Plug Power Reports Progress Against Key Milestones and Financial
Results for 1st Quarter Results in line with management
expectations LATHAM, N.Y., April 27 /PRNewswire-FirstCall/ -- Plug
Power Inc. (NASDAQ:PLUG), a leading provider of clean, reliable
on-site energy, today reported operational accomplishments and
financial results for the quarter ended March 31, 2005. "I am
pleased with the progress we have made this quarter toward our
publicly stated corporate milestones," said Dr. Roger Saillant,
President and Chief Executive Officer. "The results are in line
with management's expectations as we look to achieve our milestones
for the fifth consecutive year." Key milestones and
accomplishments: Triple the number of GenCore(R) orders received to
at least 300: * Secured new distribution partner for GenCore: Plug
Power signed an agreement with Enerseg Corporacion/Corpo
Teletecnical of Venezuela. Enerseg Corporacion and Corpo
Teletecnical have a joint venture relationship for pursuing
business primarily in the telecommunications sector. Other areas of
business include Security and Access Control, Energy Management,
Automation and Control Systems. Under the agreement, Enerseg will
provide distribution and service for Plug Power's GenCore product
in Venezuela. * Shipped GenCore systems through distribution
channel: During the quarter Plug Power shipped several GenCore fuel
cell systems to distribution partners that included siGEN Limited
of Scotland, Tatung of Taiwan, IST Group Limited of South Africa
and Enerseg Corporacion of Venezuela. The systems are intended to
provide backup power for telecommunications equipment and utility
substations. The total number of GenCore shipments for the quarter
is sixteen. * Received U.S. General Services Administration (GSA)
listing: This listing allows federal agencies to purchase GenCore
backup fuel cell systems directly from the Federal Supply Service
Schedule under a pre- negotiated contract. This GSA approval
complements Plug Power's recent agreement with the N.Y. State
Office of General Services making GenCore available for purchase by
all state agencies, counties, municipalities and not-for-profits
chartered by New York State. Reduce GenCore direct material cost by
25% from 2004 levels: * Reduced direct GenCore material cost by
approximately 10% during the first quarter: Reductions resulted
from the use of new system designs, alternate suppliers, increased
purchase volume and lower price negotiations. Begin field-testing
the next-generation continuous-run product: * Plug Power progressed
through internal design verification testing of the Company's
next-generation continuous-run product and remains on track to
begin field testing this product later in the year. Secure a
contract with Honda and proceed with Phase III development
activities on the Home Energy Station: * Signed a contract with
Honda to proceed with Phase III development activities on the Home
Energy Station: The work under Phase III of the project will focus
on developing a next-generation prototype of the Home Energy
Station, targeting size reduction and increased system efficiency.
The Home Energy Station is designed to cleanly and efficiently
provide electricity and heat to a home or small business, while
providing hydrogen fuel for a fuel cell vehicle, using natural gas
as fuel. * Secured an additional parallel agreement to collaborate
on advanced research and development: This new agreement is focused
on component technologies expected to enable continued improvements
in performance, cost, size and reliability of the Home Energy
Station beyond Phase III. While focused on the Home Energy Station,
these technology developments are expected to provide similar
benefits to Plug Power's GenCore, GenSite(TM), and GenSys(R)
product lines, all of which share common design elements with the
Home Energy Station. * Honda R&D of Japan will continue to fund
Plug Power's work under both of these new agreements. Financial
results: Total revenue for the first quarter ended March 31, 2005,
was $3.2 million, compared to $3.3 million for the first quarter in
2004. The Company continues to defer product and service revenue, a
component of total revenue, at the time of sale and amortize that
revenue over the period of the underlying service and other
contractual obligations. Deferred revenue was $5.2 million at March
31, 2005. Net loss for the quarter ended March 31, 2005, was $12.5
million, or $0.17 per share, compared to $12.0 million, or $0.16
per share, for the same period in 2004. Weighted average shares
outstanding for the quarter ended March 31, 2005, were 73.4 million
shares compared to 72.9 million shares during the same period in
2004. As of March 31, 2005, there were 73,456,180 shares issued and
outstanding. Net cash used in operating activities for the first
quarter ended March 31, 2005, was $10.2 million, compared to $8.6
million in 2004 (see attached financial highlights). Plug Power has
scheduled a conference call today at 10:00 AM (ET) to review its
first quarter 2005 results. Interested parties are invited to
participate. To listen to the conference call, please call
617-614-2711 and enter the passcode PLUG (7584). The live webcast
can be accessed by logging onto http://www.plugpower.com/. A
playback of the call will be available on the website for a period
following the call. See the attached financial highlights for the
first quarter 2005. For more information about Plug Power please
visit http://www.plugpower.com/. About Plug Power Plug Power Inc.
is an established leader in the deployment of clean, reliable,
on-site energy products. More than 500 Plug Power fuel cell systems
have been delivered to customers worldwide in commercial, public
sector, telecommunications, utility and uninterruptible power
supply markets. For more information about how you can join Plug
Power's energy revolution as an investor, customer, supplier or
strategic partner, please visit http://www.plugpower.com/. This
press release may contain statements, which are not historical
facts and are considered forward-looking within the meaning of the
Private Securities Litigation Reform Act of 1995. These
forward-looking statements contain projections of Plug Power's
future results of operations, Plug Power's product development
expectations or of Plug Power's financial position or state other
forward-looking information. In some cases you can identify these
statements by forward-looking words such as "anticipate,"
"believe," "could," "estimate," "expect," "intend," "may,"
"should," "will" and "would" or similar words. You should not rely
on forward-looking statements because Plug Power's actual results
may differ materially from those indicated by these forward-
looking statements as a result of a number of important factors.
These factors include, but are not limited to, Plug Power's ability
to develop commercially viable on-site energy products; the cost
and timing of developing Plug Power's on-site energy products;
market acceptance of Plug Power's on-site energy products; Plug
Power's reliance on its relationship with certain affiliates of
General Electric (GEFCS); Plug Power's ability to perform on its
multi- generation product plan in a manner satisfactory to GEFCS;
Plug Power's ability to manufacture on-site energy products on a
large-scale commercial basis; competitive factors, such as price
competition and competition from other traditional and alternative
energy companies; the cost and availability of components and parts
for Plug Power's on-site energy products; the ability to raise and
provide the necessary capital to develop, manufacture and market
Plug Power's on-site energy products; Plug Power's ability to
establish relationships with third parties with respect to product
development, manufacturing, distribution and servicing and the
supply of key product components; Plug Power's ability to protect
its intellectual property; Plug Power's ability to lower the cost
of its on-site energy products and demonstrate their reliability;
the cost of complying with current and future governmental
regulations; the impact of deregulation and restructuring of the
electric utility industry on demand for Plug Power's on-site energy
products; fluctuations in the trading price and volume of Plug
Power's common stock and other risks and uncertainties discussed
under the heading "Factors Affecting Future Results" in Plug
Power's annual report on Form 10-K for the fiscal year ended
December 31, 2004, dated March 15, 2005, and filed with the
Securities Exchange Commission on March 15, 2005, and the reports
Plug Power files from time to time with the Securities and Exchange
Commission. Plug Power does not intend to and undertakes no duty to
update the information contained in this press release. Plug Power
Inc. Financial Highlights Balance Sheet Data: March 31, December
31, Assets 2005 2004 Current assets: Cash and cash equivalents
$26,019,527 $18,976,767 Restricted cash 365,000 365,000 Marketable
securities 30,321,688 47,872,662 Accounts receivable 1,924,998
2,989,481 Inventory 4,344,844 3,527,140 Other current assets
1,260,982 1,230,713 Total current assets 64,237,039 74,961,763
Restricted cash 3,965,274 3,965,274 Property, plant and equipment,
net 21,600,713 21,829,254 Intangible asset - 687,500 Investment in
affiliates 5,334,903 5,785,358 Goodwill 10,388,980 10,388,980 Other
assets 350,828 379,361 Total assets $105,877,737 $117,997,490
Liabilities and Stockholders' Equity Current liabilities: Accounts
payable $1,691,418 $2,339,143 Accrued expenses and other current
liabilities 3,176,832 2,874,554 Deferred revenue 5,209,372
5,675,227 Total current liabilities 10,077,622 10,888,924 Long-term
debt and other liabilities 5,010,125 4,995,740 Total liabilities
15,087,747 15,884,664 Stockholders' equity 90,789,990 102,112,826
Total liabilities and stockholders' equity $105,877,737
$117,997,490 Statements of Operations Data: Three Months Ended
March 31, 2005 2004 Revenue Product and service revenue $1,056,370
$1,351,087 Research and development contract revenue 2,164,317
1,934,518 Total revenue 3,220,687 3,285,605 Cost of revenue and
expenses Cost of product and service revenue 707,665 894,844 Cost
of research and development contract revenue 2,914,459 2,589,886
Research and development expense: Noncash stock-based compensation
372,274 474,183 Other research and development 9,448,988 9,257,202
General and administrative expense: Noncash stock-based
compensation 135,544 252,209 Other general and administrative
1,967,733 1,654,490 Operating loss (12,325,976) (11,837,209)
Interest income, net 241,278 350,939 Loss before equity in losses
of affiliates (12,084,698) (11,486,270) Equity in losses of
affiliates (450,455) (465,818) Net loss $(12,535,153) $(11,952,088)
Loss per share - basic and diluted $ (0.17) $ (0.16) Weighted
average number of shares outstanding 73,449,444 72,922,796
Statements of Cash Flows Data: Three Months Ended March 31, 2005
2004 Net loss $(12,535,153) $(11,952,088) Noncash expense 2,944,179
3,737,477 Changes in assets and liabilities (577,245) (430,865) Net
cash used in operating activities $(10,168,219) $ (8,645,476)
Purchase of property, plant and equipment $ (576,285) $ (398,839)
Marketable securities 17,605,052 (37,166,330) Net cash provided by
(used in) investing activities $17,028,767 $(37,565,169) Proceeds
from stock options and employee stock purchase plan $ 198,626 $
441,988 Other financing activities (16,414) (20,803) Net cash
provided by financing activities $ 182,212 $ 421,185 DATASOURCE:
Plug Power Inc. CONTACT: David Neumann, Chief Financial Officer,
+1-518-782-7700, ext. 1161, , Cynthia Mahoney White, Manager,
Public Relations & Marketing, +1-518-782-7700, ext. 1973,
Mobile: +1-518-527-1172, , both of Plug Power Web site:
http://www.plugpower.com/
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