Year-to-date GenCore orders exceed 400 LATHAM, N.Y., Oct. 25
/PRNewswire-FirstCall/ -- Plug Power Inc. (NASDAQ:PLUG), a leader
in providing clean, reliable on-site energy products, today
reported operational accomplishments and financial results for the
quarter ended September 30, 2006. "We have received orders for more
than 400 systems so far this year, and we continue to gain traction
within the global telecommunications market sector," said Roger
Saillant, Plug Power's CEO. "We remain confident that we will
achieve each of our publicly disclosed milestones for 2006." Key
accomplishments against 2006 milestones include: Grow the number of
GenCore(R) orders received to between 500 and 750: Plug Power grew
year-to-date order total to more than 400 units. Among the orders
was the previously announced follow-on purchase order for 120
systems by IST Holdings (PTY) Ltd., Plug Power's South African
distributor, with the majority of the systems targeted for
telecommunication customers. Expand GenCore product line feature
set: The Company exhibited its new battery-free GenCore backup fuel
cell system, which uses ultracapacitor technology, at the 9th
annual GSM 3G Africa conference, a leading Pan-African
communication event. The ultracapacitor solution is designed to
provide more reliable and durable on-site backup power in remote
regions with severe climates that negatively impact battery life
spans and overall performance. Plug Power systems are currently
installed with telecommunication customers in a region where
temperatures routinely exceed 100 degrees Fahrenheit. Expand
testing and evaluation of next-generation GenSys(R) continuous run
product with targeted customers in the telecommunications industry:
As part of its ongoing assessment for the telecommunications market
Plug Power has shipped more than 20 GenSys(R) units, 10 of which
were commissioned at Robins Air Force Base in Georgia and eight of
which are expected to be commissioned next month at NASA Glenn
Research Center in Ohio. Plug Power is in negotiations with select
wireless telecommunications companies with whom it expects to
deploy GenSys evaluation systems later this year. Enhance Company
portfolio of strategic distribution and service partners while
continuing to foster and lead industry collaboration: Plug Power
signed a Strategic Partner Agreement with the National Innovation
Company New Energy Projects (NIC NEP) to collaborate on technology
and market development efforts in Russia. Based on both technical
and market considerations, Plug Power and NIC NEP expect to develop
a comprehensive, prioritized product roadmap to drive product
development and technology delivery activities in line with Russian
market requirements. The Company also formed a collaborative
relationship with NexTech Materials, Ltd. to investigate
development of solid oxide fuel cell power systems, including joint
activities such as market research, fuel cell stack development and
testing, system design and prototype construction. Financial
results: Total revenue for the third quarter ended September 30,
2006, was $1.8 million, compared to $3.9 million for the third
quarter in 2005. Year-to-date total revenue was $6.8 million,
compared to $10.8 million in the prior year period. 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 $3.2 million at September 30,
2006, compared to $3.1 million at December 31, 2005. Research and
development expenses were $11.6 million for the third quarter of
2006 compared to $9.5 million during the same quarter in 2005.
Year-to-date R&D expenses were $30.6 million for the nine
months ended September 30, 2006, compared to $27.1 million for the
nine months ended September 30, 2005. Net loss for the quarter
ended September 30, 2006, was $11.9 million, or $0.14 per share,
compared to $11.9 million, or $0.15 per share, for the same period
in 2005. Year-to-date net loss was $37.0 million, or $0.43 per
share, compared to $35.3 million or $0.47 per share for the same
period last year. Net cash used in operating activities for the
third quarter ended September 30, 2006, was $11.2 million, compared
to $10.7 million in 2005. Year-to-date net cash used in operating
activities was $32.8 million compared to $30.1 million in the prior
year. As of September 30, 2006, the Company had $278.5 million in
unrestricted cash and marketable securities and $278.6 million in
working capital. For more detailed information, see the attached
financial highlights. Conference call: Plug Power has scheduled a
conference call today at 10 a.m. (EDT) to review its third quarter
2006 results for all interested parties. The dial-in phone number
for the conference call is (617) 614-3944, pass code 7584 (PLUG).
The webcast can be accessed by going directly to the Company's Web
site at http://www.plugpower.com/ and selecting the conference call
link on the home page. A playback of the call will be available on
the Web site for a period following the call. About Plug Power Plug
Power Inc. is an established leader in the deployment of clean,
reliable, on-site energy products. More than 650 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 to join Plug Power's energy revolution as an investor,
customer, supplier or strategic partner, please visit
http://www.plugpower.com/. This press release contains
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995. We believe that it is
important to communicate our future expectations to our investors.
However, there may be events in the future that we are not able to
accurately predict or control and that may cause our actual results
to differ materially from the expectations we describe in our
forward-looking statements, including, without limitation, the risk
that possible benefits of strategic relationships such as NIC NEP
do not materialize; the timing and quantity of orders for the
GenCore product; 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 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; 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 and other risks and uncertainties discussed under
"Item IA-Risk Factors" in Plug Power's annual report on Form 10-K
for the fiscal year ended December 31, 2005, filed with the
Securities and Exchange Commission ("SEC") on March 14, 2006, and
the reports Plug Power files from time to time with the SEC. 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 Sheets: (unaudited) Assets September
30, 2006 December 31, 2005 Current assets: Cash and cash
equivalents $43,043,744 $21,877,726 Restricted cash 385,000 385,000
Marketable securities 235,421,645 75,685,634 Accounts receivable
1,228,585 1,516,969 Inventory 4,713,322 4,692,515 Prepaid expenses
and other current assets 1,938,704 1,524,004 Total current assets
286,731,000 105,681,848 Restricted cash 3,580,274 3,580,274
Property, plant and equipment, net 18,654,981 19,826,111 Goodwill
10,388,980 10,388,980 Other assets 227,945 307,164 Total assets
$319,583,180 $139,784,377 Liabilities and Stockholders' Equity
Current liabilities: Accounts payable $2,309,322 $2,660,130 Accrued
expenses 2,314,292 3,835,973 Deferred revenue 3,161,120 3,148,048
Current portion of capital lease obligation and long-term debt
385,000 526,806 Total current liabilities 8,169,734 10,170,957
Long-term debt 3,603,641 3,603,641 Other liabilities 1,098,042
1,054,888 Total liabilities 12,871,417 14,829,486 Stockholders'
equity 306,711,763 124,954,891 Total liabilities and stockholders'
equity $319,583,180 $139,784,377 Statements of Operations:
(unaudited) Three months ended Nine months ended September 30,
September 30, 2006 2005 2006 2005 Revenue Product and service
revenue $676,378 $1,309,718 $2,275,958 $3,839,757 Research and
development contract revenue 1,079,161 2,570,957 4,519,446
6,918,289 Total revenue 1,755,539 3,880,675 6,795,404 10,758,046
Cost of revenue and expenses Cost of product and service revenue
761,453 796,057 3,318,813 2,479,038 Cost of research and
development contract revenue 1,335,963 3,364,876 6,223,503
9,534,668 Research and development expense: Noncash stock-based
compensation 712,851 386,777 2,093,126 1,136,131 Other research and
development 10,855,776 9,121,130 28,496,477 25,934,314 General and
administrative expense: Noncash stock-based compensation 319,595
274,739 1,085,715 878,688 Other general and administrative
3,123,729 1,980,584 7,800,212 5,855,418 Operating loss (15,353,828)
(12,043,488) (42,222,442) (35,060,211) Interest income 3,532,965
669,182 5,353,011 1,224,906 Interest expense (55,932) (45,257)
(158,286) (108,119) Loss before equity in losses of affiliates
(11,876,795) (11,419,563) (37,027,717) (33,943,424) Equity in
losses of affiliates - (448,274) - (1,347,003) Net loss
$(11,876,795) $(11,867,837) $(37,027,717) $(35,290,427) Loss per
share: Basic and diluted (0.14) (0.15) (0.43) (0.47) Weighted
average number of common shares outstanding 86,184,390 80,193,623
86,045,202 75,728,709 DATASOURCE: Plug Power Inc. CONTACT: Cynthia
Mahoney White, Manager, Public Relations & Marketing, ext.
1973, Mobile, +1-518-527-1172, , or Robert Powers, Acting, Chief
Financial Officer, ext. 1280, Mobile, +1-518-368-6513, , both of
Plug Power Inc., +1-518-782-7700 Web site:
http://www.plugpower.com/
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