION </B></FONT></P>
<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px" align=center><FONT size=3 face="Times New Roman"><B>Washington, DC 20549 </B></FONT></P>
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     <TD width="32%" align=center>&nbsp; </TD>
     <TD width="40%" align=center><B><FONT size=5 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">FORM 8-K</FONT></B></TD>
     <TD width="32%" align=center>&nbsp; </TD></TR>
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<DIV style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align=center><STRONG><FONT face=Arial>PURSUANT TO SECTION 13 OR 15(d) OF THE</FONT></STRONG></DIV>
<DIV style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align=center><STRONG><FONT face=Arial>SECURITIES EXCHANGE ACT OF 1934</FONT></STRONG>&nbsp;</DIV><STRONG></STRONG></DIV>
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<DIV style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align=center><FONT style="DISPLAY: inline; FONT-FAMILY: ''Times New Roman, serif''; FONT-SIZE: 12pt"><FONT size=2 face=Arial>Date of Report </FONT><FONT face=Arial><FONT size=1>(Date of earliest event reported)</FONT>:&nbsp;&nbsp;<FONT size=2>April 22,&nbsp;2010</FONT></FONT></FONT></DIV>
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     <TD width="65%" align=left><FONT style="FONT-SIZE: 16pt"><B><FONT style="FONT-SIZE: 14pt" face=Arial>PERFORMANCE TECHNOLOGIES, INCORPORATED</FONT></B></FONT></TD></TR></TABLE></DIV>
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<DIV style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align=center><FONT style="DISPLAY: inline; FONT-FAMILY: 'Arial'" size=1 face=Arial>(Exact name of registrant as specified in its charter)</FONT></DIV>
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<DIV style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align=center><FONT style="DISPLAY: inline; FONT-FAMILY: '''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''times new roman'''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''" size=1 face=Arial>(State or other jurisdiction</FONT></DIV>
<DIV style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align=center><FONT style="DISPLAY: inline; FONT-FAMILY: '''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''times new roman'''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''" size=1 face=Arial>of incorporation)</FONT></DIV></TD>
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<DIV style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align=center><FONT style="DISPLAY: inline; FONT-FAMILY: '''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''times new roman'''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''; FONT-SIZE: 10pt; FONT-WEIGHT: bold" face=Arial>02-27460</FONT></DIV>
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<DIV style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align=center><FONT style="DISPLAY: inline; FONT-FAMILY: '''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''times new roman'''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''; FONT-SIZE: 10pt; FONT-WEIGHT: bold" face=Arial>16-1158413</FONT></DIV>
<DIV style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align=center><FONT style="DISPLAY: inline; FONT-FAMILY: '''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''times new roman'''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''" size=1 face=Arial>(IRS Employer</FONT></DIV>
<DIV style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align=center><FONT style="DISPLAY: inline; FONT-FAMILY: '''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''times new roman'''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''" size=1 face=Arial>Identification No.)</FONT></DIV></TD></TR>
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<DIV style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align=center><FONT style="DISPLAY: inline; FONT-FAMILY: '''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''times new roman'''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''; FONT-SIZE: 10pt; FONT-WEIGHT: bold" face=Arial>205 Indigo Creek Drive</FONT></DIV>
<DIV style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align=center><FONT style="DISPLAY: inline; FONT-FAMILY: '''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''times new roman'''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''; FONT-SIZE: 10pt; FONT-WEIGHT: bold" face=Arial>&nbsp;Rochester, New York</FONT></DIV></TD>
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<DIV style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align=center><FONT style="DISPLAY: inline; FONT-FAMILY: '''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''times new roman'''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''; FONT-SIZE: 10pt; FONT-WEIGHT: bold" face=Arial>14626</FONT></DIV></TD></TR>
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<DIV style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align=center><FONT style="DISPLAY: inline; FONT-FAMILY: '''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''times new roman'''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''" size=1 face=Arial>(Zip Code)</FONT></DIV></TD></TR></TABLE>
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<DIV style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align=center><FONT style="DISPLAY: inline; FONT-FAMILY: ''Times New Roman, serif''; FONT-SIZE: 11pt; FONT-WEIGHT: bold" face=Arial>(585) 256-0200&nbsp;&nbsp;&nbsp; </FONT></DIV>
<DIV style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align=center><FONT style="DISPLAY: inline" size=1 face=Arial>(Registrant&#146;s telephone number, including area code)</FONT></DIV>
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<DIV style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align=justify><FONT style="DISPLAY: inline" size=2 face=Arial>Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2 below):</FONT></DIV>
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<DIV style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt" face="Times New Roman">[&nbsp;&nbsp;]</FONT></DIV></TD>
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<DIV align=justify><FONT style="DISPLAY: inline; FONT-FAMILY: '''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''Times New Roman'''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''; FONT-SIZE: 9pt" face=Arial>Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</FONT></DIV></TD></TR></TABLE></DIV>
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<DIV align=justify><FONT style="DISPLAY: inline; FONT-FAMILY: '''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''Times New Roman'''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''; FONT-SIZE: 9pt" face=Arial>Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</FONT></DIV></TD></TR></TABLE></DIV>
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<DIV align=left><FONT style="DISPLAY: inline; FONT-FAMILY: '''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''Times New Roman'''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''; FONT-SIZE: 9pt" face=Arial>Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</FONT></DIV></TD></TR></TABLE></DIV>
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<DIV align=left><FONT style="DISPLAY: inline; FONT-FAMILY: '''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''Times New Roman'''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''; FONT-SIZE: 9pt"><FONT face=Arial>P</FONT><FONT face=Arial>re-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</FONT></FONT></DIV></TD></TR></TABLE></DIV>
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<P align=justify><B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Item 2.02 Results of Operations and Financial Condition</FONT></B></P>
<P align=justify><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">On <FONT face="Times New Roman">April 22</FONT>, 2010, Performance Technologies, Incorporated <FONT size=2 face="Times New Roman">("PT") </FONT>issued a press release announcing its results of operations for the quarter <FONT face="Times New Roman">ended March&nbsp;31, 2010</FONT>. A copy of the press release is being furnished as Exhibit 99.1 to this Form 8-K.</FONT></P>
<P align=justify><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">(c) Exhibits.</FONT></P>
<P align=justify><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">(99.1) Press release issued by PT on April 22, 2010. </FONT></P>
<P align=justify>&nbsp;</P>
<P align=justify>&nbsp;</P>
<P align=justify><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif"><B>SIGNATURES</B></FONT></P>
<P align=justify><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this Report to be signed on its behalf by the undersigned hereunto duly authorized.</FONT></P>
<P align=justify><B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B></P>
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     <TD width="63%" colSpan=2 align=left><FONT size=2 face="Times New Roman"><B>PERFORMANCE TECHNOLOGIES, INCORPORATED</B></FONT></TD>
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     <TD width="43%" align=left>&nbsp;</TD>
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     <TD width="14%" align=left><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif"><FONT size=2 face="Times New Roman">April 22</FONT>, 2010</FONT></TD>
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     <TD style="BORDER-BOTTOM: #000000 1px solid" width="43%" align=left><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">By /s/ John M. Slusser</FONT>&nbsp; </TD>
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     <TD width="43%" align=left><FONT size=2 face="Times New Roman">John M. Slusser</FONT></TD>
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     <TD width="14%" align=left>&nbsp; </TD>
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     <TD width="43%" align=left><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">President and Chief Executive Officer</FONT>&nbsp; </TD>
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     <TD width="14%" align=left><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif"><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif"><FONT size=2 face="Times New Roman">April 22</FONT></FONT>, 2010</FONT></TD>
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     <TD style="BORDER-BOTTOM: #000000 1px solid" width="43%" align=left><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">By /s/ Dorrance W. Lamb</FONT>&nbsp; </TD>
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     <TD width="43%" align=left><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Dorrance W. Lamb</FONT> </TD>
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     <TD width="43%" align=left><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Chief Financial Officer and Senior Vice President of Finance</FONT>&nbsp; </TD>
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<P style="TEXT-INDENT: 30px; MARGIN-LEFT: 30px" align=left>&nbsp;</P>
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     <TD noWrap><B>For more information contact:</B><BR>
Dorrance W. Lamb<BR>
SVP and Chief Financial Officer<BR>
PT<BR>
585-256-0200 ext. 7276<BR>
http://www.pt.com<BR>
<U><FONT color=#0000ff>finance@pt.com</FONT></U></TD></TR></TABLE></P>
<P style="TEXT-INDENT: 30px; MARGIN-LEFT: 30px" align=center><B>PT Announces First Quarter 2010 Financial Results</B></P>
<P style="TEXT-INDENT: 30px; MARGIN-LEFT: 30px" align=left>ROCHESTER, NY &#150; <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif"><FONT size=2 face="Times New Roman">April 22, 2010 </FONT></FONT>-- PT (NASDAQ: PTIX), the recently rebranded Performance Technologies, a leading global provider of advanced network communications solutions, today announced its financial results for the first quarter 2010.&nbsp; </P>
<P style="TEXT-INDENT: 30px; MARGIN-LEFT: 30px" align=left>Revenue in the first quarter 2010 amounted to $7.4 million, compared to $6.9 million in the first quarter 2009.</P>
<P style="TEXT-INDENT: 30px; MARGIN-LEFT: 30px" align=left>The Company incurred a net loss in the first quarter 2010 in the amount of ($1.8 million), or ($.16) per basic share, including a restructuring charge of $.01 per share and stock-based compensation expense of $.01 per share, based on 11.1 million shares outstanding. The Company incurred a net loss in the first quarter 2009 in the amount of ($1.4 million), or ($.13) per basic share, including a restructuring charge of $.03 per share and stock-based compensation expense of $.01 per share, based on 11.2 million shares outstanding.</P>
<P style="TEXT-INDENT: 30px; MARGIN-LEFT: 30px" align=left>Cash and investments amounted to $29.3 million, or $2.64 per share, and the Company had no long-term debt at March 31, 2010. The Company had 11.1 million common shares outstanding at March 31, 2010. </P>
<P style="TEXT-INDENT: 30px; MARGIN-LEFT: 30px" align=left>&#147;Our revenues for the quarter were certainly below our expectations and to some extent illustrate continuing challenges in making accurate quarterly revenue projections," said John Slusser, president and chief executive officer. &#147;While a portion of our bottom line performance is a result of a revenue shortfall, it also reflects our previously announced decision to increase our investments in sales and marketing, particularly for the African and Latin American growth markets, our government systems market diversification initiative and development of end application solutions. We are pleased with the early progress we are making in these initiatives. During the quarter we made a series of substantial product line announcements and unveiled a fresh new look and brand reflecting our strategic direction, which has been very positively received in the marketplace.&#148;</P>
<P style="TEXT-INDENT: 30px; MARGIN-LEFT: 30px" align=left><B>Business Overview</B></P>
<P style="TEXT-INDENT: 30px; MARGIN-LEFT: 30px" align=left>The Company globally targets two primary vertical markets for its network communications products, namely telecommunications, and military, aerospace and government systems. The telecommunications market, historically our largest vertical market, is fundamentally driven by investments in network infrastructure by carriers and service providers. Telecommunications market revenues derived from our IPnexus&#174; Application-Ready Systems products depend primarily on broad, multi-year deployments of next-generation telecommunications infrastructure. Telecommunications market revenues generated from end user solutions, such as our SEGway&#153; and Xpress&#153; product lines, are governed by investments necessary to support existing and evolving service demands such as the ongoing worldwide explosive growth in text messaging and the transition to Internet-based communications networks. Sales into the military, aerospace and government systems market are typically to prime contractors and system integrators that reflect investment levels by various government agencies and military branches in specific programs and projects requiring enhanced communications capabilities. Military, aerospace and government systems shipments are subject to project deployment schedules and are not often consistent from quarter-to-quarter.</P>
<P style="TEXT-INDENT: 30px; MARGIN-LEFT: 30px" align=center>1</P>
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<P align=center>&nbsp;</P>
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<P style="TEXT-INDENT: 30px; MARGIN-LEFT: 30px" align=left><B><U>Recent Customer Highlights:</U></B></P>
<P style="TEXT-INDENT: 0px; MARGIN-LEFT: 60px" align=left>&#149; <B>Comfone Expands International Connectivity with PT&#146;s SEGway Signaling Solution </B></P>
<P style="TEXT-INDENT: 0px; MARGIN-LEFT: 68px" align=left>Comfone is a Swiss based international roaming service provider to over 300 mobile operators. They rely on SEGway solutions to provide international SS7 signaling services to GSM operators in over 700 locations worldwide including signaling access, routing, online reporting, SMS interworking, roaming management, and hub services. </P>
<P style="TEXT-INDENT: 0px; MARGIN-LEFT: 60px" align=left>&#149; <B>Mobilicity Selects PT&#146;s SEGway Solution For Its 3G Wireless Network - New Canadian Carrier Implements State-of-the-Art Signaling Solution For Efficient, Reliable Network Expansion </B></P>
<P style="TEXT-INDENT: 0px; MARGIN-LEFT: 68px" align=left>Mobilicity is launching its 3G wireless network in Toronto this spring and will roll out its city-based networks in Vancouver, Edmonton, Calgary, and Ottawa later this year. PT&#146;s scalable SEGway carrier-grade network solution allows Mobilicity to reliably and cost-effectively extend its wireless network capabilities to cities across Canada. With rapid growth of wireless traffic volume, IP-based networks are becoming the preferred infrastructure for signaling, replacing traditional circuit-switched SS7 in wireless operators&#146; networks. </P>
<P style="TEXT-INDENT: 30px; MARGIN-LEFT: 30px" align=left><U><B>First Quarter Product Announcements:</B></U></P>
<P style="TEXT-INDENT: 0px; MARGIN-LEFT: 60px" align=left><B>&#149; PT Debuts Xpress Product Line - A Portfolio of SIP-based Applications and Enabling Infrastructure for Carriers Deploying Next-Generation Network (NGN) Architectures</B></P>
<P style="TEXT-INDENT: 0px; MARGIN-LEFT: 68px" align=left>The adoption of voice-over-packet architectures by wireless and wireline carriers, and the emergence of SIP (Session Initiation Protocol) as the predominant signaling protocol on these networks have presented new opportunities for service providers to market media-rich and web-friendly applications to their subscribers. PT&#146;s Xpress is based on a pure IP implementation allowing new service offerings to be quickly developed and readily deployed, network-wide, on IMS enabled, converged TDM/IP and VoIP networks.</P>
<P style="TEXT-INDENT: 0px; MARGIN-LEFT: 60px" align=left><B>&#149; PT&#146;s SEGway Delivers the Industry's Highest Capacity Signaling Platform for Next-Generation Networks - 400,000 Transactions per Second, Ideal for IP-Centric Signaling Architectures </B></P>
<P style="TEXT-INDENT: 0px; MARGIN-LEFT: 68px" align=left>Network signaling traffic is increasing by orders of magnitude due to mobile messaging and mobile services, leading telecom operators to face serious limitations in their legacy TDM or hybrid networks. Increasingly, they face the choice to retrofit or replace existing nodes with IP-based architecture. PT&#146;s SEGway X301 and X401 are the only signaling systems purpose-built for the rigors of an IP-centric network with its high bandwidth demands and database-heavy applications. </P>
<P style="TEXT-INDENT: 0px; MARGIN-LEFT: 60px" align=left><B>&#149; PT Introduces LTE and WiMAX Application-Ready Systems - Specifically Designed for LTE and WiMAX Equipment Manufacturers </B></P>
<P style="TEXT-INDENT: 0px; MARGIN-LEFT: 68px" align=left>These systems integrate all the hardware components, operating system, and software protocols, and are ideal for wireless application development. PT is the leader in Application-Ready Systems consisting of tightly integrated hardware and software. No other vendor provides its own Carrier Grade Linux (NexusWare&#174;) with wireless protocols and software, integrated in a rugged, standards-based platform. The solution has been chosen by wireless equipment providers such as Aviat Networks, who offer it in a WiMAX ASN Gateway application. </P>
<P style="TEXT-INDENT: 0px; MARGIN-LEFT: 60px" align=left><B>&#149; PT Adds Next Generation MPR2000 IP-Based Radar/Sensor Recording and Playback Platform to its Air Traffic Control and Defense Communication Systems </B></P>
<P style="TEXT-INDENT: 0px; MARGIN-LEFT: 68px" align=left>This new product offering enables integrators to more easily expand their existing air traffic control recording systems and leverage new technologies to build next generation, IP-based sensor and radar recording solutions. The MPR2000 Data Record/Playback System is the newest addition to the Company&#146;s suite of air traffic control and defense communication systems, complementing the world class MPS1000 Data Distribution Server which transports multiple radar formats and sensor interfaces over IP. Over 3500 such PT systems have been deployed in 30 different countries gathering and delivering vital data such as weather, flight tracking, and ground surveillance. </P>
<P align=center>2</P>
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<P style="TEXT-INDENT: 0px; MARGIN-LEFT: 60px" align=left><B>&#149; PT Launches the IPnexus Element Management System for Remote, IP Monitoring and Management of Globally Deployed, Mission-Critical Communications Infrastructure </B></P>
<P style="TEXT-INDENT: 0px; MARGIN-LEFT: 68px" align=left>The PT IPnexus EMS (Element Management System) is an IP-native system that allows network engineers at wireless and wireline carriers, service providers, and OEMs to rapidly install, monitor, and simultaneously manage hundreds of network elements from a single, secure interface point. It is a stand-alone, turn-key carrier grade device that includes all the hardware and software needed to provide a highly-available, centralized, and scalable management system that adheres to the five key ITU-T recommended areas: fault, configuration, performance, accounting, and security. </P>
<P style="TEXT-INDENT: 30px; MARGIN-LEFT: 30px" align=left>More in-depth discussions of the Company's strategy and financial performance can be found in the Company's periodic reports on Form 10-K and Form 10-Q, as filed with the Securities and Exchange Commission. </P>
<P style="TEXT-INDENT: 30px; MARGIN-LEFT: 30px" align=left><B>About PT (</B><B>www.pt.com)</B></P>
<P style="TEXT-INDENT: 30px; MARGIN-LEFT: 30px" align=left>PT (NASDAQ: PTIX) is a global supplier of advanced network communications solutions to carrier, government, and OEM markets. PT&#146;s portfolio includes IP-centric network elements and applications designed for high availability, scalability, and long life cycle deployments. The Company&#146;s entire line of offerings is anchored by IPnexus&#174;, PT&#146;s own IP-native, highly integrated platforms and element management systems. OEMs and application developers, including PT itself, leverage the robust carrier grade Linux&#174; development environment and rich suite of communications protocols (PT&#146;s Nexusware&#174;) of IPnexus Application-Ready Systems as a cornerstone component of their end product value proposition. PT&#146;s SEGway&#153; Signaling Solutions provide low cost, high density signaling, advanced routing, IP migration, gateway capabilities, SIP bridge, and core-to-edge distributed intelligence. The Company&#146;s Xpress&#153; NGN applications enable evolving Mobile 2.0, Multi-media, and IMS based revenue generating services. PT is headquartered in Rochester, NY and maintains sales and engineering offices around the world. </P>
<P style="TEXT-INDENT: 30px; MARGIN-LEFT: 30px" align=left><B>Forward-Looking Statements</B></P>
<P style="TEXT-INDENT: 30px; MARGIN-LEFT: 30px" align=left>The Private Securities Litigation Reform Act of 1995 provides a "safe harbor" for certain forward-looking statements. This press release contains forward-looking statements which reflect the Company's current views with respect to future events and financial performance, within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 and is subject to the safe harbor provisions of those Sections. The Company&#146;s future operating results are subject to various risks and uncertainties and could differ materially from those discussed in the forward-looking statements and may be affected by various trends and factors which are beyond the Company&#146;s control. These risks and uncertainties include, among other factors, business and economic conditions, rapid technological changes accompanied by frequent new product introductions, competitive pressures, dependence on key customers, inability to gauge order flows from customers, fluctuations in quarterly and annual results, the reliance on a limited number of third party suppliers, limitations of PT&#146;s manufacturing capacity and arrangements, the protection of PT&#146;s proprietary technology, the effects of pending or threatened litigation, the dependence on key personnel, changes in critical accounting estimates, potential impairments related to investments, foreign regulations, and potential material weaknesses in internal control over financial reporting. In addition, during weak or uncertain economic periods, customers&#146; visibility deteriorates causing delays in the placement of their orders. These factors often result in a substantial portion of PT&#146;s revenue being derived from orders placed within a quarter and shipped in the final month of the same quarter. Forward-looking statements should be read in conjunction with the audited Consolidated Financial Statements, the Notes thereto, Risk Factors, and Management's Discussion and Analysis of Financial Condition and Results of Operations of the Company as of December 31, 2009, as contained in the Company&#146;s Annual Report on Form 10-K, and other documents filed with the Securities and Exchange Commission.</P>
<P style="TEXT-INDENT: 30px; MARGIN-LEFT: 30px" align=center>
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<TR>
     <TD noWrap align=center>###</TD></TR></TABLE></P>
<P style="TEXT-INDENT: 30px; MARGIN-LEFT: 30px" align=left>A conference call will be held on Friday, April 23, at 10:00 a.m., New York time, to discuss the results. All institutional investors can participate in the conference by dialing (866) 250-5144 or (416) 849-6163. The call will be available simultaneously for all other investors at (866) 494-3387 or (416) 915-1198. A digital recording of this conference call may be accessed immediately after its completion from April 23 through April 27, 2010. To access the recording, participants should dial (866) 245-6755 or (416) 915-1035 using passcode 765951. A live webcast of the conference call will be available on the PT website at www.pt.com and will be archived to the site within two hours after the completion of the call.</P>
<P align=center>3</P>
<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>
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<TR>
     <TD width="75%"></TD>
     <TD width="1%"></TD>
     <TD width="9%"></TD>
     <TD width="1%"></TD>
     <TD width="3%"></TD>
     <TD width="1%"></TD>
     <TD width="9%"></TD>
     <TD width="1%"></TD></TR>
<TR vAlign=bottom>
     <TD colSpan=8 align=center><B>PERFORMANCE TECHNOLOGIES, INCORPORATED AND SUBSIDIARIES</B></TD></TR>
<TR vAlign=bottom>
     <TD colSpan=8 align=center><B>CONSOLIDATED BALANCE SHEETS</B></TD></TR>
<TR vAlign=bottom>
     <TD colSpan=8 align=center><B>(unaudited)</B></TD></TR>
<TR>
     <TD colSpan=7>&nbsp;</TD>
     <TD></TD></TR>
<TR vAlign=bottom>
     <TD colSpan=8 align=center><B>ASSETS</B></TD></TR>
<TR>
     <TD colSpan=7>&nbsp;</TD>
     <TD></TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" rowSpan=2 colSpan=3 align=center><B>March&nbsp;31,</B><BR>
<B>2010</B></TD>
     <TD rowSpan=2 align=center></TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" rowSpan=2 colSpan=3 align=center><B>December 31,</B><BR>
<B>2009</B></TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD></TR>
<TR>
     <TD colSpan=7>&nbsp;</TD>
     <TD></TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#80ffff align=left>Current assets:&nbsp;</TD>
     <TD bgColor=#80ffff align=right>&nbsp;</TD>
     <TD bgColor=#80ffff align=left>&nbsp;</TD>
     <TD bgColor=#80ffff align=right></TD>
     <TD bgColor=#80ffff align=right></TD>
     <TD bgColor=#80ffff align=right>&nbsp;</TD>
     <TD bgColor=#80ffff align=left>&nbsp;</TD>
     <TD bgColor=#80ffff align=left></TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp;Cash and cash equivalents&nbsp;</TD>
     <TD align=right>$</TD>
     <TD align=right>18,394,000</TD>
     <TD align=right></TD>
     <TD align=right></TD>
     <TD align=right>$</TD>
     <TD align=right>17,563,000</TD>
     <TD align=right></TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#80ffff align=left>&nbsp; &nbsp;Investments&nbsp;</TD>
     <TD bgColor=#80ffff align=right>&nbsp;</TD>
     <TD bgColor=#80ffff align=right>5,674,000</TD>
     <TD bgColor=#80ffff align=right></TD>
     <TD bgColor=#80ffff align=right></TD>
     <TD bgColor=#80ffff align=right>&nbsp;</TD>
     <TD bgColor=#80ffff align=right>7,533,000</TD>
     <TD bgColor=#80ffff align=right></TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp;Accounts receivable&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right>4,631,000</TD>
     <TD align=right></TD>
     <TD align=right></TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right>6,542,000</TD>
     <TD align=right></TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#80ffff align=left>&nbsp; &nbsp;Inventories&nbsp;</TD>
     <TD bgColor=#80ffff align=right>&nbsp;</TD>
     <TD bgColor=#80ffff align=right>4,964,000</TD>
     <TD bgColor=#80ffff align=right></TD>
     <TD bgColor=#80ffff align=right></TD>
     <TD bgColor=#80ffff align=right>&nbsp;</TD>
     <TD bgColor=#80ffff align=right>4,459,000</TD>
     <TD bgColor=#80ffff align=right></TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;&nbsp; Prepaid expenses and other assets&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right>805,000</TD>
     <TD align=right></TD>
     <TD align=right></TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right>820,000</TD>
     <TD align=right></TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#80ffff align=left>&nbsp;&nbsp; Deferred taxes&nbsp;</TD>
     <TD bgColor=#80ffff align=right>&nbsp;</TD>
     <TD bgColor=#80ffff align=right>392,000</TD>
     <TD bgColor=#80ffff align=right></TD>
     <TD bgColor=#80ffff align=right></TD>
     <TD bgColor=#80ffff align=right>&nbsp;</TD>
     <TD bgColor=#80ffff align=right>392,000</TD>
     <TD bgColor=#80ffff align=right></TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;&nbsp; Fair value of foreign currency hedges&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right>33,000</TD>
     <TD align=right></TD>
     <TD align=right></TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right>201,000</TD>
     <TD align=right></TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#80ffff align=left>&nbsp;&nbsp;&nbsp;Prepaid income taxes&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" bgColor=#80ffff align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#80ffff align=right>&nbsp;</TD>
     <TD bgColor=#80ffff align=right></TD>
     <TD bgColor=#80ffff align=right></TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" bgColor=#80ffff align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#80ffff align=right>24,000</TD>
     <TD bgColor=#80ffff align=right></TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current assets&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right>34,893,000</TD>
     <TD align=right></TD>
     <TD align=right></TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right>37,534,000</TD>
     <TD align=right></TD></TR>
<TR>
     <TD bgColor=#80ffff colSpan=7>&nbsp;</TD>
     <TD bgColor=#80ffff></TD></TR>
<TR vAlign=bottom>
     <TD align=left>Investments&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right>5,239,000</TD>
     <TD align=right></TD>
     <TD align=right></TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right>4,239,000</TD>
     <TD align=right></TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#80ffff align=left>Property, equipment and improvements&nbsp;</TD>
     <TD bgColor=#80ffff align=right>&nbsp;</TD>
     <TD bgColor=#80ffff align=right>1,835,000</TD>
     <TD bgColor=#80ffff align=right></TD>
     <TD bgColor=#80ffff align=right></TD>
     <TD bgColor=#80ffff align=right>&nbsp;</TD>
     <TD bgColor=#80ffff align=right>1,686,000</TD>
     <TD bgColor=#80ffff align=right></TD></TR>
<TR vAlign=bottom>
     <TD align=left>Software development costs&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right>5,465,000</TD>
     <TD align=right></TD>
     <TD align=right></TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right>5,254,000</TD>
     <TD align=right></TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#80ffff align=left>Deferred taxes&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" bgColor=#80ffff align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" bgColor=#80ffff align=right>&nbsp;181,000</TD>
     <TD bgColor=#80ffff align=right></TD>
     <TD bgColor=#80ffff align=right></TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" bgColor=#80ffff align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" bgColor=#80ffff align=right>176,000</TD>
     <TD bgColor=#80ffff align=right></TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" align=right>$</TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" align=right>47,613,000</TD>
     <TD align=right></TD>
     <TD align=right></TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" align=right>$</TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" align=right>48,889,000</TD>
     <TD align=right></TD></TR></TABLE><BR>
<TABLE style="FONT-FAMILY: '''''''''''''''''''''''''''''''Times New Roman'''''''''''''''''''''''''''''''; FONT-SIZE: 9pt" border=0 cellSpacing=0 width="100%">
<TR>
     <TD width="75%"></TD>
     <TD width="1%"></TD>
     <TD width="9%"></TD>
     <TD width="1%"></TD>
     <TD width="3%"></TD>
     <TD width="1%"></TD>
     <TD width="9%"></TD>
     <TD width="1%"></TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#80ffff colSpan=8 align=center><B>LIABILITIES AND STOCKHOLDERS&#146; EQUITY</B></TD></TR>
<TR>
     <TD colSpan=8>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#80ffff align=left>Current liabilities:&nbsp;</TD>
     <TD bgColor=#80ffff align=right>&nbsp;</TD>
     <TD bgColor=#80ffff align=left>&nbsp;</TD>
     <TD bgColor=#80ffff align=left></TD>
     <TD bgColor=#80ffff align=left>&nbsp;</TD>
     <TD bgColor=#80ffff align=left>&nbsp;</TD>
     <TD bgColor=#80ffff align=left>&nbsp;</TD>
     <TD bgColor=#80ffff align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp;Accounts payable&nbsp;</TD>
     <TD align=right>$</TD>
     <TD align=right>1,523,000</TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>$</TD>
     <TD align=right>1,013,000</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#80ffff align=left>&nbsp; &nbsp;Accrued expenses&nbsp;</TD>
     <TD bgColor=#80ffff align=right>&nbsp;</TD>
     <TD bgColor=#80ffff align=right>4,105,000</TD>
     <TD bgColor=#80ffff align=left></TD>
     <TD bgColor=#80ffff align=left>&nbsp;</TD>
     <TD bgColor=#80ffff align=left>&nbsp;</TD>
     <TD bgColor=#80ffff align=right>4,195,000</TD>
     <TD bgColor=#80ffff align=left>&nbsp;</TD></TR>
<TR height=20>
     <TD align=left>&nbsp;&nbsp; Income taxes payable</TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right>20,000 </TD>
     <TD align=left></TD>
     <TD align=left></TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right>&nbsp;</TD>
     <TD align=left></TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#80ffff align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;Total current liabilities&nbsp;</TD>
     <TD bgColor=#80ffff align=right>&nbsp;&nbsp;&nbsp;</TD>
     <TD bgColor=#80ffff align=right>5,648,000</TD>
     <TD bgColor=#80ffff align=left></TD>
     <TD bgColor=#80ffff align=left>&nbsp;</TD>
     <TD bgColor=#80ffff align=left>&nbsp;&nbsp; </TD>
     <TD bgColor=#80ffff align=right>5,208,000</TD>
     <TD bgColor=#80ffff align=left>&nbsp;</TD></TR>
<TR>
     <TD colSpan=8>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#80ffff align=left>Income taxes payable&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" bgColor=#80ffff align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#80ffff align=right>50,000</TD>
     <TD bgColor=#80ffff align=left></TD>
     <TD bgColor=#80ffff align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" bgColor=#80ffff align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#80ffff align=right>65,000</TD>
     <TD bgColor=#80ffff align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right>5,698,000</TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right>5,273,000</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR>
     <TD bgColor=#80ffff colSpan=8>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>Stockholders&#146; equity:&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#80ffff align=left>&nbsp; &nbsp;Preferred stock&nbsp;</TD>
     <TD bgColor=#80ffff align=right>&nbsp;</TD>
     <TD bgColor=#80ffff align=left>&nbsp;</TD>
     <TD bgColor=#80ffff align=left></TD>
     <TD bgColor=#80ffff align=left>&nbsp;</TD>
     <TD bgColor=#80ffff align=left>&nbsp;</TD>
     <TD bgColor=#80ffff align=left>&nbsp;</TD>
     <TD bgColor=#80ffff align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp;Common stock&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right>133,000</TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right>133,000</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#80ffff align=left>&nbsp; &nbsp;Additional paid-in capital&nbsp;</TD>
     <TD bgColor=#80ffff align=right>&nbsp;</TD>
     <TD bgColor=#80ffff align=right>16,754,000</TD>
     <TD bgColor=#80ffff align=left></TD>
     <TD bgColor=#80ffff align=left>&nbsp;</TD>
     <TD bgColor=#80ffff align=left>&nbsp;</TD>
     <TD bgColor=#80ffff align=right>16,596,000</TD>
     <TD bgColor=#80ffff align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp;Retained earnings&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right>34,825,000</TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right>36,577,000</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#80ffff align=left>&nbsp; &nbsp;Accumulated other comprehensive income&nbsp;</TD>
     <TD bgColor=#80ffff align=right>&nbsp;</TD>
     <TD bgColor=#80ffff align=right>21,000</TD>
     <TD bgColor=#80ffff align=left></TD>
     <TD bgColor=#80ffff align=left>&nbsp;</TD>
     <TD bgColor=#80ffff align=left>&nbsp;</TD>
     <TD bgColor=#80ffff align=right>128,000</TD>
     <TD bgColor=#80ffff align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp;Treasury stock&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right>(9,818,000</TD>
     <TD align=left>)&nbsp;</TD>
     <TD align=left></TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right>(9,818,000</TD>
     <TD align=left>)&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#80ffff align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;Total stockholders&#146; equity&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" bgColor=#80ffff align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#80ffff align=right>41,915,000</TD>
     <TD bgColor=#80ffff align=left></TD>
     <TD bgColor=#80ffff align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" bgColor=#80ffff align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#80ffff align=right>43,616,000</TD>
     <TD bgColor=#80ffff align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;Total liabilities and stockholders&#146; equity&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" align=right>$</TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" align=right>47,613,000</TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" align=left>$</TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" align=right>48,889,000</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR height=20>
     <TD bgColor=#80ffff align=left></TD>
     <TD bgColor=#80ffff align=right></TD>
     <TD bgColor=#80ffff align=right></TD>
     <TD bgColor=#80ffff align=left></TD>
     <TD bgColor=#80ffff align=left></TD>
     <TD bgColor=#80ffff align=left></TD>
     <TD bgColor=#80ffff align=right></TD>
     <TD bgColor=#80ffff align=left></TD></TR>
<TR height=20>
     <TD colSpan=8 align=center></TD></TR></TABLE>
<P align=center>4</P>
<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>
<A name="page_6"></A>
<TABLE style="FONT-FAMILY: '''''''''''''''''''''Times New Roman'''''''''''''''''''''; FONT-SIZE: 9pt" border=0 cellSpacing=0 width="100%">
<TR>
     <TD width="75%"></TD>
     <TD width="1%"></TD>
     <TD width="9%"></TD>
     <TD width="1%"></TD>
     <TD width="3%"></TD>
     <TD width="1%"></TD>
     <TD width="9%"></TD>
     <TD width="1%"></TD></TR>
<TR vAlign=bottom>
     <TD colSpan=8 align=center><B>PERFORMANCE TECHNOLOGIES, INCORPORATED AND SUBSIDIARIES</B></TD></TR>
<TR vAlign=bottom>
     <TD colSpan=8 align=center><B>CONSOLIDATED STATEMENTS OF OPERATIONS</B></TD></TR>
<TR vAlign=bottom>
     <TD colSpan=8 align=center><B>FOR THE THREE&nbsp;MONTHS ENDED&nbsp;MARCH 31, 2010 AND 2009</B></TD></TR>
<TR vAlign=bottom>
     <TD colSpan=8 align=center><B>(unaudited)</B></TD></TR>
<TR>
     <TD colSpan=7>&nbsp;</TD>
     <TD></TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD rowSpan=2 colSpan=7 align=center><B>Three&nbsp;Months Ended</B><BR>
<B>March&nbsp;31,</B></TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" colSpan=3 align=center><B>2010</B></TD>
     <TD align=right></TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" colSpan=3 align=center><B>2009</B></TD></TR>
<TR>
     <TD colSpan=7>&nbsp;</TD>
     <TD></TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#80ffff align=left>Sales&nbsp;</TD>
     <TD bgColor=#80ffff align=right>$</TD>
     <TD bgColor=#80ffff align=right>7,355,000</TD>
     <TD bgColor=#80ffff align=left>&nbsp;</TD>
     <TD bgColor=#80ffff align=right></TD>
     <TD bgColor=#80ffff align=right>$</TD>
     <TD bgColor=#80ffff align=right>6,927,000</TD>
     <TD bgColor=#80ffff align=right></TD></TR>
<TR vAlign=bottom>
     <TD align=left>Cost of goods sold&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right>3,457,000</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right></TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right>3,191,000</TD>
     <TD align=right></TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#80ffff align=left>Gross profit&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" bgColor=#80ffff align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" bgColor=#80ffff align=right>3,898,000</TD>
     <TD bgColor=#80ffff align=left>&nbsp;</TD>
     <TD bgColor=#80ffff align=right></TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" bgColor=#80ffff align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" bgColor=#80ffff align=right>3,736,000</TD>
     <TD bgColor=#80ffff align=right></TD></TR>
<TR>
     <TD colSpan=7>&nbsp;</TD>
     <TD></TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#80ffff align=left>Operating expenses:&nbsp;</TD>
     <TD bgColor=#80ffff align=right>&nbsp;</TD>
     <TD bgColor=#80ffff align=left>&nbsp;</TD>
     <TD bgColor=#80ffff align=left>&nbsp;</TD>
     <TD bgColor=#80ffff align=right></TD>
     <TD bgColor=#80ffff align=right>&nbsp;</TD>
     <TD bgColor=#80ffff align=left>&nbsp;</TD>
     <TD bgColor=#80ffff align=left></TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp;Selling and marketing&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right>2,230,000</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right></TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right>1,917,000</TD>
     <TD align=right></TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#80ffff align=left>&nbsp;&nbsp;&nbsp;Research and development&nbsp;</TD>
     <TD bgColor=#80ffff align=right>&nbsp;</TD>
     <TD bgColor=#80ffff align=right>1,990,000</TD>
     <TD bgColor=#80ffff align=left>&nbsp;</TD>
     <TD bgColor=#80ffff align=right></TD>
     <TD bgColor=#80ffff align=right>&nbsp;</TD>
     <TD bgColor=#80ffff align=right>2,116,000</TD>
     <TD bgColor=#80ffff align=right></TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;&nbsp;&nbsp;General and administrative&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right>1,308,000</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right></TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right>1,139,000</TD>
     <TD align=right></TD></TR>
<TR height=20>
     <TD bgColor=#80ffff align=left>&nbsp;&nbsp; Restructuring charges&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" bgColor=#80ffff align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" bgColor=#80ffff align=right>63,000</TD>
     <TD bgColor=#80ffff align=left></TD>
     <TD bgColor=#80ffff align=right></TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" bgColor=#80ffff align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" bgColor=#80ffff align=right>444,000</TD>
     <TD bgColor=#80ffff align=right></TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total operating expenses&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right>5,591,000</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right></TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right>5,616,000</TD>
     <TD align=right></TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#80ffff align=left>Loss from operations&nbsp;</TD>
     <TD bgColor=#80ffff align=right>&nbsp;</TD>
     <TD bgColor=#80ffff align=right>(1,693,000</TD>
     <TD bgColor=#80ffff align=left>)&nbsp;</TD>
     <TD bgColor=#80ffff align=right></TD>
     <TD bgColor=#80ffff align=right>&nbsp;</TD>
     <TD bgColor=#80ffff align=right>(1,880,000</TD>
     <TD bgColor=#80ffff align=left>)</TD></TR>
<TR>
     <TD colSpan=7>&nbsp;</TD>
     <TD></TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#80ffff align=left>Other income, net&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" bgColor=#80ffff align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" bgColor=#80ffff align=right>63,000</TD>
     <TD bgColor=#80ffff align=left>&nbsp;</TD>
     <TD bgColor=#80ffff align=right></TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" bgColor=#80ffff align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" bgColor=#80ffff align=right>80,000</TD>
     <TD bgColor=#80ffff align=right></TD></TR>
<TR vAlign=bottom>
     <TD align=left>Loss before income taxes&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right>(1,630,000</TD>
     <TD align=left>)&nbsp;</TD>
     <TD align=right></TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right>(1,800,000</TD>
     <TD align=left>)</TD></TR>
<TR>
     <TD bgColor=#80ffff colSpan=7>&nbsp;</TD>
     <TD bgColor=#80ffff></TD></TR>
<TR vAlign=bottom>
     <TD align=left>Income tax&nbsp;provision&nbsp;(benefit)</TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right>122,000</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right></TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right>(374,000</TD>
     <TD align=left>)</TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#80ffff align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net loss</TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" bgColor=#80ffff align=right>$</TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" bgColor=#80ffff align=right>(1,752,000</TD>
     <TD bgColor=#80ffff vAlign=top align=left>)&nbsp;</TD>
     <TD bgColor=#80ffff align=right></TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" bgColor=#80ffff align=right>$</TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" bgColor=#80ffff align=right>(1,426,000</TD>
     <TD bgColor=#80ffff align=left>)</TD></TR>
<TR>
     <TD colSpan=7>&nbsp;</TD>
     <TD></TD></TR>
<TR>
     <TD bgColor=#80ffff colSpan=7>&nbsp;</TD>
     <TD bgColor=#80ffff></TD></TR>
<TR vAlign=bottom>
     <TD align=left>Basic loss per share&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" align=right>$&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" align=right>(.16</TD>
     <TD vAlign=top align=left>)&nbsp;</TD>
     <TD align=right></TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" align=right>$</TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" align=right>(.13</TD>
     <TD align=left>)</TD></TR>
<TR>
     <TD bgColor=#80ffff colSpan=7>&nbsp;</TD>
     <TD bgColor=#80ffff></TD></TR>
<TR vAlign=bottom>
     <TD align=left>Weighted average common shares&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" align=right>11,116,000</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right></TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 2pt double" align=right>11,170,000</TD>
     <TD align=right></TD></TR></TABLE><BR>
<P align=center>&nbsp;</P>
<P align=center>5</P>
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q12010earnings8k.htm - Generated by SEC Publisher for SEC Filing
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report
(Date of earliest event reported)
:
April 22, 2010
PERFORMANCE TECHNOLOGIES, INCORPORATED
(Exact name of registrant as specified in its charter)
Delaware
(State or other jurisdiction
of incorporation)
02-27460
(Commission
File Number)
16-1158413
(IRS Employer
Identification No.)
205 Indigo Creek Drive
Rochester, New York
14626
(Address of principal executive offices)
(Zip Code)
(585) 256-0200
(Registrant's telephone number, including area code)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2 below):
[  ]
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
[  ]
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
[  ]
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
[  ]
P
re-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 2.02 Results of Operations and Financial Condition
On
April 22
, 2010, Performance Technologies, Incorporated
("PT")
issued a press release announcing its results of operations for the quarter
ended March 31, 2010
. A copy of the press release is being furnished as Exhibit 99.1 to this Form 8-K.
(c) Exhibits.
(99.1) Press release issued by PT on April 22, 2010.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this Report to be signed on its behalf by the undersigned hereunto duly authorized.
PERFORMANCE TECHNOLOGIES, INCORPORATED
April 22
, 2010
By /s/ John M. Slusser
John M. Slusser
President and Chief Executive Officer
April 22
, 2010
By /s/ Dorrance W. Lamb
Dorrance W. Lamb
Chief Financial Officer and Senior Vice President of Finance
For more information contact:
Dorrance W. Lamb
SVP and Chief Financial Officer
PT
585-256-0200 ext. 7276
http://www.pt.com
finance@pt.com
PT Announces First Quarter 2010 Financial Results
ROCHESTER, NY –
April 22, 2010
-- PT (NASDAQ: PTIX), the recently rebranded Performance Technologies, a leading global provider of advanced network communications solutions, today announced its financial results for the first quarter 2010.
Revenue in the first quarter 2010 amounted to $7.4 million, compared to $6.9 million in the first quarter 2009.
The Company incurred a net loss in the first quarter 2010 in the amount of ($1.8 million), or ($.16) per basic share, including a restructuring charge of $.01 per share and stock-based compensation expense of $.01 per share, based on 11.1 million shares outstanding. The Company incurred a net loss in the first quarter 2009 in the amount of ($1.4 million), or ($.13) per basic share, including a restructuring charge of $.03 per share and stock-based compensation expense of $.01 per share, based on 11.2 million shares outstanding.
Cash and investments amounted to $29.3 million, or $2.64 per share, and the Company had no long-term debt at March 31, 2010. The Company had 11.1 million common shares outstanding at March 31, 2010.
"Our revenues for the quarter were certainly below our expectations and to some extent illustrate continuing challenges in making accurate quarterly revenue projections," said John Slusser, president and chief executive officer. "While a portion of our bottom line performance is a result of a revenue shortfall, it also reflects our previously announced decision to increase our investments in sales and marketing, particularly for the African and Latin American growth markets, our government systems market diversification initiative and development of end application solutions. We are pleased with the early progress we are making in these initiatives. During the quarter we made a series of substantial product line announcements and unveiled a fresh new look and brand reflecting our strategic direction, which has been very positively received in the marketplace."
Business Overview
The Company globally targets two primary vertical markets for its network communications products, namely telecommunications, and military, aerospace and government systems. The telecommunications market, historically our largest vertical market, is fundamentally driven by investments in network infrastructure by carriers and service providers. Telecommunications market revenues derived from our IPnexus® Application-Ready Systems products depend primarily on broad, multi-year deployments of next-generation telecommunications infrastructure. Telecommunications market revenues generated from end user solutions, such as our SEGway™ and Xpress™ product lines, are governed by investments necessary to support existing and evolving service demands such as the ongoing worldwide explosive growth in text messaging and the transition to Internet-based communications networks. Sales into the military, aerospace and government systems market are typically to prime contractors and system integrators that reflect investment levels by various government agencies and military branches in specific programs and projects requiring enhanced communications capabilities. Military, aerospace and government systems shipments are subject to project deployment schedules and are not often consistent from quarter-to-quarter.
1
Recent Customer Highlights:
•
Comfone Expands International Connectivity with PT's SEGway Signaling Solution
Comfone is a Swiss based international roaming service provider to over 300 mobile operators. They rely on SEGway solutions to provide international SS7 signaling services to GSM operators in over 700 locations worldwide including signaling access, routing, online reporting, SMS interworking, roaming management, and hub services.
•
Mobilicity Selects PT's SEGway Solution For Its 3G Wireless Network - New Canadian Carrier Implements State-of-the-Art Signaling Solution For Efficient, Reliable Network Expansion
Mobilicity is launching its 3G wireless network in Toronto this spring and will roll out its city-based networks in Vancouver, Edmonton, Calgary, and Ottawa later this year. PT's scalable SEGway carrier-grade network solution allows Mobilicity to reliably and cost-effectively extend its wireless network capabilities to cities across Canada. With rapid growth of wireless traffic volume, IP-based networks are becoming the preferred infrastructure for signaling, replacing traditional circuit-switched SS7 in wireless operators' networks.
First Quarter Product Announcements:
• PT Debuts Xpress Product Line - A Portfolio of SIP-based Applications and Enabling Infrastructure for Carriers Deploying Next-Generation Network (NGN) Architectures
The adoption of voice-over-packet architectures by wireless and wireline carriers, and the emergence of SIP (Session Initiation Protocol) as the predominant signaling protocol on these networks have presented new opportunities for service providers to market media-rich and web-friendly applications to their subscribers. PT's Xpress is based on a pure IP implementation allowing new service offerings to be quickly developed and readily deployed, network-wide, on IMS enabled, converged TDM/IP and VoIP networks.
• PT's SEGway Delivers the Industry's Highest Capacity Signaling Platform for Next-Generation Networks - 400,000 Transactions per Second, Ideal for IP-Centric Signaling Architectures
Network signaling traffic is increasing by orders of magnitude due to mobile messaging and mobile services, leading telecom operators to face serious limitations in their legacy TDM or hybrid networks. Increasingly, they face the choice to retrofit or replace existing nodes with IP-based architecture. PT's SEGway X301 and X401 are the only signaling systems purpose-built for the rigors of an IP-centric network with its high bandwidth demands and database-heavy applications.
• PT Introduces LTE and WiMAX Application-Ready Systems - Specifically Designed for LTE and WiMAX Equipment Manufacturers
These systems integrate all the hardware components, operating system, and software protocols, and are ideal for wireless application development. PT is the leader in Application-Ready Systems consisting of tightly integrated hardware and software. No other vendor provides its own Carrier Grade Linux (NexusWare®) with wireless protocols and software, integrated in a rugged, standards-based platform. The solution has been chosen by wireless equipment providers such as Aviat Networks, who offer it in a WiMAX ASN Gateway application.
• PT Adds Next Generation MPR2000 IP-Based Radar/Sensor Recording and Playback Platform to its Air Traffic Control and Defense Communication Systems
This new product offering enables integrators to more easily expand their existing air traffic control recording systems and leverage new technologies to build next generation, IP-based sensor and radar recording solutions. The MPR2000 Data Record/Playback System is the newest addition to the Company's suite of air traffic control and defense communication systems, complementing the world class MPS1000 Data Distribution Server which transports multiple radar formats and sensor interfaces over IP. Over 3500 such PT systems have been deployed in 30 different countries gathering and delivering vital data such as weather, flight tracking, and ground surveillance.
2
• PT Launches the IPnexus Element Management System for Remote, IP Monitoring and Management of Globally Deployed, Mission-Critical Communications Infrastructure
The PT IPnexus EMS (Element Management System) is an IP-native system that allows network engineers at wireless and wireline carriers, service providers, and OEMs to rapidly install, monitor, and simultaneously manage hundreds of network elements from a single, secure interface point. It is a stand-alone, turn-key carrier grade device that includes all the hardware and software needed to provide a highly-available, centralized, and scalable management system that adheres to the five key ITU-T recommended areas: fault, configuration, performance, accounting, and security.
More in-depth discussions of the Company's strategy and financial performance can be found in the Company's periodic reports on Form 10-K and Form 10-Q, as filed with the Securities and Exchange Commission.
About PT (
www.pt.com)
PT (NASDAQ: PTIX) is a global supplier of advanced network communications solutions to carrier, government, and OEM markets. PT's portfolio includes IP-centric network elements and applications designed for high availability, scalability, and long life cycle deployments. The Company's entire line of offerings is anchored by IPnexus®, PT's own IP-native, highly integrated platforms and element management systems. OEMs and application developers, including PT itself, leverage the robust carrier grade Linux® development environment and rich suite of communications protocols (PT's Nexusware®) of IPnexus Application-Ready Systems as a cornerstone component of their end product value proposition. PT's SEGway™ Signaling Solutions provide low cost, high density signaling, advanced routing, IP migration, gateway capabilities, SIP bridge, and core-to-edge distributed intelligence. The Company's Xpress™ NGN applications enable evolving Mobile 2.0, Multi-media, and IMS based revenue generating services. PT is headquartered in Rochester, NY and maintains sales and engineering offices around the world.
Forward-Looking Statements
The Private Securities Litigation Reform Act of 1995 provides a "safe harbor" for certain forward-looking statements. This press release contains forward-looking statements which reflect the Company's current views with respect to future events and financial performance, within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 and is subject to the safe harbor provisions of those Sections. The Company's future operating results are subject to various risks and uncertainties and could differ materially from those discussed in the forward-looking statements and may be affected by various trends and factors which are beyond the Company's control. These risks and uncertainties include, among other factors, business and economic conditions, rapid technological changes accompanied by frequent new product introductions, competitive pressures, dependence on key customers, inability to gauge order flows from customers, fluctuations in quarterly and annual results, the reliance on a limited number of third party suppliers, limitations of PT's manufacturing capacity and arrangements, the protection of PT's proprietary technology, the effects of pending or threatened litigation, the dependence on key personnel, changes in critical accounting estimates, potential impairments related to investments, foreign regulations, and potential material weaknesses in internal control over financial reporting. In addition, during weak or uncertain economic periods, customers' visibility deteriorates causing delays in the placement of their orders. These factors often result in a substantial portion of PT's revenue being derived from orders placed within a quarter and shipped in the final month of the same quarter. Forward-looking statements should be read in conjunction with the audited Consolidated Financial Statements, the Notes thereto, Risk Factors, and Management's Discussion and Analysis of Financial Condition and Results of Operations of the Company as of December 31, 2009, as contained in the Company's Annual Report on Form 10-K, and other documents filed with the Securities and Exchange Commission.
###
A conference call will be held on Friday, April 23, at 10:00 a.m., New York time, to discuss the results. All institutional investors can participate in the conference by dialing (866) 250-5144 or (416) 849-6163. The call will be available simultaneously for all other investors at (866) 494-3387 or (416) 915-1198. A digital recording of this conference call may be accessed immediately after its completion from April 23 through April 27, 2010. To access the recording, participants should dial (866) 245-6755 or (416) 915-1035 using passcode 765951. A live webcast of the conference call will be available on the PT website at www.pt.com and will be archived to the site within two hours after the completion of the call.
3
PERFORMANCE TECHNOLOGIES, INCORPORATED AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(unaudited)
ASSETS
March 31,
2010
December 31,
2009
Current assets:
Cash and cash equivalents
$
18,394,000
$
17,563,000
Investments
5,674,000
7,533,000
Accounts receivable
4,631,000
6,542,000
Inventories
4,964,000
4,459,000
Prepaid expenses and other assets
805,000
820,000
Deferred taxes
392,000
392,000
Fair value of foreign currency hedges
33,000
201,000
Prepaid income taxes
24,000
Total current assets
34,893,000
37,534,000
Investments
5,239,000
4,239,000
Property, equipment and improvements
1,835,000
1,686,000
Software development costs
5,465,000
5,254,000
Deferred taxes
181,000
176,000
Total assets
$
47,613,000
$
48,889,000
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable
$
1,523,000
$
1,013,000
Accrued expenses
4,105,000
4,195,000
Income taxes payable
20,000
Total current liabilities
5,648,000
5,208,000
Income taxes payable
50,000
65,000
Total liabilities
5,698,000
5,273,000
Stockholders' equity:
Preferred stock
Common stock
133,000
133,000
Additional paid-in capital
16,754,000
16,596,000
Retained earnings
34,825,000
36,577,000
Accumulated other comprehensive income
21,000
128,000
Treasury stock
(9,818,000
)
(9,818,000
)
Total stockholders' equity
41,915,000
43,616,000
Total liabilities and stockholders' equity
$
47,613,000
$
48,889,000
4
PERFORMANCE TECHNOLOGIES, INCORPORATED AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
FOR THE THREE MONTHS ENDED MARCH 31, 2010 AND 2009
(unaudited)
Three Months Ended
March 31,
2010
2009
Sales
$
7,355,000
$
6,927,000
Cost of goods sold
3,457,000
3,191,000
Gross profit
3,898,000
3,736,000
Operating expenses:
Selling and marketing
2,230,000
1,917,000
Research and development
1,990,000
2,116,000
General and administrative
1,308,000
1,139,000
Restructuring charges
63,000
444,000
Total operating expenses
5,591,000
5,616,000
Loss from operations
(1,693,000
)
(1,880,000
)
Other income, net
63,000
80,000
Loss before income taxes
(1,630,000
)
(1,800,000
)
Income tax provision (benefit)
122,000
(374,000
)
Net loss
$
(1,752,000
)
$
(1,426,000
)
Basic loss per share
$
(.16
)
$
(.13
)
Weighted average common shares
11,116,000
11,170,000
5